Cryptocurrencies have the potential to provide big advantages to the global economy and the financial system. This is stated in the report on the results of the meeting of finance ministers and heads of central banks of the G20 countries. The participants of the summit in Buenos Aires are calling for the development of standards for working with digital assets.
WHY IS IT IMPORTANT?
1. The communiqué does not disclose the details of which digital assets can benefit the financial system worldwide. The report says that "technological innovations, including those that underlie the cryptocurrency, should positively influence the economy." In general, the heads of the G20 Ministry of Finance evaluate their attitude to digital money as cautiously optimistic.
2. The document also mentions the risks of digital assets such as their absence of basic attributes of sovereign currencies, avoiding with their help taxes and money laundering.
According to the G20 report, crypto assets do not pose any global threats to the financial stability as of today, but regulators remain vigilant by closely following up all the reports Financial Stability Board (FSB) and Standard-setting bodies (SSB) are providing to them.
Finance ministers and heads of central banks of the association hope that the Financial Action Task Force on Combating Money Laundering (FATF) will develop standards for crypto assets by October 2018.
In mid-July, the FSB of G20 has created a system for monitoring the impact of cryptocurrency on the traditional financial system. FSB is going to regularly report on the volatility of prices of digital assets, including gold and securities, their use as a payment instrument and the presence of institutional investors in this sector. In June, it was reported that the FATF intends to develop a set of rules for the operation of crypto exchanges.