Japan is reportedly planning to use a G20 meeting next week to call for combined regulatory efforts to combat the use of cryptocurrencies in money laundering.
The news comes via a Reuters report citing a government official with knowledge of the situation. However, the likelihood of the G20 finance chiefs uniting on new international rules are not high, the official said, as different countries approach regulation of cryptocurrencies in a variety of ways.
"The general feeling among the G20 members is that applying too stringent regulations won't be good," an official was quoted as saying.
The G20 meeting will take place in Buenos Aires from March 19-20.
If Japan makes the call for cooperative action on cryptocurrencies, the nation will likely not be alone.
On Feb. 9, senior officials from France and Germany also called for the G20 group to discuss combined action on cryptocurrencies.
In a letter to the Argentinian government - which currently holds the presidency of the G20 - French finance minister Bruno Le Maire, German finance minister Peter Altmaier, and the heads of their respective central banks, expressed concerns about the risk of cryptocurrencies for investors.
A week earlier, U.S. Treasury Secretary Steven Mnuchin also indicated he would raise the subject of cryptocurrency regulation during an upcoming G20 summit. Like Japan, he raised the issue of cryptocurrency use in money laundering and other illicit activities.
https://www.coindesk.com/japan-call-g20-action-crypto-money-laundering/
The news comes via a Reuters report citing a government official with knowledge of the situation. However, the likelihood of the G20 finance chiefs uniting on new international rules are not high, the official said, as different countries approach regulation of cryptocurrencies in a variety of ways.
"The general feeling among the G20 members is that applying too stringent regulations won't be good," an official was quoted as saying.
The G20 meeting will take place in Buenos Aires from March 19-20.
If Japan makes the call for cooperative action on cryptocurrencies, the nation will likely not be alone.
On Feb. 9, senior officials from France and Germany also called for the G20 group to discuss combined action on cryptocurrencies.
In a letter to the Argentinian government - which currently holds the presidency of the G20 - French finance minister Bruno Le Maire, German finance minister Peter Altmaier, and the heads of their respective central banks, expressed concerns about the risk of cryptocurrencies for investors.
A week earlier, U.S. Treasury Secretary Steven Mnuchin also indicated he would raise the subject of cryptocurrency regulation during an upcoming G20 summit. Like Japan, he raised the issue of cryptocurrency use in money laundering and other illicit activities.
https://www.coindesk.com/japan-call-g20-action-crypto-money-laundering/
Haven't we thought of why even the most powerful countries like the US is not active in addressing the legal issues that come across with cryptocurrencies? I am now beginning to surmise that maybe the reason some appear lax about it is because they are somehow part of it, and is just now testing waters to see how the people at large will react to it. It could be possible, you know. SURELY there are big people behind Bitcoin otherwise it would not be a success to begin with. Come to think of it, these people in the US government, for instance, are one of the most influential and powerful people on earth. How come they cannot even begin the rule out their promulgation about cryptocurrencies outright? How come they let it be for years without doing much about it? Is there conspiracy behind? They definitely have a hand on this. Hence, in this G20 group discussion, I think this is YET AGAIN another lip service.
