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G20 proposes a new bill to regulate digital currency payments

G20 proposes a new bill to regulate digital currency payments

Cryptocurrency adoption will reach never before seen levels, thanks to the new bill proposed by G20. G20 is an international organization for central bank governors and government of twenty countries in different continents, they include the United States, China, The European Union, and seventeen other countries.



Why G20’s support for Crypto is big news



G20’s interest in Virtual currencies is a big win for all digital currencies, the result of the successful approval of this bill is clear: mass adoption of cryptocurrencies. This is because the countries under the G20 represents 90% of the gross world income (all the combined gross national income of all the countries in the world). 80% of the world’s trade is also realized in these counties. They also account for nearly half of the world’s land area and two-thirds of the world’s population.



G20 is willing to Abide by FATF Crypto Guidelines



Founded in 1989, the Financial action task force is an international body created with the aim of combating money laundering. This month, FATF held its annual Private Sector Consultative Forum in Austria, where crypto-related topics were discussed.



Reaffirming that the standards and recommendations put in place to implement digital currencies still stands, FATF proceeded to show support for virtual currencies, saying that virtual assets could be significantly useful and beneficial to the global economy. 



In response to this, G20 countries have agreed to abide by the guidelines put in place. Russia , one of the members of the G20 has agreed to set up a regulatory framework for its country. This was initially scheduled for last year’s July but will now be implemented this month.



Japan, another member of the G20 is actively working to see that a regulatory framework is put in place. China and South Africa, two countries where cryptocurrency regulatory frameworks have not been fully approved could potentially see a change this year.



South Korea has also said that it will prioritize regulatory standards and work towards making them consistent. Choi Jong-Ku, Chairman of the Financial Services Commission stressed the need for involved countries to become consistent with regulatory standards, explaining that the elimination of inconsistent regulatory frameworks is key to fully regulating virtual currencies, which could hasten the global acceptance for digital currencies.



Strict Crypto-guidelines May be amended this year



Even though the rules put in place by the FATF is intended to ensure that cryptocurrency businesses and exchanges carry out activities effectively, the feedback from Chainalysis, a blockchain analysis company, noted that the guidelines made room for possible future implications that could hinder exchanges and crypto-related businesses alike.



As the conference draws nearer, FATF has announced that it is working towards amendments. Meanwhile, the European central bank has said that the financial risks that cryptocurrency adoption could lead to can be managed.



 

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