Cryptocurrencies to be discussed at the G20 summit

Technology will be one of the four topics of the Bali summit. This year, much attention will be paid to blockchain. Experts and guests of the forum are expected to discuss money laundering and terrorist financing. Among the announced topics, there are 3 topics related to cryptocurrencies.

1. Illegal activities financed by cryptocurrencies. Cryptocurrency financing of terrorist activities has quadrupled over the past year, with experts estimating that about 20% of all terrorist attacks were sponsored by cryptocurrencies. According to a Chainalysis report, in 2022, terrorist organizations and hacker groups received almost $ 10 billion.

2. Cryptocurrency regulation is a priority issue for India. The country has a strict stance on cryptocurrencies. Indian representatives at the summit want to discuss its regulation. Earlier, the country’s Home Minister Amit Shah said that the use of cryptocurrencies has affected the surge in drug smuggling.

3. The FATF will deal with regulation. The Financial Action Task Force on Money Laundering, represented by the FATF, is preparing to announce a system of annual legal inspections of cryptocurrency providers. Countries that do not comply with the rules will be added to a «special list», which will increase control over them by the organization. In addition, the FATF plans to blacklist countries that fail to solve the problems of cryptocurrency supervision. They will be subject to economic sanctions and other financial restrictions.

The regulation of crypto assets is one of the most pressing issues facing Web3 and the entire financial world, especially in the context of the FTX’s fall. Events such as the G-20 are a good opportunity to discuss such issues at the global level at the level of top officials.

This year’s summit will take place on November 15−16 on the island of Bali. Among the honored guests is Volodymyr Zelenskyy, who was invited by Indonesian President Joko Widodo. Obviously, the key issue will be global security and the invasion of Ukraine by a terrorist state, but the topic of regulating the use of cryptocurrencies will also be discussed.