The G20 Countries Are Going to Release a Crypto Regulation to Fight Money Laundering

According to the report of the Japanese news agency Kyodo, the representatives of the G20 member states are going to meet in the Land of the Rising Sun to discuss the ways of improving the situation on the global financial market, namely how to conquer money laundering and money-related terrorism.

The meeting will take place on June 8-9, 2019, in the Japanese city of Fukuoka. The choice of location was not random, Fukuoka has been known as a haven for financial initiatives and businesses. It is called the most startup-friendly city in Japan.

As stated by the mayor of Fukuoka, Soichiro Takashima:

In the financial sector as well, the waves of innovation are surging and the world is keeping a close watch on future developments, lending great significance to Fukuoka’s hosting of the Finance Ministers and Central Bank Governors Meeting. My fellow citizens and I are determined to make this meeting a success.”

Reportedly, the G20 officials are going to discuss the methods of fighting with major financial crimes, triggered by or involving cryptocurrencies, and intend to reach an agreement in the form of a policy or regulation of some kind.

It is highly likely that this regulation will make crypto transactions less anonymous. This will increase the transparency of the cryptocurrency flow. Moreover, such a step will make it easier to track down the money laundering schemes, scams and stolen assets.

Therefore, in the nearest future, the crypto holders might face a much stricter verification process in order to conduct transactions than before.

This upcoming policy leads to an interesting observation: anonymity and transparency are self-contradictory terms. If you want to keep the crypto flow anonymous, it cannot be fully transparent and vice versa. Given the fact that cryptocurrencies claim to provide both these features, it will come as no surprise that the new G20 policy will not be perceived very enthusiastically.

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