The G20 Summit will not develop any new rules or regulations pertaining to the cryptocurrency market. They will however review the current regulations in current member countries.
This could be a big sentiment boost for investors in the space, as crypto has had a large correction in the last couple of months.
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It is said in the summit that 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.” so no way out yet
Whether or not this means the volatility in the cryptocurrency market is finally behind us remains to be determined. There is still a lot of bearish pressure on all markets as of right now, and it seems the current 24-hour gains could be wiped out in a matter of hours. For the time being, caution is still advised, even though the recent price dip has certainly created an excellent buying opportunity for both novice enthusiasts and investors alike. This was their other thing mentioned in the summit but it might be the case that Govt setup is afraid of crypto centralisation and they fear that they would be held more accountable in the coming times for crypto centralisation. Yea that's true internet shutdown, freedom Is a passion and govt establishments lack on that passion my friend
Yes! No new rules per say.
But some countries have implemented some level of regulation in the crypto space.
>issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.
Yes I agree with this as some countries have started a close monitoring on exchange websites e.g Japan.
Like my friend said, it would be difficult for cryptocurrency to be a sovereign currency.
And personally, I feel the involvement of Government is a welcome development as it would provide a more safer means for investors.
But as we noticed, the prices of various coins are faring well at the moment but let's not set aside or ignore regulatory threats.
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