G20 Finance Ministers and Central Bank Governor Discuss Cryptocurrency Calls for International Regulatory Framework

According to foreign media reports, G20 finance ministers and central bank governors will discuss the establishment of an international regulatory framework next week to unified control of cross-border cryptocurrency business.

The meeting in Buenos Aires, capital of Argentina, will focus on policies to protect global economic growth to prevent downside risks and ultimately identify urgently needed reform measures to promote economic growth.

According to CoinDesk, a digital currency news website, cryptocurrency is an important agenda for the conference. The agenda has not yet been announced, but a public document shows that the discussion will focus on the meaning of cryptocurrency and its potential technological applications.

Delegates will consider a common response to cryptocurrencies and reduce risk without impeding innovation.

Financial officials in the United States and Europe have consistently called for a regulatory framework to address the challenges posed by the cryptocurrency market to the economy.

US Treasury Secretary Steven Mnuchin said he was concerned about the use of cryptocurrency in illegal activities such as money laundering. The Dutch Finance Minister wrote to the Dutch Parliament last week that he intends to work with European counterparts to develop an international regulatory framework for the cryptocurrency market.

According to Christine Lagarde, Director-General of the International Monetary Fund (IMF), it is necessary to establish international regulatory principles for the encryption of assets, including ICOs. She posted a blog post before the summit saying that the goal should be to use potential technologies while ensuring financial stability and reducing the risks of money laundering and terrorist financing.