The G20 countries are ready to develop a regulatory framework for organizing digital payments. This initiative was supported by representatives of the cryptocurrency industry.
During the summit of the leading countries of the G20 G20, the cryptocurrency received a lot of attention, it was paid to control the turnover of the cryptocurrency. Digital coins are gaining in popularity and spread in many countries around the world. Therefore, the G-20 countries came to a common decision to develop legislative acts that would allow centralized control over the circulation of cryptocurrencies. During the next summit in November 2020 in Saudi Arabia.
According to the Japanese edition of Kyodo, G20 officials have accelerated the process of developing a policy on the circulation of cryptocurrency. The reason for this was the activity of the Chinese in promoting the digital yuan and the launch of the stablecoin Libra.
The cryptocurrency industry needs regulation
For years, representatives of the cryptoindustry have been talking about the need for clear rules of the game that would significantly accelerate the development of the industry, increase trust and attract large players from traditional finance. Many experts believe that the increased interest in regulating the crypto industry is a positive sign. According to Ted Kwek, CTO of Broctagon Fintech Group, the creation of a unified approach to the formation of a regulatory concept and legal framework in the use of cryptocurrency is necessary for the development of the industry. In addition, he noted that the anticipation of the launch of the digital yuan and the digital Libra coin shows the attempts of the traditional financial industry to determine their benefits. But it is becoming clear that a clear regulatory framework will be required in order to safely use the new instruments and trade. Therefore, one can only welcome the desire of the G20 countries to regulate the cryptocurrency industry. But governments need to find a common solution so that investors and big players can continue to enter its ecosystem.
CIS countries create their own regulatory framework
The CIS countries have also begun to develop their own regulatory framework for digital currencies. For example, in Ukraine, a bill has been developed to legalize the payment circulation of digital assets in the country. The document classified virtual assets as property, and divided them into cryptocurrencies and secured tokens. Also, the bill prescribed the status of a financially secured stablecoin, prescribed the mandatory registration of cryptocurrency service providers with the Ministry of Digital Information. This must be done by custodian services, cryptocurrency exchanges and cryptocurrency exchanges.
In Russia, on the contrary, they are going to prohibit digital currencies. A bill has already been developed, which spelled out administrative and criminal liability for violations of the use of digital currency. The amount of fines can be up to 2 million rubles.