The cryptocurrencies are now an undeniable part of worldwide economic landscape, and more and more important are talking about it. For the upcoming G20 that is about to occur on March in Argentina, Steven Mnuchin, the actual US Treasury Secretary plans to bring the topic of the cryptocurrencies on the table.
What does the world actually think of cryptocurrencies?
Several months ago, people thought Bitcoin and its friends wouldn’t last long, and the world has been surprised by a raise of this particular currency’s price to nearly $20 000 in November of 2017. Even with the actual downtrend, experts believe it would come back up soon, and that it will be a major part of our daily lives in a near future. More and more countries are talking about creating their own cryptocurrencies, such as Russia, Venezuela, or Sweden.
The US as well starts to view these currencies from another perspective. It’s less and less seen as a threat to US economy, but the authorities are concerned about the malevolent ways it could be used. Indeed, some cryptocurrencies such as Monero, Dash allow their users to remain completely anonymous, while being able to send a lot of money from one country to another without being noticed by their government.
Steve Mnuchin and the possible misuses of cryptocurrencies
The US Treasury Secretary isn’t standing against the cryptocurrencies as something that has to be banned at all costs. Instead, he would like to enhance the control governments has over it, and he plans to discuss that with leaders from G20 countries during the next summit. It’s a good occasion to mention this topic in particular, as several influent people of world economy will be gathered in Argentina. Actual issues can be made obvious, and a constructive confrontation of point of views will probably occur.
Actually, the main issue is that cryptocurrencies were designed to ban any form of centralized control over its circulation and its unit emission. Fortunately, most people have to go through exchange platforms in order to trade cryptocurrencies, so a regulation service would transit on these exchanges. But for it to be efficient, regulation practices should be adopt by as many countries as possible, and G20 is a good opportunity to discuss what to do exactly in order to achieve that.
Steven Mnuchin isn’t the only one to speak up about cryptocurrencies
More and more people around the world are starting being aware of the presence of cryptocurrencies and the importance they might have in a soon future. Bruno Le Maire, the actual French Minister of Finance, is one of them, as he expressed his concerns about the market being too volatile at the moment. If it might not directly hurt the economy, people might lose money when investing.
In the US, other people are also acting towards an acceptation of the cryptocurrencies in the country; a hearing on these digital assets took place this 6th of February, and SEC and CFTC’s chairmen, Jay Clayton and Christopher Giancarlo, were witnesses of the event.