The G20 must work towards an agreement to adopt common regulations for cryptocurrencies such as Bitcoin, according to Nigel Green chief executive of deVere Group.
Green said: “G20 representatives must use [the upcoming] summit to work towards an agreement to adopt common regulations for cryptocurrencies. By doing so, they will position their respective countries on the right side of history.”
The comments from Nigel Green, come as representatives of G20 prepare to meet for the G20 summit taking place in Argentina next week. Discussions on cryptocurrencies are expected to take place between finance officials.
Green continued: “What is needed is a global consensus on robust guidelines for this burgeoning industry. Cryptocurrencies are here to stay, with an ever-growing number of people, firms and institutions investing in the likes of Bitcoin.”
“This demand is only likely to gain momentum as knowledge and awareness increases, and as scalability matters are being tackled to bolster the transaction processing capacity. Also, precisely because financial regulatory bodies around the world are increasingly looking to regulate cryptocurrencies, which will give investors even more protection and confidence in the market.”
In his recent announcement, Green commented that stringent rules would also be the most effective way to combat cryptocurrency criminality.
He said: “There will be less potential risk for the disruption of global financial stability, and the more potential opportunities there will be for higher economic growth and activity in those countries which introduce regulation.”
The deVere Group founder and CEO has previously commented that the best way to address the regulatory issue is via the exchanges.
He stated: “Nearly all foreign exchange transactions go through banks or currency houses and this is what needs to happen with cryptocurrencies. When flows run through regulated exchanges, it will be much easier to tackle potential wrongdoing, such as money laundering, and make sure tax is paid.”
Green concluded: “The G20 summit is a golden opportunity to move in the direction of a global set of regulations to protect consumers and prevent illicit activity.”
