G20 will develop the legal basis for digital payments

Representatives of the G20 countries have begun work on the creation of a regulatory framework that will subsequently allow the legal payment of digital payments along with the use of fiat funds. It is reported by the publication Kyodo News. It is expected that the first changes will be considered in the framework of the meeting of the Group for the Development of Financial Measures against Money Laundering (FATF) with G20 members, scheduled for October this year.

The priority of such work is to strengthen control over the crypto industry and exchange information on functioning trading floors, peer-to-peer and custodian services, as well as any market participants connected in one way or another with digital tools.

It is worth noting that such initiatives were a kind of reaction to the statement by the Chinese authorities to issue a national digital currency and the creation of the project of the social network Facebook (Libra), which, according to officials, could become a threat to the traditional financial system.