G20 Refrains from Regulation, Vows to Fight Money Laundering at Recent Summit

At the last G20 summit in March 2018, financial leadership from twenty of the world's most significant economies had wildly divergent opinions about the validity and risk of cryptocurrencies.

The July meeting has come and gone, and the G20 neglected to issue sweeping regulatory guidelines for digital currencies.

In their official communique following the event, the G20 echoed that sentiment writing,.

In short, crypto markets, while robust, are not widely integrated into the traditional financial system, so it's unlikely that a crypto crash would impact the broader financial system.

In an unidentified but unmistakable way, the G20 heaped high praise on blockchain technology that underpins cryptocurrencies.

The FSB's guidelines already include measures for monitoring money laundering and terrorist fundraising, and the G20 is relying on their expertise as well as the directions from the Financial Action Task Force to guide their initiatives.

The G20 meets again in October, and they've requested the FATF to clarify how their standards apply to digital assets.

Money laundering and terrorist fundraising became a concrete concern this month when a U.S. Federal Indictment charged 12 Russian agents with money laundering using Bitcoin to finance their hack on governmental institutions.

Crypto prices are determined by many factors, but concerns about overly restrictive regulation have impacted crypto enthusiasts throughout the year.

As far as the G20 is concerned, it's clear that they support cryptocurrency, they heavily endorse blockchain technology, and they are committed to fighting money laundering and terrorist fundraising in the industry.