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Proposals for unified Crypto Regulations by July 2018

Crypto Regulations have become the talk of the town since past few months and day by day it is becoming important to come up with a solution for Crypto Regulations. The world’s economic leaders have gathered in Argentina’s capital, Buenos Aires for the G20 summit and are looking to come up with a proposal for crypto regulations by July 2018.

The proposal for the unified regulations of the crypto can be vital for the cryptocurrencies and will provide stability to its value. However not every nation is part of the plan. Brazil Central bank president Ilan Goldfajn said that cryptocurrencies will not be regulated in Brazil. It is also noted that Brazil would not be adhering to the regulations formed by the G20 for the cryptocurrencies.

 

The G20 has set up an intergovernmental body, Financial Action Task Force (FATF) to fight money laundering and terrorist financing via cryptocurrencies.

 

G20 in a statement said

 

“We commit to implement the FATF standards as they apply to crypto-assets, look forward to the FATF review of those standards, and call on the FATF to advance global implementation. We call on international standard-setting bodies (SSBs) to continue their monitoring of crypto-assets and their risks, according to their mandates, and assess multilateral responses as needed.”

 

The call for the unified regulations for crypto has been into action due to the concern from countries like France, Germany, US, and Japan over last few months. Cryptocurrencies can have a great impact on crime, investors and on the world economy. The cryptocurrencies can pose a substantial risk to the investors and could also be used in illegal activities.

 

However, Bank of England’s head Mark Carney wrote on Sunday that “Crypto-assets do not pose risks to global financial stability at this time”. According to him the cryptocurrencies accounts for only 1% of the global GDP and is not a threat to the global financial stability.

 

It would be quite crucial time for the fate of cryptocurrencies. If unified crypto regulations become a reality then one can once again observe the good old days of the crypto market and additionally the crime and illegal activities are also bound to decrease with the regulatory scrutiny.

 

Source: CNN

 

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