Category Archives: G20 Summit

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G20 Hands On Crypto Discussions At Washington Today

Global economic leaders are meeting today in Washington DC for the Second G20 Meeting of Finance Ministers and Central Bank Governors, with cryptocurrency regulation firmly on the agenda.

As a follow-up to the Buenos Aires G20 meeting in March, where the need for a global plan for cryptocurrency regulation was initially discussed, more talks on the matter are set to take place in Washington.

The previous meeting of the world’s 20 largest economies reached some agreement, in terms of state leaders recognizing the importance of cryptocurrencies and their role in revolutionizing many banking procedures. The G20 has previously stressed the necessity to prevent the crypto industry from being misused by malicious agents, fraudulent schemes and other criminal activity.  However, members also stressed the need to not hinder the development of the technology through regulation.

The IMF and the World Bank Group will also be participating in the meeting that will be attended by 55 delegations, whose heads include 22 finance ministers, 18 central bank governors, and 9 international organization leaders.

The G20 had previously stated that this July was the date set for a package of recommendations to be put forward regarding cryptocurrency regulation, and June when the first practical proposal for crypto regulation must also be presented. In March, Italian central bank governor Ignazio Visco commented that he expected the recommendations would be overseen by the International Organisation of Securities Commissions (IOSCO).

Speaking after the Argentina conference, a senior Japanese official said, “Many G20 members didn’t take crypto-assets too positively”. The official acknowledged that “some form of regulation was necessary” and suggested finding agreement between nations with varied interests and circumstances could be difficult.

Brazil’s central bank president Ilan Goldfajn said that cryptocurrencies would not be regulated in his country and Brazil may not agree to any regulations that are outlined by the G20 on crypto assets.

France agrees on the need for regulation and has already banned deposits and loans made in cryptocurrencies. It is likely that not all nations will take such extreme measures in regulating the use and trading of digital currencies.

The Financial Action Task Force (FATF) has been given the task of addressing regulatory issues as the talks progress over the course of 2018.

 

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Tech Giant Fujitsu Announces Blockchain Center In Europe

Japanese IT giant Fujitsu has recently announced the opening of its first Blockchain Innovation Center, located in Brussels, Belgium, with the aim of supporting research, developmen and innovation. Fujitsu has selected Brussels as the venue of choice because of its diverse political, technical advantages.

Witnessing the adoption of blockchain technology and distributed ledger technology (DTL), big tech giants such as Google, Microsoft and Amazon are just a few companies who are looking to integrate this technology into their companies framework, thus providing them with a transparent and more secure network.

Fujitsu sees blockchain technology as a step in the right direction for the IT sector, enabling a new model for businesses to buy, sell and distribute. Fujitsu aims to use the technology in some different business sectors such as supply chains and logistics, storing public records, and identity documents.

Fujitsu focused on becoming a worldwide leading contender for smart cities, Frederik De Breuck, Presales and Business Assurance Director of Fujitsu Benelux stated: “We believe blockchain technology plays a significant role in the development of smart cities. Today, more than half of the world’s population lives in urban areas, and by 2050 this number is expected to increase to 66%. Cities need to adapt to these developments and become smart cities that connect ITC’s technologies with infrastructure and architectures to solve social, economic and environmental challenges”.

While new adaptions of blockchain will lean to a smarter future, changes will drive economic growth and forgo social and environmental problems.

Additionally, in the current economic adoption stage, companies such as IBM and Walmart are launching a blockchain food safety alliance in China by collaborating with China’s largest retailer JD.com, a member of the NASDAQ-100 and Fortune Global 500.

 

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Bitcoin on the Rise: Bullish Trends and the G20 Influence

It has been a tough month for Bitcoin coming off the winter boom but there have been several standout moments offering respite from bearish trends and contributing to the current uptrend in the Bitcoin markets.

Firstly, Thomas Lee, the head of research at Fundstrat Global Advisors and his team have released an interesting flow chart (below) that describes the phases of the altcoin market cycle.

While it indicates that the majority of the decline is behind us, their graphs don’t quite inspire an immediate sense of confidence with the purgatory phase apparently in effect and it is still relatively hard to tell when things will begin to look definitively bullish again.

The Risk of Stagnation

How deep this current period will be is still unknown, but it could be noted that markets tend to react swiftly, particularly to positive news, progress in innovations and regulations.

The stakes for blockchain technologies and cryptocurrencies are higher than ever; the past couple of years have seen massive progress with efforts to make the industry more consumer-friendly and regulation-compliant. Despite the scandals of scam ICOs and the recent crackdown on cryptocurrency advertising, the blockchain industry is holding on tight and is more active than ever.

The pressure on altcoins to adapt or die is growing and this slump could spark further indecisiveness and cynicism, dampening the progress that new or established blockchain companies have been making over the past year.

These being worst case scenarios, anything at all can happen in this business, so it’s best to keep an open mind, especially as big organizations, governments, industry heads and key figures are all putting the conversation about cryptocurrencies on the table.

A Good Influence

The G20 Summit is considered partly responsible for the upswing Bitcoin has seen over the past couple of days. Mark Carney, governor of the Bank of England, stated in a letter to G20 finances ministers: “The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time.”

He continued: “Crypto-assets raise a host of issues around consumer and investor protection, as well as their use to shield illicit activity and for money laundering and terrorist financing. At the same time, the technologies underlying them have the potential to improve the efficiency and inclusiveness of both the financial system and the economy.”

A Little More Conversation and A Lot More Action

If the brains at Fundstrat are correct, then this low period of inactivity and consolidation could be a sluggish ride and set the evolution of this industry back for some time. This is the chance for the industry to begin shaking hands with the regulators, influencers and institutions that can begin to create a space for the technology in the everyday lives of the world.

Conversations such as this may only boost Bitcoin value for so long, however, and the bear market could still very well be in play. But the critical part to take away from all of this is that more and more powerful influencers are talking about how to make cryptocurrencies work.

Now let’s see some action.

 

 

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G20 Summit: No Global Regulation in Sight As Buenos Aires Bullish on Bitcoin

The G20 summit is well underway in Buenos Aires, Argentina, with financial leaders seemingly staying their hand on specific regulatory actions and a healthy rebound in the crypto market indicating that traders are viewing this development positively.

Financial leaders from across the world have yet to come to agreement on whether or not policies are the right thing to impose on the market right now. The G20 leaders have stated that cryptocurrency is not likely to see any global regulations any time soon.

The governor of the Bank of England, Mark Carney made comments on the eve of the summit, stating that cryptocurrencies were not a pressing issue. Carney, who also holds the position as chairman of the Financial Stability Board (FSB), drew light on the fact that virtual assets counted for less than 1% of the global economic output at the late-2017 all-time highs.

Carney stated:

“As its work to fix the fault lines that caused the financial crisis draws to a close, the FSB is increasingly pivoting away from the design of new policy initiatives towards dynamic implementation and rigorous evaluation of the effects of the agreed G20 reforms.”

Carney also put forward the idea that, instead of regulations on cryptocurrencies, the financial system should adapt and adopt. He suggested a mutual understanding between financial leaders to prevent illicit behavior throughout the market, reducing the risk for investors, traders and big business conglomerates:

“Crypto-assets raise a host of issues around consumer and investor protection.”

Brazil not so confident

Following a recent publication in the Brazilian newspaper Folha de Sao Paulo, Brazillian Central Bank President Ilan Goldfajn commented that this is a crucial time for blockchain technologies, where cryptocurrencies are still highly volatile and need to be a safe and legitimate store of value.

Goldfajn went on to say that he thought of cryptocurrencies as a store value, a crypto-asset rather than a modern-day currency: “ I don’t refer to them as money because money has to have stability in its value and be able to facilitate payments.

He did go on to state that Brazil and fellow countries were for blockchain technology adoption, but wanted to see it regulated and made secure, reiterating warnings that the technology could be used for disastrous misconduct worldwide.

Market rebound

After these announcements, the market responded accordingly

Ethereum gained a little traction, its price rising over USD 60 in under one hour. Bullish Bitcoin saw an equal spike, with its current price rising over USD 800 in the same hour, a 25% increase from its latest fall. Bitcoin looks to be breaking away from the current bear market and is likely to soon test the USD 9,000 target.

As Bitcoin trading volume has stayed at the monthly medium of around USD 6 billion, concerns remain, but any rise in trading volume will mean that Bitcoin is backed by strong hands.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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