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European Central Bank: Crypto regulation to be discussed at G20 Summit

The European Central Bank has offered that it ‘expects’ cryptocurrency regulation to be discussed at the G20 Summit in March this year.

In the wake of the German Central Bank’s call for global cryptocurrency regulations, the European Central Bank has now quipped that it expects such legislation to sit on the agenda of the forthcoming G20 summit in March this year.

Speaking during the World Economic Forum in Davos, European Central Bank board member Benoit Coeure offered that “The international community is… preparing an answer to that and I would expect, for instance, the G20 discussion in Buenos Aires in March to focus very much on these issues”.

Read: South Korea moves to tax cryptocurrency exchanges at 24.2 percent

Coeure’s comments arrive in parallel to those of French economy minister Brune Le Maire, who has previously vowed to make Bitcoin a topic at the World Economic Forum.

Speaking at a recent event in Frankfurt, Germany’s central banker Joachim Wuermeling offered his view that cryptocurrency regulation could only be effectively pursued by renewed co-operation – quipping that “Effective regulation of virtual currencies would therefore only be achievable through the greatest possible international cooperation, because the regulatory power of nation-states is obviously limited.”

Similarly, British Prime Minister Theresa May recently echoed comments made by US Treasury secretary Steven Mnuchin, wherein both called for nations around the world to ‘consolidate standpoints’.

Asian governments and regulatory bodies have been swift to discuss the mutual oversight of cryptocurrencies – a recent report illustrated that South Korea, Japan, and China were proceeding with talks aimed at fostering joint cryptocurrency regulations.

Even rogue nations, such as North Korea, have leaped aboard the bandwagon – a recent study showed that North Korean hacking operations on South Korean cryptocurrency exchanges had increased by as much as 370%.

The G20 Summit will officially kick off in March this year, wherein attending nations  – such as Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union – might well move to officially discuss global regulations.

Read: Microsoft, the UN, and Hyperledger join forces in new blockchain-based identity initiative

What are your thoughts? How could nations around the world implement cohesive cryptocurrency legislation? Let us know your thoughts on Twitter: @coininsidercom!

Follow Bryan Smith on Twitter: @bryansmithSA