Japan to push G20 for being cautious against Crytocurrencies

Japan is considering to push G20 nations in a meet scheduled for coming week to step up measures for prevention of money laundering through increased use of cryptocurrencies. Every country has so far exhibited different approach towards the latter and hence there are very low possibilities of all nations coming to a joint communiqué after an agreement on particular global rules which will define the use of these currencies.

Japanese officials stated they will steer the discussions on steps to combat money-laundering and protection of consumer interests rather than the effect of cryptocurrency trade on the banks. A general consensus among G20 suggests that very tight controls will not be fruitful. FATF Financial Action Task Force, which is a 37-member block established by G7 in 1989 for propagating strong implementation of legal and operational steps for tackling money laundering , financing of terrorist activities and other dangers facing the international financial institutions will also submit its report to G20 on ways for preventing the use of cryptocurrencies in illicit financial networks.

Japan is the first nation to set up a national system for monitoring the use of trade in cryptocurrencies. France and Germany are also working on joint measures for the regulation of bitcoin market.

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