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G20 Finance Leaders urge global regulators to create multilateral standards for regulating crypto

  • Central bank governors and finance ministers from the G-20 countries signed a communique asking global regulators to monitor risks related to cryptocurrencies.
  • The group urged the Financial Stability Board (FSB) and other global regulators to come up with global standards for regulating crypto assets.

Part of the statement read:  “We ask the FSB and standard-setting bodies to monitor risks and consider work on additional multilateral responses as needed.”

The finance leaders further clarified that: “Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy.”

This exact sentence was repeated from the statement released during a similar meeting held in July 2018 in Buenos Aires, Argentina.