G20 finance ministers and central bank directors held their opening discussion in 2020 this weekend. During the conference, they announced a concluding communique calling, on governments in the organization, to execute cryptocurrency regulation standards by the FATF supervision.
The #G20SaudiArabia First Finance Ministers & Central Bank Governors Meeting, held from 22-23 February 2020, has concluded with a joint communiqué adopted.
— G20 Saudi Arabia (@g20org) February 23, 2020
The document states: “Based on the 2019 Declaration, we recommend governments to fulfill the norms of virtual currencies and linked service providers, which were recently approved by the International Organization for the Prevention of Money Laundering”.
The conference participants also discussed the issue of the so-called stablecoins, including the Libra project from the social network Facebook, which caused considerable concern for regulators, confirming their adherence to previous statements.
“Concerning the so-called global stablecoins and other comparable initiatives, before they begin any activities, proper risk assessment and assistance for the Financial Stability Board to generate appropriate administrative guidance is required.”
G20 representatives also requested the FSB to join forces with the CPMI and different companies to stimulate the construction of ways and methods to implement worldwide cross-border payments by developing a guideline by Autumn 2020.