G20 Fails To Come Up With Cryptocurrency Solution…Again

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The latest meeting of central bankers and finance ministers from the world’s 20 leading economies has passed with little discussion of cryptocurrencies.

The G20 meeting was heralded as a digital currency talking shop for regulators – but any discussions seem to have taken place behind close doors, according to official reports of the summit.

After a meeting in Buenos Aires, Argentina, earlier in the year, the G20 signalled cryptocurrency regulation was a hot topic on the agenda, but since then governments have failed to agree on how to approach controlling an online cross-border marketplace.

Observers are disappointed with their progress so far – with some more vocal than others.

Nigel Green, founder and CEO of deVere Group, an international financial services company advising tens of thousands of expats, has just released an exchange app – deVere Crypto.

International agreement needed

He argues the G20 must work towards an agreement to adopt common regulations for cryptocurrencies such as Bitcoin.

“G20 representatives must use this summit to work towards an agreement to adopt common regulations for cryptocurrencies. By doing so, they will position their respective countries on the right side of history,” he said.

“I would urge officials to study the proactive fintech approach taken by Japan, which was among the first adopters of a regulatory framework to oversee trading on registered exchanges.

“What is needed is a global consensus on robust guidelines for this burgeoning industry.

Protection for investors

“Cryptocurrencies are here to stay, with an ever-growing number of people, firms and institutions investing in the likes of Bitcoin, Ethereum, Ripple, Litecoin and Dash.  This demand is only likely to gain momentum as knowledge and awareness increases, and as scalability matters are being tackled to bolster the transaction processing capacity.

“Also, precisely because financial regulatory bodies around the world are increasingly looking to regulate cryptocurrencies, which will give investors even more protection and confidence in the market.

“Stringent rules will also be the most effective way to combat cryptocurrency criminality.  In addition, there will be less potential risk for the disruption of global financial stability, and the more potential opportunities there will be for higher economic growth and activity in those countries which introduce regulation.”

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