Cryptocurrencies can be viewed as assets by the G20, according to a draft obtained by Bloomberg in advance to the G20 meeting to be held in Argentina. This year, the members of the Financial Stability Board, the committee comprised of all the representants of the central banks will be inevitably poised to tackle the cryptocurrency issue.
And it seems that the way they are following is to classify cryptocurrencies as assets; this would make it easier for countries to assess the current cryptomarket exchanges and other crypto related businesses. All trading would be considered asset buy-sale, and the existing regulation would be sufficient to address the matter.
Following this direction, Klaas Knot, President of FSB committee for vulnerabilities, declared that cryptocurrencies could not be considered as such because they don’t satisfy the three uses that money has. He stated:
Whether you call it crypto assets, crypto tokens — definitely not cryptocurrencies — let that be clear a message as far as I’m concerned”
The classification of cryptocurrencies has been an issue since their inception, and now that their use, at least as investment instruments, has massified, it’s a larger one. The problem is that the market keeps growing, and governments want a part of the pie, via tax collection. This has been (and it is today) a grey area for most members regulations. That’s why classifying cryptos as assets would be great for this purpose, and would simplify regulation for all countries involved.
The g20 summit will be held later this year; cryptocurrencies and its regulation will be a hot topic to be discussed.