The G20 2019 summit is expected to hold a global discussion about the prevention and identification of money laundering cases with cryptocurrencies and other digital assets.
Most experts believe that this will introduce just stricter rules for cryptocurrency regulations and maintenance of the transaction policies. This will most likely take the form of new KYC rules as well as checks, and some additional amendments in how governments go about maintaining the framework.
Furthermore, it’s expected that the FATF (Financial Action Task Force) will receive new orders from multiple central banks to up their game in terms of finding and removing additional financial crimes around the world. But in order to execute this order, the task force is going to desperately need more manpower.
It’s likely that they will team up with the J5 Taskforce that has just been created in Australia and is in preparation of starting their operations.
In order to filter out the most important jurisdictions for the task force, the G20 will most likely make a list of countries that don’t follow the FATF’s rules or have shown to be reluctant to cooperate with the task force.
The most important topic of the discussion will be Facebook’s new plans for launching a stablecoin on their platform. According to the experts, the sheer scale of the project which will incorporate more than 3.5 billion people, almost half of the world population needs to be under strict guidelines of the international community.
This is a correct approach as managing such a humungous market for cryptos could prove to be impossible for both SEC and CFTC resources combined.
Nevertheless, all the crypto community can do right now is, wait until G20 summit and hope that the authorities did their homework on the blockchain.