Cryptocurrency Congress Results: China Promises To Help Countries To Integrate Blockchain

There weren't made any specific decisions about cryptocurrency during the G20 meeting. However, participants pointed out the work of the Financial Stability Board and the FATF (Financial Action Task Force on Money Laundering).

The Article 17 of the signed final declaration is entirely devoted to digital assets and contains vague clauses. The claims that cryptocurrencies don't have a direct threat to financial stability, and the blockchain technology is recognized as beneficial for fintech are the only exception.

Representatives of the G20 countries also concerned the FATF offer for the digital coin regulation. As a result, only an explanatory note to the document was accepted. The question of total verification and re-identification of exchanges, wallets and exchanges is postponed for a year, at least.

China and Blockchain Development at the G20

The Xi Jinping's performance on cryptocurrency and blockchain was a bright and memorable event for the crypto community. The Chairman of the People’s Republic of China accepted that the occurance of the digital economy is inevitable, as well as the spread of virtual currency. Xi Jinping intends to lead the process of integrating the digital economy in China, to develop measures to counter market manipulation.

Xi promised that the People’s Republic of China will help countries with a lagging digital economy and blockchain technology. The country is also planning accelerated building of 5G networks, which will encourage decentralization, which is especially important for the stable and safe work of the blockchain.

V20 Summit and Crypto Regulation Results

As we mentioned before, the First International Congress of Cryptocurrency Industry Leaders, called the V20, was held during the G20 summit in Osaka. Exchanges and providers found out that their state was on the verge of 'problem' and 'opportunity' before the conference.

The problem implies the need to correlate the activity of cryptocurrency communities with the norms and practice of the traditional financial world, in order to prevent fraud manipulations and money laundering. The opportunity means the further development of digital assets and their distribution in the world.

The head of the regulatory compliance department of the Huobi Group commented on his participation in the conference:

As a consequence of the V-20 conference, a decision to establish an international organization of service providers and cryptocurrency exchanges was made. Now it's got a working name, VASP.