The G20 leaders jointly issued a declaration on crypto assets at the end of their summit in Osaka, Japan. They declared their commitments, reaffirmed that crypto assets do not pose a threat to global financial stability, and requested further work done by standard-setting bodies.
G20 Leaders’ Declaration
The G20 leaders’ summit, the largest meeting Japan has ever hosted, wrapped up Saturday. During the two-day event, the G20 leaders and the heads of invited guest countries and international organizations met to discuss important issues including the global economy, trade and investment, innovation, digitization, and global finance. At the conclusion of the summit, the G20 leaders jointly issued a declaration which includes statements on crypto assets.
“We, the leaders of the G20, met in Osaka, Japan on 28-29 June 2019 to make united efforts to address major global economic challenges,” their declaration begins. “We will work together to foster global economic growth, while harnessing the power of technological innovation, in particular digitalization, and its application for the benefit of all.”
The G20 summit in Osaka, Japan, on June 28.
On the subject of global finance, the G20 leaders said that “Technological innovations can deliver significant benefits to the financial system and the broader economy,” elaborating:
While crypto-assets do not pose a threat to global financial stability at this point, we are closely monitoring developments and remain vigilant to existing and emerging risks.
The leaders’ declaration adds to the joint statement by the G20 finance ministers and central bank governors at the end of their meeting in Fukuoka, Japan, on June 8 and 9. The finance ministers and central bank governors specifically mentioned the risks from crypto assets relating to “consumer and investor protection,