Le communiqué publié à l’issue de la réunion des ministres et gouverneurs du G20 qui s’est tenue à Buenos Aires les 19 et 20 mars 2018 a résumé comme suit la position du G20 sur les crypto-actifs :

“ We acknowledge that technological innovation, including that underlying crypto-assets, has the potential to improve the efficiency and inclusiveness of the financial system and the economy more broadly. Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. Crypto-assets lack the key attributes of sovereign currencies. At some point they could have financial stability implications. We commit to implement the FATF standards as they apply to crypto-assets, look forward to the FATF review of those standards, and call on the FATF to advance global implementation. We call on international standard-setting bodies (SSBs) to continue their monitoring of crypto-assets and their risks, according to their mandates, and assess multilateral responses as needed”.

Lien vers le communiqué du G20 : https://g20.org/sites/default/files/media/communique_-_fmcbg_march_2018.pdf

Points de vue des banques centrales  sur les monnaies virtuelles, les crypto-actifs et la cashless society

À noter par ailleurs que plusieurs banques centrales  se sont récemment exprimées sur les monnaies virtuelles ou les crypto-actifs. Outre les interventions de la Banque de France (Focus publié le 5 mars 2018), de  la BRI (discours d’Agustin Carstens du 6 février 2018 à Francfort) et de la BCE (discours d’Yves Mersch du 8 février à Londres), toutes trois  déjà reprises dans ces colonnes, on retiendra le discours du gouverneur de la Banque d’Angleterre (Mark Carney) le 2 mars 2018 (« The future of money ») et l’article publié par Benoît Cœuré (en sa qualité de Président du CPMI) dans le Financial Times du 13 mars 2018 sous le titre « Bitcoin not the answer to a cashless society » à l’occasion de la publication du rapport du CPMI « Central bank digital currencies ».

On notera en particulier dans le discours de Mark Carney un point de vue assez nuancé sur central bank digital currencies :

 » The Bank has an open mind about the eventual development of a CBDC and an active research programme dedicated to it. That said, given current technological shortcomings in distributed ledger technologies and the risks with offering central bank accounts for all, a true, widely available reliable CBDC does not appear to be a near-term prospect. Moreover whether it is desirable depends on the answers to a series of big policy questions. A general purpose CBDC could mean a much greater role for central banks in the financial system. Central banks may find themselves disintermediating commercial banks in normal times and running the risk of destabilising flights to quality in times of stress.

De même dans l’article de Benoît Cœuré :

A CBDC for all would challenge the current model of banks taking customer deposits and using that money to fund the lending that helps drive the economy. The consequences for bank business models and financial stability would need to be carefully parsed. More fundamentally, do we need a CBDC? Existing payment arrangements – based on commercial money – are already digitally provided and increasingly convenient, instantaneous and available 24/7. Nevertheless, if cash disappeared, there would be a stronger case to consider a CBDC (…). However, despite the growing popularity of electronic payments, the cashless society is not here yet (…). Still, it is not yet clear whether CBDCs for consumers

and businesses are necessary or desirable. The jury is still out, and the answer will clearly differ country by country.

Lien vers le discours de Mark Carney : https://www.bankofengland.co.uk/speech/2018/mark-carney-speech-to-the-inaugural-scottish-economics-conference

Lien vers l’article de Benoît Cœuré dans le Financial Times : https://www.bis.org/review/r180313a.pdf

Lien vers le rapport du CPMI : https://www.bis.org/cpmi/publ/d174.pdf