Results of examination on risky elements of cryptocurrency and their countermeasures will be announced by G20 soon.
According to Ministry of Strategy and Finance (MOSF) on the 17th, a G20 meeting will be held in Buenos Aires from the 21st until the 22nd.
At this meeting, G20 will discuss about results of examination done by FSB (Financial Stability Board) on risky elements such as financial stability and consumer and investor protection of cryptocurrencies and their countermeasures.
Back in March, G20 agreed that there are legitimate arguments towards vulnerabilities on consumer and investor protection, tax evasion, and criminal abuse arising from crypto-assets. G20 insisted on researching on issues of crypto-assets centered on international organizations such as FSB and FATF (Financial Action Task Force) and examining necessary cooperation.
“G20 ordered countries to analyze risky elements of crypto-assets and to decide on countermeasures from many aspects if necessary.” said Choi Ji-young who is the section chief of MOSF’s International Monetary Department. “There is progress and relevant reports will be announced soon.”
Deputy Finance Minister Kim Dong-yeon, who is also the minister of MOSF, will leave South Korea on the 18th to attend G20 meeting.
Deputy Finance Minister Kim is planning to emphasize needs for close cooperation towards risky elements such as normalization of monetary policies by major countries and friction within trades and increased instability of financial market. As the leader of the chair country of working group, he is going to urge for countermeasures towards improvement in international monetary systems.
At this meeting, he is also going to have face-to-face conversations with finance ministers of major countries such as the U.S. and China and president of World Bank. He is going to discuss about pending economic issues between the U.S. and South Korea with Steven Mnuchin who is the U.S. Secretary of the Treasury. With Liu Kun who is the Minister of Finance in China, he is going to exchange opinions about economic cooperation between South Korea and China. With President Kim Yong of World Bank, he is going to discuss about capital increase of World Bank Group and improvement in roles of World Bank’s South Korea Office.
“This meeting will be the last meeting before G20 summit that will be held in Argentine from the 30th of November until the 1st of December.” said MOSF.
Staff Reporter Yoo, Seonil | ysi@etnews.com