Bitcoin Reaches New High As G20 Ministers May Take A While On Regulating Cryptos
The Bitcoin bull 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.
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.
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.
As it said back in March, the group of wealthy countries wants to harmonize international regulations on cryptocurrency to some degree. On Sunday, it 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.”
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.
The G20 has always remained on the fence regarding cryptocurrencies, showing an appreciation for the positives and negatives of the currencies
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.