Japanese officials will push for adoption of global rules to govern digital currencies. The country’s government believes this would reduce the risk of money laundering using cryptocurrencies.
During the G20 summit next week, Japanese representatives will urge G20 members to come up with common ways to regulate the cryptocurrency market.
The new push is aimed at implementing common international guidelines, taking into account a differentiated approach to regulate the industry in each country. Japan’s government believes that would prevent money laundering.
Meanwhile, most representatives of the G20 consider it wrong to apply too stringent rules in relation to virtual currencies. According to Japan’s officials, it is not necessary to interfere in the development of the crypto sphere, but scammers should have no chance to take advantage of the insufficient regulation of the industry.
Experts believe the major governments’ control over the cryptocurrency market can significantly affect the value of most digital currencies. In early January this year, the total crypto market capitalization more than halved to $279 billion by February. In many ways, this was facilitated by stricter regulations for South Korea's cryptocurrency trading industry.
Global economic leaders will meet in Argentina on 19-20 March, 2018. Finance ministers and central banks governors from 20 countries will discuss crucial issues, including the cryptocurrency market regulation.
