Date: 19-20 March 2018
Place: The Buenos Aires Exhibition & Convention Centre, Argentina
Participants: Bank governors and Finance Ministers
Topic: The implications of cryptocurrencies and blockchain.
The G20 meeting of Finance will be held at Buenos Aires in Argentina . And it is taking place within these two days, in 19-20 of this month to be specific.
The discussion table of the second part is around the cryptocurrency market and will be held in the following day, on March 20th.
The initiative aims to establish regulation measures regarding the cryptocurrency use. Given that the main topic of the summit is implementing new regulations anti-money laundering measures and consumer protection as a whole.
Cryptocurrency and blockchain, the technology behind it, have captured the attention of many people in the last 8 years. They quickly adopted the currency as it has proved its efficiency as an alternative currency to fiat money. Thus, it has created a polemic among Nations and the time has come to put it in clear and to decide the future of the cryptocurrency.
Approaches are different, some, mentioning the host country Argentina, South Korea and Japan are supportive and have already adopted payment instruments with the cryptocurrency and have called for free trading while others have already denied the whole thing about cryptocurrency space and looking forward to tightening its role. The other party intend to implement strict regulations, as the cryptocurrency is seen as is affecting financial institutions.
In general, majority of countries are for regulating the cryptocurrency in order to protect consumers.
Financial Stability Board chairman and Governor of the Bank of England, Mark Carney has insisted that Crypto don’t present a threat to global financial stability. His declaration has reassured cryptocurrency investors, just hours away from the closed-door meeting and has spread positive echos among cryptocurrency space. So far, his opinion has a noticeable impact on the crypto market. Today Bitcoin price has been relieved a bit to $8541 compared to the past few days. We can expect a bullish trend in the following days.
At this point, we stand out the door waiting for the main conclusions and measures to be undertaken, in an effort from the delegates to prevent the illicit use of cryptocurrencies. Stay tuned for the upcoming decisions regarding the cryptocurrency future.