The G20’s Still Out on Regulation

Bitcoin is bullish and then some. The coin is still on an impressive bull-run.

The run has extended over 10 days and doesn’t seem to be slowing. Yes, Bitcoin may have taken a step back here and there in its climb, but it has continually managed to take two steps forward. 

At the time of writing the price is $7,710 – it did reach a two-month high of 7,800 earlier this morning – but the current stand-point still represents a rise of over 3.3% in the last 24 hours.

Bitcoin is Bullish

BTC has gained an impressive fifth of its value in the last week alone and continues to be outperforming its rivals. The reason for the bullish turn is still a mystery.

Bitcoin is Bullish but G20 is Still Coy

Despite the obvious buzz surrounding crypto’s (especially in this very bullish market of late) the G20 has confirmed that it will not engage with market regulation at least until October. 

This was confirmed at a meeting held July 21-22 in Argentina, in which G20 finance ministers had cryptocurrency regulation on the minutes of their meeting.

The resulting thought on the subject was that cryptocurrencies do not “pose a global financial stability risk” at the moment, and as a result, there seems to be no rush on regulation.

This is despite a plan (that was set in motion back in March) to arrive at a harmonized decision on regulating cryptocurrencies across the member countries of the G20.

The weekend meeting has confirmed that no definitive conclusions have been made on the subject, as on Sunday, the group asked the Financial Action Task Force (FATF)—an international body for fighting money laundering and terrorist financing—to “clarify in October 2018 how its standards apply to crypto-assets.”

>>CoinMarketCap is Under Fire; Crypto Index Revamps Exchange Listings

Until the FATF deliver this clarification, regulation will remain uncertain. Back in March, representatives from FATF said they were obligated to create “very specific recommendations” on approaching cryptocurrency regulation at international level.

For or Against?

The G20 has always remained on the fence regarding cryptocurrencies, showing an appreciation for the positives and negatives of the currencies;

“Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy…Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.”- according to documents from the recent meeting.

Featured Image: Deposit Photos/PixelsAway

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