Ahead of the G20 summit taking place in Osaka, Japan, this week, deVere CEO and founder Nigel Green said leaders must take decisive steps towards a multilateral cryptocurrency regulatory framework, arguing that failure to do so would be “irresponsible and negligent”.

Green highlighted that, due to the “astonishing and quickening” pace of the digitalisation of the global economy, and the far-reaching impact of this, political leaders, finance ministers, central bank representatives and others at this year’s G20 summit “must ensure decisive steps” towards a multilateral cryptocurrency regulatory framework are taken.

“A failure to do so would be, in my opinion, irresponsible and negligent,” he said.

The deVere CEO added that Bitcoin, the world’s largest virtual currency by market cap, has soared 193 per cent in value year-to-date which, in turn, has had the effect of “pulling up” all other major digital currencies. However, he noted that this achievement is not “solely an impressive rally”, but it does emphasise that the ever-growing sector is “becoming unstoppable”, as institutional investors increasingly “step off the sidelines and jump into the sector”.

“They [institutional investors] understand, as do retail investors, that in our ever-more digitalised, globalised world, borderless, digital currencies are the future of money and they want to be and need to be part of it.

“It’s now high-time the leaders at the G20 summit caught up. Or do they seriously think that traditional, fiat currencies are the way forward?”

According to Green, the G20 summit is a “golden opportunity” for leaders to position themselves “on the right side of history”. He went on to add that the world’s financial leaders can take advantage of the “potentially enormous economic benefits” that digital currencies offer and mitigate the risks, if they adopt a common set of regulatory guidelines.

The deVere CEO concluded: “Now is the time – especially given that at the summit in Japan, one of the most crypto-advanced jurisdictions, has drawn on its experience and is preparing to share a crypto regulation solution at the summit.

“It would be foolhardy not to seize the opportunity that this summit represents.”

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