The G20 summit which brings together the leaders of various nations from across the globe concluded yesterday. The gathering saw representatives from a total of 19 different nations come together in Buenos Aires to discuss the future of finance and digital economies.

Officially titled “Finance Ministers & Central Bank Governors Meeting” the discussion was to focus on developing a sustainable future which would incorporate cryptocurrencies as well.

Official Statement Released By the G20

After the conclusion of the event, the core group presiding over the meeting released a statement which read:

“Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy.”

However, the committee also took into consideration the riskier side of digital currencies and added:

“Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. Crypto-assets lack the key attributes of sovereign currencies. While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. We welcome updates provided by the FSB and the SSBs and look forward to their further work to monitor the potential risks of crypto-assets, and to assess multilateral responses as needed. We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.”

In Closing

Before the summit took place, the FSB too had submitted its report on crypto assets to the G20. They outlined some of the risks commonly associated with ICOs as well as common tactics that were used by traders to manipulate altcoin prices.

However, with that being said, the committee as a whole seemed to find alt-currencies to be more “fruitful than harmful”.

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