Cryptocurrencies can be beneficial to the global economy - G20

  • Cryptocurrencies were discussed at G20 meeting and mentioned in the final communique.
  • The Finance Ministers do not see immediate risks but prefer to stay vigilante.

The Finance Ministers of the 20 largest economies has met in Japan to discuss some pressing ussies of the global economy. While their primary attention was devoted to trade conflicts, they found time to touch upon cryptocurrencies and their influence on the world's financial ecosystem.

The ministers believe that technological innovations such as digital money and blockchain can bring significant benefits to the global economy. However, we need to be vigilant to potential risks.

"While crypto-assets do not pose a threat to global financial stability at this point, we remain vigilant to risks," they said in the communique.

The head of the International Monetary Fund, Christine Lagarde, also mentioned cryptocurrencies in her speech on Saturday. She said that the countries had to develop a harmonized approach to crypto assets and non-bank financial companies engaged in providing crypto-related services. She believes that it is essential to continue the international dialogue even if it is not an easy task.

Earlier this year, IMF and World Bank launched a joint blockchain educational project and a quasi-cryptocurrency called "Learning Coin." The project is aimed at getting a better understanding of the subject among the employees of the financial institutions.

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