G20 Summit leaders to make a call on international cryptocurrency regulations in June

Uncertainty looms large around the Bitcoins and other cryptocurrencies. This week’s Bitcoin’s bullish behaviour this week was again the centre of attention. Although people from several corners of the world have realized the potential of Bitcoin, its future still remains hazy. Although many countries have been working on regulations of cryptocurrencies and digital assets, nothing specific has yet been proposed by any of the official bodies. Many countries have even gone to the extent of declaring it illegal tender citing increase in malicious activities as primary reasons. So, if the official bodies bring some clarity on the matter, that would not only boost cryptocurrency adoption, it would also regulate frauds and scams. Reports suggest that the framework which has been worked upon for over three months will be presented at a G20 Finance Ministers and Central Bank governors meeting in June. The proposed framework and the set of rules would be new international regulation proposal for virtual currencies and this is being viewed as the first step towards regulatory clarity at international level, if it gets accepted.

The meeting is scheduled for June 8-9, 2019. The upcoming meeting is expected to be a huge one as it will be marking global acceptance of decentralization. Although this would not be the sole agenda of this meeting, the leaders will also be focusing on anti-money laundering and anti-terrorism financing. 

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