Earlier this month, the G20 Summit made declarative statements that signify the shifting presence and importance of cryptocurrencies, and the impact that they may have on the future of the global economy.
During this international gathering, which brought together the governments and central bank governors of the world’s 20 largest economies, an announcement was released by the group of World leaders, that solidified their decision to regulate the cryptocurrency sector.
According to a report that was delivered by the Saudi Gazette, section 25 of the declaration states:
“We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed.”
The joint declaration, which was signed in Buenos Aires, appears to have agreements that will act to ensure regulations that have long been missing, thus moving to prevent illegal uses of these digital assets, including, the laundering of money, and/or funding terrorist groups, among a plethora of other misdeeds that are becoming increasingly linked to cryptocurrency assets.
With the growing popularity that we are seeing throughout the cryptocurrency sector, demands have continued to surface for additional ways to ensure the safety of everyone’s investments, while ensuring that crypto companies around the globe are following a set of standards that adheres to the stipulations put in place by the Financial Action Task Force (FATF). Furthermore, the new stipulations will give regulators the ability to oversee the inevitable growth of various crypto companies. This, of course, includes cryptocurrency exchanges that require fiat on-ramps, providing them with seamless access to varying legacy systems and banking or e Commerce services.
All in all, the reality of this newly signed agreement signifies the inevitable and endless growth of this emerging asset class, allowing for us to see a future that may, or may not, result in the elimination of fiat currencies all together.
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