The authorities of the countries included in the G20 began preparations for the development and implementation of legislation governing cryptocurrency transactions.
According to Kyodo News, a significant milestone in the history of the crypto sphere will be the G20 summit in Saudi Arabia in November this year. Initially, finance ministers in Washington will hold talks in October, and the Summit will start in Riyadh in a month.
Until the end of autumn, the states included in the organization plan not only to develop but also begin to introduce a regulatory framework for the adoption of digital currencies as payment instruments. First of all, this concerns operations with tokens of central banks (CBDC) and large corporations.
Trending: Salvadorans are against buying bitcoins at the expense of the budget
A transaction control mechanism will be developed using the example of the digital renminbi and the Libra coin. Note that none of these tools have yet been released.
During the G20 summit in Osaka in 2019, leaders of the organization's member countries recognized that cryptocurrencies do not pose a threat to international financial stability. Besides, such innovative projects can bring exceptional benefits to the economy.