Throughout the G20 summit, the Spanish Minister of Economy, Business and Competitiveness, Román Escolano Olivares, disclosed that he does not view cryptocurrencies as a menace to the global financial organization and that the European Union (EU) may not pause for a globally organized effort to adjust cryptos.
Talking about the sidelines of the current summit, the minister pointed to two important issues when it comes to cryptocurrencies, which he rather calls crypto-assets, which are consumer protection, and their usage in illegal activities.
Olivares went on to say that consumer protection is a concern and that the Spanish Securities Commission (CNMV) and the country’s central bank have issued declarations advising investors to tread wisely.
Furthermore, he pointed out that it is vital to address the part cryptocurrencies can have in law-breaking and terrorist funding. According to his words, “it is very important that there are clear rules to prevent this kind of activity from developing,” thanks to the indistinctness provided by various cryptocurrencies.
The minister’s station apparently strengthens the assessments of the world’s economic leaders. As covered by CCN, the G20 communique displayed “crypto-assets” is an ideal term, and that cryptocurrencies raise issues when it comes to investor safety, tax avoidance, market reliability, money laundering, and terrorism funding.
The document continues by stating regulation recommendations are coming in July of this year. These will probably permit the development of the digital economy and its technology while impeding their use for criminal activities.
Notably, Olivares noted that the European Union will not await a global settlement on cryptocurrencies. The minister disclosed that the new digital economy should play its part in the “financing of public goods, the welfare system, and collective needs,” and not just leave it to the “so-called old economy.