G20 want Crypto-Regulation Recommendations by July

The world’s economic leaders have set a July deadline for the first step toward unified regulation of cryptocurrency.

Speaking Tuesday after the G20 meeting of finance ministers in Buenos Aires, Argentina Central Bank chair Frederico Sturzenegger said the member nations present agreed that cryptocurrencies needed to be examined, but that more information was needed before any regulations could be proposed.

Not every nation is on board with this plan. On Monday, Brazil Central Bank president Ilan Goldfajn said cryptocurrencies will not be regulated in his country, according to news service El Cronista. The outlet further reported that Brazil would not necessarily be following the regulations outlined by the G20, on cryptocurrencies or other issues.

However, where major regulators seem to agree is on cryptocurrency’s impact on the global financial system. Bank of England head Mark Carney, who also chairs the G20’s Financial Stability Board, wrote on Sunday that “crypto-assets do not pose risks to global financial stability at this time,” citing the relative size of the overall market cap.

Cryptocurrencies make up less than 1 percent of the global gross domestic product (GDP), he said, while credit default swaps were equal to the global GDP in 2008