G20 Discussion Turns Against Facebook Libra and Stablecoins

G20 Discussion Turns Against Facebook Libra and Stablecoins

Finance ministers of the G20 nations met on Friday to discuss cryptocurrencies and agreed on a strict framework that curbs the powers of cryptocurrencies such as Facebook Libra. In unity, all members agreed that no stablecoin will be allowed to operate unless the financial risks that these entities pose have been fully addressed. In a charged assault intended to hurt Facebook’s forthcoming cryptocurrency Libra, the finance ministers of France, Germany and Italy adopted a resolution…

Read More

New Report Sheds Light on how Terrorists Exploit Cryptocurrency

New Report Sheds Light on how Terrorists Exploit Cryptocurrency

A first of its kind 250-page report by Middle East Media Research Institute (MEMRI) revealed how cryptocurrency is being used to operationalize terrorism around the globe by supporting the fighters, their families, purchasing equipment. The report was published at a critical time when the Financial Action Task Force, under the wing of the G20, has asked member countries to act on its new guidelines on how to handle cryptocurrencies. The comprehensive report chiefly focuses on…

Read More

US Treasury Secretary Steven Mnuchin: Illicit Crypto Activities Will Not Be Tolerated

US Treasury Secretary Steven Mnuchin: Illicit Crypto Activities Will Not Be Tolerated

The G20’s Financial Action Task Force (FATF) is a powerful intergovernmental organization devoted to combating money laundering and terrorism financing. Recently, it released global standards for cryptocurrencies to better regulate the sector and thwart money laundering operations. The new standards introduced by the organization are supposed to help cryptocurrencies and crypto exchanges fight illegal activities carried out through them, although not everyone is happy about these new rigid standards. U.S. Treasury Secretary Steven Mnuchin offered…

Read More

Crypto Exchanges Join Forces to Fight the Proposed G20’s FATF Regulation

Crypto Exchanges Join Forces to Fight the Proposed G20’s FATF Regulation

The world’s biggest cryptocurrency exchanges are aiming to join forces for the upcoming meeting with the financial leaders and regulators. The crypto community is looking to fight the new data gathering rules put forth by financial regulators in the currently ongoing G20 summit. The event is called the V20 summit and has been orchestrated to coincide with the G20 summit in Osaka on June 28 and 29. Some big crypto players like Coinbase, bitFlyer, Circle,…

Read More

The G20’s Financial Task Force Recommends Harsher Guidelines for Crypto Exchanges

The G20’s Financial Task Force Recommends Harsher Guidelines for Crypto Exchanges

The ability to avoid government oversight was a major reason for the popularity of cryptocurrencies like Bitcoin, when compared to conventional financial systems. This could be all set to change soon. New rules by the G20’s Financial Task Force on Money Laundering (FATF), an intergovernmental body, aimed at the development and promotion of cryptocurrencies at the national and international levels, will affect the pseudonymity of users in an effort to combat money laundering and terrorist…

Read More

G20 Suggests Multilateral Response to Crypto; Reaffirms Application of Tough New FATF Rules

G20 Suggests Multilateral Response to Crypto; Reaffirms Application of Tough New FATF Rules

In a joint communique posted on the website of Japan’s Ministry of Finance, the G20 finance leaders have requested the Financial Stability Board (FSB) and other global regulators to monitor risks around crypto assets. Furthermore, the board also suggested a multilateral approach to regulate crypto and reaffirmed that tougher Financial Action Task Force (FATF) rules are coming. The details were revealed shortly after a G20 meeting that was held in Fukuoka, Japan. The G20 group…

Read More

Global Financial Watchdog FSB Seeks Better Crypto Risk Assessments from Regulators

Global Financial Watchdog FSB Seeks Better Crypto Risk Assessments from Regulators

Regulators need to improve their risk assessment of the cryptocurrency sector, the G20-sponsored Financial Stability Board (FSB) said on Friday. The global financial watchdog expressed concern over the current state of regulations over the crypto market, saying that the regulations are patchy at best. In a report for G20 finance ministers and central bank governors, the FSB warned that quick technological change could lead to serious gaps in policies on digital money. Regulators across the…

Read More

Regulation of the Crypto Market Poised to be a Hot Topic at the Upcoming G-20 Summit

Regulation of the Crypto Market Poised to be a Hot Topic at the Upcoming G-20 Summit

With the many ups and downs in the crypto space, I guess it is high time a sensible standard regulatory measure is formed. Fortunately, making it harder for cybercriminals and money launders may be closer than we think. The upcoming G-20 summit scheduled for 8-9th of June at Fukuoka Japan promises to address this issue with the utmost priority. The organization, which consists of the top 20 key economies and includes finance ministers and central…

Read More

G20 Will Gather to Determine Money Laundering and Terrorist Funding Regulations

G20 Will Gather to Determine Money Laundering and Terrorist Funding Regulations

According to a report published in the local Japanese news outlet of Kyodo, the members of the G20 will be gathering in Fukuoka, Japan on June 8 and 9 this year with the aim of discussing and imposing new regulations for cryptocurrencies relating to anti-money laundering (AML) and terrorist financing. Ever since the birth of Bitcoin, crypto transactions are known for their association with a variety of illicit activities that include money laundering, financing terrorist…

Read More

G20 Countries Opt to Regulate Cryptocurrency to Battle Money Laundering and Terrorism

G20 Countries Opt to Regulate Cryptocurrency to Battle Money Laundering and Terrorism

Money laundering in general and money laundering via cryptocurrency in particular is something that preoccupies any political leadership of industrial nation in the world. The decentralized nature of cryptocurrency, however, makes it very difficult for individual states to fight such cyber-crimes alone, and global cooperation is certainly necessary. This is why the participants of the G20 summit in Buenos Aires, Argentina have agreed together (which in itself is quite impressive) to collaborate in order to…

Read More