Connect with us

News

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

Febin Jose

Published

on

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.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



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.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

Published

on

By

John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
Source: Unsplash

Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending