G20 to make a statement on cryptocurrencies – the deputy finance minister of the Russian Federation

• The G20 leaders plan to issue statements on the issues related to the cryptocurrency industry.
• The global authorities have time to work on the appropriate regulations.

The G20 leaders will address the issues related to digital assets following the summit of the heads of central banks and finance ministers that will take place on October 18 in Washington, the Russian media outlet Tass reports citing the deputy finance minister of the Russian Federation Sergey Storchak.  

According to Storchak, the G20 will prepare two statements devoted to digital assets and to the issues of taxation in the digital economy.  

He explained that those questions required consideration. “That’s a good sign that the G20 and BRICS countries start to react to the issue. Now both central banks and finance ministries feel that they need to address these questions”, – he added.

Storchak believes that the global authorities do not have to make hasty decisions as the situation is not as critical as it was during the subprime mortgage crisis. At that time, the authorities were too late with the appropriate regulations. Now they do what’s needed.

Earlier the members of G20 expressed concerns that cryptocurrency might threaten the stability of the global financial system.

Notably, G20 countries urged the Financial Stability Board (FSB) and global regulators to evaluate risks related to digital currencies. They also supported cryptocurrency industry regulation developed by FATF ( Financial Action Task Force on Money Laundering).