How G20 countries are going to regulate Bitcoin?

Lebedev

Lebedev

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Jun 26, 2018
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A G20 conference that took place recently and was unusually productive comparing with other summits, because its participants have discussed how legal framework for cryptocurrencies will work.

How G20 countries are going to regulate Bitcoin?


CNN says that during the summit that took place in Argentina on 30 November - 1 December members of G20 have chosen the way they are going to regulate cryptocurrencies. The most important in this situation is that crypto money is a real part of world economic system. Digital coins will be regulated using instruments based on the FATF system (the Financial Action Task Force).

As a result of the conference, we have a document signed by G20 members, in which algorithms of the newest regulating system can be found. This document mainly describes fighting again Bitcoin as a way of money-laundering and an instrument of terrorism sponsorship according to the FATF rules. What is more, G20 says about Bitcoin as a catalytic for the new order in the world’s economics, transparent and fair.

Unfortunately, we will see these instruments only in the next year during the G20 summit in Japan.
 
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