Results of the G20 2018 Summit in Buenos Aires

On March 19-20, 2018, the G20 summit was held in Buenos Aires. Group of Twenty (G20) is a group represented by the heads of governments and central banks from 20 economically developed countries of the world. At the last meeting, the issues of the regulation and the position of cryptocurrencies in the world economy were discussed.

As it became known, the G20 leaders do not intend to take any actions to regulate the cryptocurrency market. Group of Twenty is going to consider existing rules, but not to create new ones. Therefore, there will not be any new rules for the cryptocurrency regulation in the near future.

Also, leaders from 20 countries agreed that the cryptocurrency should be considered not as a currency, but as an asset, like securities. Such a view of the digital currency can be the basis for imposing a capital gains tax on income derived from crypto trading.

The Dutch central bank president Klaas Knot reportedly said: "Whether you call it crypto assets, crypto tokens – definitely not cryptocurrencies – let that be clear a message as far as I'm concerned, I don't think any of these cryptos satisfy the three roles money plays in an economy."

The G20 countries arranged to carefully monitor the financial risks associated with cryptocurrencies. In July 2018, the Financial Stability Board should publish a report on the work done regarding crypto assets.

by JustForex, 2018.03.22

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