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Good News for Bitcoin as G20 Says No Crackdown for Cryptos
Bitcoin News
Good news for bitcoin as G20 says no crackdown for cryptocurrencies
By Beryl Achieng' -March 19, 20180

The G20 has announced good news for bitcoin ruling out the possibility of new regulations for cryptos by its regulator. Bitcoin bulls had a positive reaction to this report that saw prices recover tremendously.

The currency is now trading at $8,285 as at press time, an increment of almost $1,000 from its weekend lows of $7,360.

The cryptocurrency community has been holding its collective breathe in anticipation of this week’s G20 meeting. But according to the Financial Stability Board (FSB), there will be no new regulations formulated to govern the sector.

Instead, the watchdog proposed a review of existing rules to streamline the operations within the crypto industry. It however highlighted the value of international coordination in monitoring the sector, which is fast evolving but still in the early stages.

Causes for Concern
Representatives from Germany and France had prior to this sent a letter to the G20 president, expressing concerns about the potential risks posed by the crypto industry.

The letter said in part,

“We believe there may be new opportunities arising from the tokens and the technologies behind them. However, tokens could pose substantial risks for investors and can be vulnerable to financial crime without appropriate measures. In the longer run, potential risks in the field of financial stability may emerge as well.”

According to the FSB chair, Mark Carney, the digital currency industry, which at its peak constitutes less than 1% of the global GDP, is no threat to the financial system. He said,

“The FSB’s initial assessment is that crypto assets do not pose risks to global financial stability at this time.”

An Unexpected Move
This good news for bitcoin might have come as a surprise to many in the crypto community in view of Carney’s vocal criticism of bitcoin in the past. Speaking as the Governor of the bank of England, he has been known to openly express his doubts about the credibility of digital currency systems.

As his tenure at the FSB comes to an end in 2019, Carney suggested that his successor would have an oversight role on a more transparent watchdog that would be keener on assessing existing rules rather than enacting new ones.

“As its work is to fix the fault lines that caused the financial crisis to draw to a close, the FSB is increasingly pivoting away from design of new policy initiatives towards dynamic implementation and rigorous evaluation of the effects of the agreed G20 reforms,” he explained.

President Donald Trump had last year ordered regulators in the US to slow down on reforms so as to encourage more lending within the local economy. This led to the widespread speculation that the US would oppose any new suggestions and cause a market fragmentation.

To this end, the FSB resolved to conduct internal audits to assess its suitability for the task of assessing and modifying regulations. He explained that the board would be more transparent, efficient and disciplined noting that it had already done away with a quarter of its working groups.

This unexpected report comes as good news for bitcoin putting an end, albeit temporarily for the bearish trend that plagued most of the past week.

Beryl Achieng'
Beryl is a passionate writer who is fascinated with the blockchain technology. She has a Bachelor’s degree in Linguistics and Communication. When she’s not busy catching up on the latest crypto trends you’ll find her in the kitchen trying out a new dinner recipe.

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TAGSbitcoinbitcoin newscryptocurrencycryptocurrency crackdowncryptocurrency regulationG20G20 meetingG20 summitgood news for bitcoinNo Crackdown for Cryptos

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Beryl Achieng'
Beryl is a passionate writer who is fascinated with the blockchain technology. She has a Bachelor's degree in Linguistics and Communication. When she's not busy catching up on the latest crypto trends you'll find her in the kitchen trying out a new dinner recipe.
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