G20 Leaders Reaffirm Position on Cryptocurrencies in Statement

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G20 leaders reaffirmed their previous stance towards cryptocurrencies in a declaration following the G20 Summit in Osaka on June 29

In the declaration, the G20 leaders state that cryptocurrencies do not currently constitute a threat to monetary stability, and that technological innovation can deliver significant benefit to the economy.

The participants also welcome the ongoing work on those assets by the Financial Stability Board and other standard setting bodies, and encourages multilateral responses when needed.

The authors of the declaration also reaffirm their determination to comply with the updated Financial Action Task Force anti-money laundering and countering terrorism financing standards for cryptocurrencies. The document notes that the co-signers are also continuing to step up their commitments to enhance cybersecurity.

The contents of the declaration mostly reaffirm those in a joint communiqué published on the website of Japan’s Ministry of Finance on June 9, following the G20 meeting held in Fukuoka, Japan.

Additionally, the declaration contained statements on various other critical global topics, such as tackling corruption, addressing inequality and providing more equitable labor conditions. 

The G20 also affirmed its commitment to addressing global climate change via public and private financing initiatives. 

As Cointelegraph reported last week, a group of national trade associations representing the local Virtual Asset Service Providers announced their intention to establish an association to provide a global representative for firms in the industry.