G20 leaders to hold fire on cryptocurrencies amid discord: sources

G20 leaders to hold fire on cryptocurrencies amid discord: sources
“Finance ministers and central bankers from the world’s 20 largest economies meeting in Buenos Aires will be told on Tuesday that such “crypto assets” do not threaten financial stability but can serve to launder money or finance terrorism and hurt consumers who buy them.

However, no action is expected to follow at the summit as policymakers have yet to agree on a common strategy to tackle the issue and some countries, including the United States, are wary of new regulation after a decade of rule-making in the wake of the financial crisis of 2008-2009, the sources said.

This pushes back the prospect of a global rule book on the matter, something that some regulators say is needed to tackle a phenomenon that transcends borders.

“It’s unlikely that the G20 will ask for new regulation,” one of the sources said.

A communique summarizing the thinking of summit participants was expected to be light on substance, merely promising vigilance and further study, the sources said. “

https://www.reuters.com/article/us-g20-argentina-bitcoin/g20-leaders-to-hold-fire-on-cryptocurrencies-amid-discord-sources-idUSKBN1GV2QR