Earlier this year, ministers for finance and central bankers met in Brazil during the G20 event. The discussion hosted covered a variety of issues, ranging from investments to international trade. Regulation pertaining to cryptocurrency was also included in the discussion.
Blockchain technology and cryptocurrencies have taken the world by storm. They have since attracted the attention of government legislators and regulators as more and more businesses move into this relatively uncharted territory.
Since this event, the G20 has begun to cast its attention on methods one could use to regulate this relatively new market without stumping innovation. One of the major anxieties stemming from entrepreneurs in this scene is over-regulation that could stifle growth and innovation. However, analysts project that regulation and cooperated effort would be the best means to fast growth in this field.
As reported by Coindesk, a G20 meet is scheduled for the coming November in Argentina. Major bankers and finance ministers are once again positioned to hold a discourse surrounding crypto technology in this meeting. It is imperative that the discourse leads to constructive action from the international community. A lot depends on the interactions between the blockchain community and such global elitist bodies, for this is what helps to bridge a long-term bond between governments and industries.
The G20 was initially framed as a discussion for ministers and national bank governors after the Asian debt emergency of 1997. Since then, it has turned into an entity seeking cooperation among heads of state to address testing monetary issues of the time.
The body can guarantee that whatever regulatory structure takes shape, it remains transnational in nature. This is imperative as issues such as tax avoidance and financial theft insurance rise above national fringes. The said framework would likewise limit the hazard postured by administrative regulation, specifically to countries where firms can abuse clauses with a specific end goal to gain business favours.
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