Industry Analysis

G20 crypto update: July regulation deadline set, Brazil not in accord

The G20 summit has undoubtedly brought in more confidence into the crypto space following a weeklong of dipping global prices which saw Bitcoin go below $7,500 on Sunday. However, with some positive news coming from Buenos Aires, the market has been recovering in a slow but steady manner with a preliminary decision on how to go about cryptocurrencies being decided. Here is the current G20 crypto update so far.

G20 crypto update: Decisions so far from the summit.

It has so far been concluded from the G20 summit that before July, the members present at the G20 summit will come up with a unified strategy towards regulating cryptocurrencies. However, Brazil is not in accord with this decision and doesn’t see any need to regulate cryptocurrencies in their country.

“In July we have to offer very concrete, very specific recommendations on not ‘what do we regulate?’ ’ but ‘what is the data we need’ “Argentina Central Bank chair, Frederico Sturzenegger

The reason the G20 financial leaders are a little hesitant to make a proposal towards regulating cryptocurrencies is that they believe there is a need for more information and understanding of cryptocurrencies before such regulations can take place.

The main concern of these bank governors is to avoid cryptocurrencies being used for money laundering and terrorism financing. For this reason, the members present at the summit have pledged to implement anti-money laundering and anti-terrorism financial standards such as FATE (Financial Action Task Force) till they manage to figure out how to effectively regulate cryptocurrencies.

The cryptocurrency community has received this as good news as it could have gone worst. Many expected calls to be made for a ban on cryptocurrencies during the summit. However, given the statements made by the bank of England governor in the weekend leading to the summit, there was some calm in the market and prices started to recover since then.

As of Sunday, the global market Cap stood at $275 B and has since then partially recovered to $353 B as of writing time with Bitcoin trading at $ 9,080 and a market share of about 43%, down about 1% from last week.

How do you think the possible regulations in July could look like?

Let’s know your thoughts on this recent G20 crypto update in the comment section below.

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