The G20 must work towards an agreement to adopt common regulations for cryptocurrencies such as Bitcoin,according to the boss of global independent financial services organisation, the deVere Group.
The call from the founder and chief executive of deVere Group, Nigel Green, comes as representatives of G20 prepare to meet in Argentina this week with discussions on cryptocurrencies expected to take place across both days between finance officials from G20 members.
Mr Green commented: “G20 representatives must use this summit to work towards an agreement to adopt common regulations for cryptocurrencies. By doing so, they will position their respective countries on the right side of history.
“I would urge officials to study the proactive fintech [financial technology] approach being taken by Japan, which was among the very first adopters of a regulatory framework to oversee trading on registered exchanges. What is needed is a global consensus on robust guidelines for this burgeoning industry."
Mr Green added that cryptocurrencies "are here to stay" citing the growing number of people, firms and institutions investing in the likes of Bitcoin, Ethereum, Ripple, Litecoin and Dash.
"This demand is only likely to gain momentum as knowledge and awareness increases, and as scalability matters are being tackled to bolster the transaction processing capacity. Also, precisely because financial regulatory bodies around the world are increasingly looking to regulate cryptocurrencies, which will give investors even more protection and confidence in the market," he said.
“Stringent rules will also be the most effective way to combat cryptocurrency criminality. In addition, there will be less potential risk for the disruption of global financial stability, and the more potential opportunities there will be for higher economic growth and activity in those countries which introduce regualtion.
“The G20 summit is a golden opportunity to move in the direction of a global set of regulations to protect consumers and prevent illicit activity.”
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