The future of cryptocurrency: 7 abstracts from the G20 summit on digital money

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2018-04-02 15:30:08

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The future of cryptocurrency: 7 abstracts from the G20 summit on digital money

the summit of "Big twenty" (G20) at the March summit for the first time the prospects of cryptocurrencies and the blockchain. Officials decided not to impose international regulation of crypto-currencies and sparked the growth of the market at $ 40 billion. The theses adopted at the March meeting, CCN.

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What is cryptocurrency G20

Commonwealth of "Big twenty" articulates seven key provisions on the functioning of the cryptocurrency. The abstracts will form the basis for discussion of further measures to regulate digital money, which will take place in July 2018. They are as follows:

  1. Society has to accept the cryptocurrency and blockchain

Citizens of the G20 countries have the right to use the digital money as an alternative to the national currency and the current economic system. cryptocurrencies can also affect the welfare of users.

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  1. Traditional economy is rooted in the past

the Economy as we know it, is undergoing a transition. What impact it will have digital money and control register — will show time.

    Regulation of cryptocotyle inevitably

Cryptocurrencies over the next few years will be under the scrutiny of regulators. Ultimately, the industry will be limited in the same way as other sectors of the economy.

    Ban will not solve anything

Ban cryptocurrencies will lead to the departure of the industry into the shadows. Now digital money plays a significant role in the economy and social organization. They can not deny, but handling is required.

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  1. Operations to the crypt will be taxed

members of the Commonwealth in the near future recognize transactions with Bitcoin and Ether economic activity and will impose its tax. Such measures would not hamper technological progress.

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  1. economic crimes

the Regulation will be primarily aimed at preventing the financing of terrorism, money laundering and fraud with cryptocurrencies. Special attention will be paid officials of stealing money at ICO.

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  1. transaction monitoring

Central Banks and relevant ministries will develop a system for tracking separate transactions of users. This is necessary to prevent economic crimes.

Final decision regarding the future of cryptocurrency will make the G20 in July, the newspaper notes.

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