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G20 finance ministers reiterated its statement about the risks of global stablecoins and urges countries to implement the Financial Action Task Force (FATF) standards.
A communiqué from the G20 Finance Ministers and Central Bank Governors Meeting that was held on Feb. 22 to 23 in Riyadh, Saudi Arabia has been released. In the official communique, the ministers of the group of twenty encouraged the countries to adopt the FATF standards when it comes to cryptocurrencies and other virtual assets.
According to the G20 finance ministers, they remain vigilant to the potential risks that may arise from financial innovations including those related to financial stability, consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT). They also look into its macroeconomic implications, including monetary sovereignty issues. Thus, they encourage the implementation of the FATF standards.
“Building on the 2019 Leaders’ Declaration, we urge countries to implement the recently adopted Financial Action Task Force (FATF) standards on virtual assets and related providers,” the report read.
“We reiterate our statement in October 2019 regarding the so-called ‘global stablecoins’ and other similar arrangements that such risks need to be evaluated and appropriately addressed before they commence operation, and support the FSB’s efforts to develop regulatory recommendations with respect to these arrangements. To that end, we look forward to reports by the FSB, IMF, and the FATF and welcome the FATF’s statement that its AML/CFT standards apply.”
Back in July 2019, G20 officially lent support for the FATF guidelines on cryptocurrency. In its declaration, G20 noted that although cryptocurrencies did not pose a threat to global financial stability, their development and the existing and emerging risks should be closely monitored.
“We reaffirm our commitment to applying the recently amended FTF Standards to virtual assets and related providers for anti-money laundering and countering the financing of terrorism,” the leaders said during the 2019 G20 Summit in Osaka, Japan.
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