G20 Watchdog Unveils Framework to Monitor Crypto
16th July, 2018- Crypto currency is going through a phase when it has become necessary for those practicing it to keep the developments in check. It has held a record of users who have conducted manipulations that have led to a bad name for crypto currency and bad blood between the various entities involved in this kind of crypto currency transactions. It has therefore become necessary to come up with a system that is more equipped to deal with the random universe that is artificial intelligence and virtual currency. The latest development regarding will be taking place at the G20 summit.
At the meeting that is going to take place, the governors of the top 10 nations will come up with a few categories, or rather “metrics”, based on which the crypto currency markets will be analyzed, scrutinized and evaluated. It was said about this new system that it seeks to look at the future risks based on the “metrics”, metrics are placed so that they can bring out the risks before they have done any significant damage. Both the movement of capital as well as the trading volumes would be kept in check through the metrics.
These measures are not limited to G20; several other committees are also looking at the regulations which would be beneficial for the better future in dealing with crypto currencies, for example, International Organization of Security Commission has stated that there entails a discussion around the manner in which the funds are being raised.
It has also been found that July is the deadline for the recommendations given by G20. It has also been explicitly stated that contrary to the several apprehensions floating around regarding crypto currency, there is nothing about crypto currency which can pose a threat to the global finances. However, things can look really different if digital currencies started replacing the traditional form of payment.
It is yet to be determined what would be the situation of crypto currency following the discussions taking place at the G20.