Following up on the initiative to research cryptocurrencies and blockchain technology for control in January, Bruno Le Maire (French Minister of Finance) expresses welcoming, bullish sentiment at G20 Conference. He seeks beneficial relationships of cryptocurrency and international economic regulations.
Bruno Le Maire
The French Minister of Finance was decisive at the Inaugural meeting. He champions Blockchain technology as being a kind of revolution.
He believes that Bitcoin is a “precursor” to future improvements to the technology. He also expressed explicit support for ICOs, “France has every interest in becoming the first major financial center to propose an ad hoc legislative framework that will allow companies initiating an ICO to demonstrate their seriousness to potential investors.”
He and the G20 Finance Ministers will continue a joint effort to research cryptocurrencies for presentation in July. The Financial Stability Board of the organization was also asked “to report in July 2018 on their work on crypto-assets.”
Bullish Perspective 180°
It was only last month that Le Maire wrote a letter focused on the issues facing traditional governing bodies when regulating the currencies.
Research on this technology shows that cryptocurrencies do not pose a threat to the centralized authorities of economy. Awareness continues to spread of the potential applications, which would certainly outweigh the negatives.
Group of Twenty is a forum for collaboration between representatives from the each country’s economic department and the leaders of the central banks established in each of the member countries. It formed in 1999, but did not develop its degree of influence until after the 2008 financial crisis.
One major event is hosted per year, called a “Summit.” It brings together the highest leaders of each state involved. The location and date change each year for the Summit, as well as the “chairs” or secretaries of the group.
Hamburg, Germany hosted last year’s conference in July, where a deadline of July 2018 was made for cryptocurrency and blockchain research to base decisions on.
2018 G20 Summit takes place in Buenos Aires, Argentina on November 30 – December 1st. The country also just hosted to the first Meeting of Finance Ministers and Central Bank Governors March 19th and 20th.
Overall the EU shows a push for united adoption.