G20 Group Declares Cryptocurrency Stance
December 07 2018 - 1:22PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
December 07, 2018 -- ADVFN Crypto NewsWire -- G20 is a forum for
government leaders and central bank governors of 19 countries,
including the European Union. The group was founded in 1999 with
the primary goal of discussing policies that would guide the union,
and global economy overall toward financial stability.
Last month the Financial Stability
Board of the G20 forum presented a report to the G20 Finance
Ministers and Central Bank Governors defining their ideal approach
to crypto-assets. Although there was extreme care taken to study
the industry, they acknowledge the rapid pace of growth and
evolution it is taking. They highlight that cryptocurrencies should
not be perceived as a threat, and should not be prioritized for
discussion at upcoming summits.
“Crypto-assets raise a host of
issues around consumer and investor protection, as well as their
use to shield illicit activity and for money laundering and
terrorist financing. At the same time, the technologies underlying
them have the potential to improve the efficiency and inclusiveness
of both the financial system and the economy.” - FSB Chair and
Governor of The Bank of England Mark Carney
A Unified
Direction
However, to unify the direction of
their group they developed and signed a declaration for “Building
consensus for fair and sustainable development.” This is important,
because although it is clear that cryptocurrencies will not rapidly
compete with fiat currency. The associated technologies are
becoming more prevalent for international businesses. Many
businesses are now operating in digital settings. They can found
their business in countries that are most favorable to these cost
saving technologies. Some of the most important concepts that the
countries of the G20 summit outlined 30 important aspects they will
agree on:
-
Build consensus for fair and
sustainable development through an agenda that is people-centred,
inclusive and forward-looking.
-
Pillars: the future of work,
infrastructure for development, a sustainable food future and a
gender mainstreaming strategy across the G20 agenda.
-
Engagement with stakeholder
communities.
-
Fiscal policy should rebuild
buffers where needed, be used flexibly and be growth-friendly,
while ensuring public debt is on a sustainable path. Continued
implementation of
-
Structural reforms will enhance our
growth potential.
-
Improve a rules-based international
order that is capable of effectively responding to a rapidly
changing world.
-
Harness technology to strengthen
growth and productivity; support people during transitions and
address distributional challenges; secure sustainable tax systems;
and ensure that the
-
Best possible evidence informs our
decision-making.
-
Further create enabling conditions
for resource mobilization from public, private and multilateral
resources, including innovative financial mechanisms and
partnerships, such as impact investment for inclusive and
sustainable growth, in line with the G20 Call on Financing for
Inclusive Business.
-
Foster evidence-based innovative
pedagogies and methods for all levels of education.
-
Continue our work on artificial
intelligence, emerging technologies and new business
platforms.
-
Achieve greater contractual
standardization, address data gaps and improve risk mitigation
instruments. In line with the Roadmap, we look forward to progress
in 2019 on quality infrastructure.
-
Engage with the private sector, the
scientific community and all other relevant stakeholders to enhance
value addition, productivity, efficiency, sustainability and
upgrading in Agro-Food Global Value Chains and encourage
initiatives to reduce food loss and waste.
-
Consider how to better engage with
women entrepreneurs.
https://g20.org/sites/default/files/buenos_aires_leaders_declaration.pdf
By: BGN Editorial Staff
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