One of the largest economies in the world, the G20 had a meeting in Washington where their topic for discussion was to build a regulatory plan for the cryptocurrency market. They followed all the discussions very closely in the Argentine Capital at the beginning of the month of March.
There were several important discussions which took place in the capital, there was recognition by the state leaders for the importance that cryptocurrencies behold in today’s world and the role of it in revolutionizing all the banking procedure’s.
The regulators have decided that to accept or adopt the technology it is very necessary for them to construct such regulation which will prevent the crypto industry from being used in wrong ways by the malicious agents. This technology will also restrict the criminal from committing hideous crimes and will help the authorities to protect their users from the fraud commit against the crypto users.
However, the G20 has also stressed upon the proposed regulation cannot be very rigid and hard in nature which will be a hurdle in the development of the particular technology. It was also defined by the group that the first practical regulatory proposal will be presented in front of the group in the new meeting will be held by the group in Buenos Aires in the month of June this year and at the 3rd meeting, the finance ministers and the central bank presidents will also be present.
It also said that now all the global leaders have met on April 19-29, 2018, in Washington DC for the second summit of the G20 group the finance minister and the central bank governors where all of them together defined the specific policies and also continued to discuss their agenda items for the month. The meeting after DC was passed to be held in Buenos Aires. The result of the proposal was that now the cryptocurrency market is expecting to take the center stage alongside the other themes of the global agenda.
The meeting which is going to held in the month of June The IMF and The World Bank was also seen as the participants. The meeting is going to be delegated by 55 delegates, in which 22 will include the head of the finance ministers, 18 will be central bank governors and rest 9 will be the international organization leaders. This meeting will immediately have backed by the Third Meeting of the group G20 of the Finance Deputies. The agenda for this meeting was inclusive of the discussions based towards the future of global commerce and risks that the global economy is facing including the financial vulnerabilities.
One of the top three priorities for this year for the G20 group in Argentine was to debate on the agenda of the future of work in the world. The current and potential effect of the new technologies have on the job market, growth and employment, and with the particular focus, they have on the inclusion, fairness and gender equality. Their objective was to get consensus which could be reached in order to enable the progress and press releases of the public document in the month of June this year.
The participants of the meeting are going to evaluate the effect of the recent financial developments in order to identify the risks that the global economy is going to or will be facing in the near future. After their evaluation they are going to start making the adequate preventative measures, and necessary action which are to be taken in order to materialize this. Then it is also said that a session will also be dedicated to the compact with Africa (CWA), an initiative which was be launched by the German G20 presidency last year in 2017. This is to promote the private sector of investment in Africa.
