G-20 Members To Meet Over Crypto Regulations

Blockchain Crypto Regulation
G-20 Members To Meet Over Crypto Regulations

G-20 nations are set to decide on new measures on crypto anti-money laundering (AML) and counter-terrorism as it was reported on April 4, 2019, that they will meet in June to discuss this.

Soon to Meet

One of the things that have helped propel cryptocurrency to greater heights is the creation of favorable regulations by world powers. An example of this is the acceptance of cryptocurrency for tax payment in the state of Ohio in the USA. This was significant because it granted a government-backed sense of legitimacy to cryptocurrency as a medium of exchange.

At the same time, certain laws have been out in place by world powers that hinder the growth of crypto such as its complete ban by China and the banning of ICOs in South Korea. Many times, these laws are rooted in distrust of crypto and a fear that they will be used for crime.

One way that this is being combated is by the creation of crypto anti-money laundering and counter-terrorism laws which will be put in place by the G-20 by June 2019.

Cautious Measures

The new rules in question will be decided upon during an upcoming meeting among G-20 member countries and G-20 central bank governors and finance ministers. The end goal of the meeting will be to create and agree on a framework that will combat terrorism and money laundering through the use of crypto.

One of the main ways that this is to be done is by targeting anti-anonymity. Most likely, laws will be established in G-20 countries that will require the identification of the customers of crypto businesses and exchanges. This has already been done in countries such as Russia in which crypto exchanges are required to disclose the identities of their customers, should their transactions exceed a certain amount.

While, to an extent, crypto was created to give users some sense of privacy, it can also be exploited.

A good example is the increasing use of privacy coins for criminal purposes to prevent being tracked down by law enforcement.

The G-20 is one of the most influential associations in the world and should they come to a consensus on crypto anti-money laundering and counter-terrorism, the rest of the world is likely to follow.

Tokoni Uti

Tokoni Uti is a writer with several years of experience whose work has appeared in the Huffington Post, The Los Angele Free Press, The San Diego Free Press, Genvieve magazine and Blockchain Reporter.

She holds a degree in accounting from Bowen University and lives in Lagos, Nigeria.