Cryptocurrency Market Will be Discussed at G20 Summit

Forex News

Finance ministers and central bankers from the world's 20 largest economies will gather in Buenos Aires on March 19-20 at the G20 summit. Japan intends to urge its G20 colleagues to step up measures to prevent the use of cryptocurrency for money laundering and consumer protection. Japan was the first country to adopt a national system to control the currency trade. This year, Japan conducted inspections on several exchanges after theft of $530 million from the Coincheck Inc.

Earlier, the government of Japan stated that bitcoin can not be considered a reliable currency. However, Japanese crypto-investors by different estimates account for 30-50% of the global trading volume of cryptocurrencies.

Japanese politicians fear that while there is a broad consensus among the G20 countries on the need to regulate the cryptocurrency market, some countries have weaker rules than others, which leaves room for money laundering. France and Germany said they would make joint proposals to regulate the cryptocurrency market of bitcoins.

The Paris-based Financial Action Task Force (FATF), a 37-nation group set up by the G7 industrial powers to fight illicit finance, held a meeting at which the cryptocurrencies were discussed. At the same time, it was reported that the results of the meeting will be announced at the meeting of the G20.