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G20 Summit leaders could decide on international cryptocurrency regulatory framework in June

Febin Jose

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G20 Summit leaders to decide on international cryptocurrency regulatory framework in June
Source: Pixabay

Bitcoin’s strong bullish rally this week garnered the attention of financial institutions and governments alike, with many personalities tweeting about the same. Though adoption and acceptance of crypto-assets has increased manifold over the past year, regulatory clarity is still a distant reality.

Even though many countries are ‘working on’ regulations, nothing concrete and specific has yet been put forth by any official body. This is alarming as many reports have suggested that cryptocurrencies are popular among fraudsters and terrorists owing to their anonymity and privacy characteristics. Therefore, bringing regulatory clarity would not only further cryptocurrency adoption, but would also regulate frauds and scams to a large extent.

A welcome move in this regard was the fact that leaders who attended the G20 Summit in Buenos Aires, Argentina, in December 2018 had signed a joint declaration to help foster a regulatory framework for cryptocurrencies, while adhering to the Financial Action Task Force [FATF] standards.

According to Japanese media reports, the framework, which has been in the works for over three months, will be tabled at a G20 Finance Ministers and Central Bank governors meeting in June at Fukuoka. The framework would be a ‘new international regulation proposal for virtual currencies,’ and could possibly be the first step towards regulatory clarity at an international level, if accepted.

The meeting will be of utmost importance to the cryptoverse as it will mark the global acceptance of decentralization, both in terms of value and information. However, this would not be the only agenda of the meeting as the leaders will also be focusing on anti-money laundering and anti-terrorism financing. The meeting is scheduled for June 8-9, 2019.



This move will also put an end to regulations laid down by some countries, especially economic sanctions.

However, some investors and companies are not in favor of the move as the privacy aspect of cryptocurrencies would come under attack when the regulations are put in place. Some even speculate that regulatory frameworks could have a detrimental effect on the growth of cryptocurrencies. However, nothing is certain until the framework is officially presented and accepted.





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Febin Jose is a full-time journalist/editor at AMBCrypto. He believes that cryptocurrencies will navigate a volatile future and that Arsenal can still win a title. Lives around the "if it sounds like writing, I rewrite it" mantra.

Altcoins

Binance Chain’s first project Mithril to launch with MITH/USDT trading pair

Namrata Shukla

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Binance Chain's adds Mithril as its first project followed by MITH/USDT trading pair
Source: Pixabay

Binance launched its blockchain protocol on April 18 and it already has its first project launch on its network. Mithril, a decentralized social media platform will migrate to Binance Chain. The company’s MITH token, that ranks 121st on CoinMarketCap will transfer from ERC20 to Binance’s BEP2 standard.

Binance Chain has been a highly anticipated project in the crypto world since its announcement and with its launch, the community provided ample support to the move. According to reports, Binance is luring companies into migrating to their new native chain and leave Ethereum.

According to Mithril’s blog post, the migration commenced after the mainnet launch of the Binance Chain and informed the MITH holders that the deposit and withdrawals on Binance.com will be halted for the initial 12-hour migration period, however, trading will continue. The post added:



“Once the initial migration of ERC20-based MITH to BEP2 MITH is complete, Binance users will be able to withdraw MITH to BEP2 wallets, such as the Ledger Nano S, and begin trading on Binance DEX. ERC20 versions of MITH held in private ETH wallets or on other exchanges will not be impacted.”

As Mithril announced about its migration to Binance chain, the price of MITH, Mithril’s native coin saw a surge. The coin also saw a 70% hike,  followed by a market correction. At press time, MITH was valued at $0.0782 with a market cap of $40 million. The 24-hour trading volume of the coin was $108 million as it pumped by 67.10% over the past day. In the past seven days, the coin noted a surge of a massive 81.47%, which started to dip by 0.84% over the past hour.

Following the addition of the project, Binance announced the listing of MITH/USDT trading pair, which will start trading on April 19, 10 AM UTC.





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