G20 To Develop Regulation to Prevent Money Laundering and Terrorism Financing With Cryptos by June
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April 8, 2019
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The G20 countries will meet on 8 and 9 June in Fukuoka, Japan, in order to discuss an international regulation to prevent money laundering and terrorism financing with cryptocurrencies, the local publication Kyodo reported on April 4.

Central bank governors and G20 finance ministers will take part in the meeting. The main purpose of the meeting is to establish a regulatory framework to fight against the use of digital currencies for money laundering and terrorist financing.

The participants are expected to reach an agreement on the new regulations during the meeting.

According to official documents, the G20 leaders are mainly worried about the anonymity offered by cryptos. They aim to prevent digital assets users from being able to hide their identity thanks to blockchain.

In July last year it was reported that G20 members had called for the development of standards for working with digital assets.

Why it is important

  • As we know, some cryptocurrencies (Monero or Zcash), mainly known as privacy cryptos, are popular for offering a high degree of privacy/anonymity to their users. This, obviously, has attracted the interest of the authorities, which believe that these digital currencies may be used by criminals to fund their illegal activities.

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