Last weekend, right before the highly-important and widely-publicized G20 event was to kick off in Buenos Aires, the crypto market got a massive boost of confidence. It all happened when the chairman of the Financial Stability Board (FSB), Mark Carney, sent a letter to the other members saying that “crypto-assets do not pose risks to global financial stability at this time.”
With crackdowns on cryptocurrency markets in China and South Korea lately, this was a huge piece of good news – and the market was a good indicator of that. Bitcoin (BTC) shot up by $1,000 in the 24 hours following that announcement.
More good news from the G20
Now, the G20 event – which was actually pretty short – is done. There are no more negotiations or presentations, and all the global leaders in attendance are already home (unless they decided to spend a little extra time in Argentina).
With the close of the event, an even nicer piece of news for the cryptocurrency world came along with it. This is exactly what their closing statement said on crypto investments, specifically:
“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.”
So that means that we have more than three months until any other global, far-reaching decisions will be made regarding cryptocurrency regulations!
Until then, it will all be regional and national laws that cause setbacks or leaps forward. Time will tell.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.