The G20 summit held at Buenos Aires, Argentina saw some revelations in terms of the benefits of cryptocurrency. Finance Ministers and their Central Bank officials held a meeting specifically to discuss their take on the future of cryptocurrencies when they stated that cryptocurrency “can deliver significant benefits” – a deduction that affected the markets in a way not many would mind.
Amidst the recent bearish trend, crypto saw a massive boost which probably is the result of a positive take of the G20 countries in yesterday’s conference.
The confidence from the conference was delivered in a communique. The communique stated the members’ stand on cryptocurrency, “Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy.”
The above deduction, however, did not overshadow the inherent deficiencies of the digital currency that were discussed in complete agreement amongst the members. They addressed the issues related to investor protection, consumer protection, money laundering, market integrity, tax evasion, and terrorist financing – the reasons that pragmatically hinder the adoption of crypto as the universal currency.
Subsequently, the global financial stability risk that the digital currency doesn’t provide currently was also stated as related to the vividly different fiat currency.
The G20 members who participated in this meeting were positive about the future adoption of cryptocurrencies as they wait for the FBS report on the progress of the digital currency with time and it’s viability for integration into the mainstream systems. This would lead on to reaffirm The Financial Action Task Force’s (FATF) commitment to strengthen Anti-Money Laundering (AML) and promote a more streamlined Know Your Customer (KYC) using cryptocurrencies.
The assurance given in the communique by the G20 members of yesterday’s conference comes with a massive boost for the markets which saw Bitcoin soaring past $7900 for the first time since May 24th.
This stance of the major players of the global crypto scenario definitely comes as not just a respite but a progress towards consecutive victory of cryptocurrencies.