FSB Resisted Calls to Regulate Cryptocurrencies From G20 Members

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Just as many were waiting for Bitcoins final plunge down into $6k levels the markets have had a little boost from some news coming in regarding the intended actions of the G20 Watchdog. Reuters reports:

The global watchdog that drove through a welter of banking and market reforms after the financial crisis said it will pivot more toward reviewing existing rules and away from designing new ones

The FSB (Financial Stability Board) has resisted calls to ‘regulate cryptocurrencies like Bitcoin’ according to Reuters. The FSB is recommending a less radical approach to Cryptocurrency at this point in time as the markets were still less than 1 percent of GDP even at Cryptocurrencies peak back in January.

FSB Chair Mark Carney said “The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time,” .

As you’d expect this news has bumped Bitcoin back above $8000 with most other Cryptocurrencies following suite:

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However, the weekly chart is still looking a little depressing for Bitcoin and unless this upward momentum can continue for the next 12 – 24 hours it’s likely we will see a quick reversal again and begin heading back below $8000 and beyond.

There is further discussion on Cryptocurrencies over the next couple days at the G20 Summit held in Argentina, Coindesk reports:

A media representative for next week’s summit, to be hosted by Argentina, which currently holds the G20 presidency, said that the first meeting will take place Monday. The talks will feature Argentina Treasury Minister Nicolás Dujovne and Organisation for Economic Co-operation and Development (OECD) Secretary-General José Angel Gurría, among other stakeholders.

A second discussion will happen on Tuesday, the rep told CoinDesk.

The agenda and talking points for the two discussions have not been released. However, a public document indicates that the discussions will revolve around the implications of cryptocurrencies and the potential applications of its underlying technology.

So we should expect some increased volatility this week as traders nerves are on high alert for further developments regarding regulations.

We’ll keep you posted!