G20 Discusses Cryptocurrency

G20

According to Forbes, the G20, which encompasses the finance ministers and the Central Bank governors of the 20 wealthiest nations in the world, said that, as of now, cryptocurrency doesn’t pose a threat to the traditional financial system.

According to a conference delivered to the members of the G20, with an increasing use and more interconnections with the traditional financial system, cryptocurrency could eventually become a problem for the stability of the international economy.

The head of the G20 advisory group, Marc Carney, also stated that some of the dangers of digital currencies lie in the fact that it can be used to fund illegal activities and terrorism.

He added that “crypto-assets raise a host of issues around consumer and investor protection.”

According to Carney, all the finance ministries should work together to improve market integrity, cyber resilience and conduct in the crytocurrency market if they don’t want the global financial system to collapse.

Treasury Secretaries from the US, Germany and France all asked for a discussion on cryptocurrency to take place during the summit.

Steve Mnuchin, the US treasury secretary is part of the discussions with the SEC about cryptocurrency regulations in the United States.

 

 

 

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