Are the decisions of G20 binding on all countries? Countries benefit from these decisions because they mean that many investments will go to that country rather than staying in the same country.
International regulations will not succeed unless countries unite on unified taxes or a collective ban on cryptocurrency, something that will not happen soon because many countries have many economic consequences and will try to make profits from anything, even if they put 40% as taxes.
It will only encourage the movement of Bitcoin to other countries just as it happened with the ban of China.
The seriousness and bindingness of the decisions taken by the FATF can be judged even by the FATF decision of June 21, 2019 that all transactions over one thousand euros must be identified in order to prevent money laundering and combat the financing of terrorism. My country, which has not even legalized cryptocurrency yet, adopted a law at the national level within a year that duplicated these FATF recommendations. Any state that does not implement such recommendations within a year in its domestic legislation will further be limited in access to the global financial system and suffer large material losses. It is also an answer to the question whether the G20 decision is binding on all states. The decision is not obligatory, but it is better to make it, otherwise there will be big financial troubles in the future.International regulations will not succeed unless countries unite on unified taxes or a collective ban on cryptocurrency, something that will not happen soon because many countries have many economic consequences and will try to make profits from anything, even if they put 40% as taxes.
It will only encourage the movement of Bitcoin to other countries just as it happened with the ban of China.
Therefore, I take the new FATF recommendations from October this year very seriously and the new rules for cryptocurrency as well. However, we will judge them when they are adopted. The good news is that a strict ban on cryptocurrency is not yet foreseen.
