G20 to say standard-setting bodies should strengthen monitoring of cryptocurrencies

G20 draft communique obtained by Reuters

  • G20 finance ministers to say March 20 that cryptocurrencies raise issues related to tax evasion, money laundering and terrorist financing
  • To say crypto assets could pose financial stability risks at some point
  • To agree that international standard-setting bodies should strengthen monitoring
  • International standard setting bodies should assess if multilateral response needed for crypto

I know these all sound like hollow words but I would caution against that line of thinking. G20 statements like this are usually followed by action. It might takes months or even years but when they say that more monitoring is coming, that means more regulation and talk of multilateral action is ominous.

Bitcoin is up $128 to $9145 today.

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