The world’s financial leaders will call on international standard-setting bodies on March 20 for stronger monitoring of crypto-assets and to assess the need for a multilateral response as such assets could at some point threaten financial stability.
The call appears in a draft communique prepared for the meeting of finance ministers and central bank governors of the world’s 20 biggest economies in Buenos Aires on March 19-20, seen by Reuters.
The financial leaders will say the technological innovation behind cryptocurrencies has the potential to improve the efficiency and inclusiveness of the financial system.
“Cryptocurrencies, however, raise issues with respect to consumer and investor protection, tax evasion, money laundering and terrorist financing. At some point they could have financial stability implications,” the draft communique adds.
“We agree that international standard-setting bodies strengthen their monitoring of crypto-assets and their risks … and assess whether multilateral responses may be needed.”