In March 2018, G20 Finance ministers and Central bankers met to discuss the ongoing economic trends and challenges and one of them was Cryptocurrencies. Another meeting is expected in November where the financial heads of all G20 will meet and consequently, regulations will be implied to the Crypto world. This G20 Crypto regulation could unleash the real Blockchain change. As Mark Carney, Governor of Bank of England and Chairperson of G20, in March 2018 noted
Blockchain has the potential to improve the efficiency and inclusiveness of both the financial system and the economy
No doubt, the Crypto world has drawn the attention of governments to itself, especially during the 3rd quarter of 2017. Different Countries has different approaches towards the legality of the Cryptocurrencies but a general plan or regulation is still far away. As a matter of fact, the working definition of it has not been defined. Furthermore, there’s a lack of information to regulate this world and that should be accepted and needed to be worked upon.
Firstly, there’s a need to define the proper definition of the Cryptocurrencies because it will not only help the Governments but also the investors to plan their future investments and to plan their projects accordingly, which in turn will affect the economy of that particular country. Besides, the criticality of the existence of exchanges can’t be denied because, if some regulations will be implied, these exchanges can become the best source to collect the taxes.
It is expected by the people belonging to this Industry that the application of such regulations and involvement of Governments will take this entire project to its demise. Rather, the implementation of these regulations along with the consent and involvement of the stakeholders of this Industry will carve out the proper, legal and feasible way for them to work and earn. Application of such cooperated regulation will help to design a legislation which will benefit both the Industry Stakeholders and the Government. If G20 will be able to present an effective and efficient regulated framework, it would help to unleash the potential of Blockchain technology for a better and coordinated future.