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G20 summit to discuss about regulating Bitcoin and cryptocurrencies

Mohan Pratap



G20 summit regulations talk
Source: Wikimedia. Photo of G20 in Toronto

This year at the G20 summit, all the governments and financial governors are going to have a discussion regarding regulating cryptocurrency. This will be the first time South America will be hosting G20 summit. Beunes Aires G20 summit is going to be the thirteenth meeting of the Group of Twenty.

Regulating cryptocurrencies would be on the agenda according to U.S. Treasury Secretary Steven Mnuchin. He had earlier voiced his opinion on cryptocurrencies and believed cryptocurrencies were not a threat to the financial stability of the market.

AMBCrypto’s team conducted a survey where 67% of cryptocurrency investors believed that there need to be regulations in place for the markets to become stable and trustworthy.

G20 summits are being held every year for the past ten years in one the participating nations. They discuss all the important topic which can or will affect the world in any way. They are attended by the heads of governments and other higher officials of the respective nations.

The topic of regulating cryptocurrency was also raised by The finance minister and Central Bank Governors of France and Germany collectively, they said,

“….. 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.”

These talks come after a rapid drop in the price of Bitcoin, which just a few years ago was trading at $450 and rose to an all-time high of $20,000 just recently. There have been skeptical views from various governments which feel that the massive price swings make the markets very volatile in nature.

The letter from French and German Finance Minister’s Bruno Le Maire, Peter Altmaier along with French Central Bank Governor Francois Villeroy de Galhau and his German colleague Jens Weidmann, calls for an international report on the entanglements of cryptocurrencies and how they could be improved.

Michael Davidson, a CTO Analyst from Washington, says,

“Regulations are meant to protect people from losing all their money especially amateur investors who don’t typically understand the markets. The media portray is it as a slap on the face of cyptocurrencies but if you are a genuine investor with nothing to hide, you shouldn’t be scared of regulations”

Many countries have already started regulating trading cryptocurrencies and many from the cryptocurrency investing community also feel that these regulations will enable the government to trust the entire cryptocurrencies trading sector.

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Mohan Pratap is a contributing News writer at AMBCrypto. He is an Engineering graduate with an acute curiosity to unravel Blockchain and technology-related stories. Mohan currently does not hold any value in any cryptocurrency or its projects.

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