G-20 Finance Ministers Brush Off Bitcoin for Now
G-20 confirmed Tuesday the there is No need to regulate Cryptocurrencies right now.
Bitcoin is rallying, the Group of 20 (G-20) finance ministers do not call for a clampdown on the volatile cryptocurrency market.
Bitcoin, largest digital currency by market cap rose 5.5% to $8,889 after hanging between 8,400 and 8,600 Monday and overnight, and bouncing a 1-month low Monday.
The G-20 did acknowledge the risk of cryptocurrencies, investors traders are pleased that the nations finance ministers did not call for tighter regulation, essentially ignoring the coins.
Investor were somewhat concerned about a coordinated clampdown after a spokesman for the G-20 finance ministers said they would discuss how to approach to cryptocurrencies at their meeting in Buenos Aires on Monday and Tuesday, the concern seems to have been merit-less .
The G-20 communique said that digital coins/tokens are assets, which “lack the Key attributes of sovereign currencies,” and that “at some point they could have financial stability implications.”
The G-20 set a July deadline to decide on cryptocurrency steps, without being more specific. We can assume then that the nation’s finance ministers are looking at cryptocurrencies.