Cryptocurrency assets ‘crucial’ for development of nations’ FinTech industry: G20

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The cryptocurrency industry has always been viewed through the prism of “unnecessary disruption,” one that would disrupt the norms of finance and technology. A decade after the launch of Bitcoin [BTC], that prism has changed, and the crypto-realm is viewed less as a disruptor, and more as a developer.

A recent summit by the G20 member countries, more specifically, the Finance Ministries and Central Bank governors of the same, attested to the above claim. The 2019 Osaka summit held in Japan focused on a range of issues at the intersection of global finance and technology, with a key point among them dwelling on “crypto-assets.”

Referring to the same as “technology innovation,” the minutes of the meeting stated that these crypto-assets pose “significant benefits to the financial system and the broader economy.” These digital assets in no way “pose a threat to global financial stability at this point.” However, caution is required to address consumer and investor protection norms, AML guidelines, and CFT requirements when dealing with crypto-assets, the minutes said.

The minutes seconded the work done by The International Organisation of Securities Commissions [IOSCO] on crypto-assets trading.

The G20 report on crypto-assets read,

“Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. While crypto-assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT).”

Of the attendees at the Osaka 2019 Summit, one key member was India’s Finance Minister, Nirmala Sitharaman, a key executive in shaping the country’s stance on cryptocurrencies. Nischal Shetty, Founder of cryptocurrency exchange WazirX, was delighted by Sitharaman’s attendance and the collective stance of the attendees’ financial representatives on the same,

In yet another message to the Finance Minister and the Prime Minister of India, Narendra Modi, Shetty voiced another finding of this meeting’s conclusion. He stated that banning cryptocurrencies will not solve money laundering. In fact, implementation will have an opposite effect, leading to more cases of the same due to increased liquidity.

Shetty invited his followers to get the word out to India’s political elite about the use-cases of cryptocurrencies and the fact that a country-bloc that boasts of nations like the United States, the United Kingdom, Germany, Russia, and China among others, have collectively declared crypto as “crucial” for the development of finance and technology. Shetty tweeted,

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Graduate of Finance and Economics, interested in the intersection of the world of decentralized currency and global governance.

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