To regulate cryptocurrencies or not to regulate cryptocurrencies? That is the question that will be in focus at the next G20 Summit in March. It seems that most countries will have something to say about the regulation of it. In fact, last week UK Prime Minister Theresa May disclosed that the country is going to implicate some new cryptocurrency rules. This week, Steven Mnuchin, who is the U.S. Treasury Secretary, joined the conversation.
Why Might Regulation Be Discussed at the G20 Summit?
Earlier this week, Mnuchin spoke at the Senate Banking Committee. It was during this presentation that Mnuchin reportedly stated that even though he doesn’t believe cryptocurrencies pose a threat to the stability of the market, he is very wary about criminals using virtual currencies for criminal activity such as money laundering. For these reasons, Mnuchin plans to start a discussion regarding cryptocurrency regulation at the next G20 summit. The G20 summit allows for the globe’s 20 leading industrialized economies to come together, and the next one will be held in Argentina next month.
Interestingly, if Mnuchin ends up discussing cryptocurrency regulation next month at the summit, this actually won’t be the first time this topic has been discussed at one of the meetings. In 2015, the matter was discussed during a meeting with the G7 nations. For those who don’t know, the G7 includes the following countries: France, Italy, the United States, the United Kingdom, Canada, Germany, and Japan.
We still have to wait before cryptocurrency regulation is potentially discussed at the March G20 summit, However, I can almost guarantee that we will hear more about the subject throughout February. In January, both France and the UK made headlines with their cryptocurrency regulation announcements, so it seems that it’s only a matter of time before another country makes a similar announcement.
It’s not entirely surprising that the subject of cryptocurrency regulation has become as prominent as it has lately; despite the benefits, they are that more susceptible to becoming the target of illegal activity simply because they are not regulated. Whose side are you on? Do you think the benefits of unregulated currency outweigh the negatives? Comment below.
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