G20 Letter Sparks Bullish Uptrend

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The G20 summit has begun recently and cryptocurrency is a hot topic at the world forum. So far, many of the attendees have sounded off on their thoughts as to how the digital assets should be handled in the future, voicing the need for regulations and oversight. Many are worried the topic will turn to strict regulations, or even bans, causing uncertainty in investors who are watching the proceedings closely.

The Good 

Prior to the meeting, in a letter to the G20 Finance Ministers and Central Bank Governors, Mark Carney, Bank of England governor and head of the Financial Stability Board, stated that cryptocurrencies and crypto-assets do not pose a risk to the world economy. The release of this news caused a bullish uptick in BTC's price over the last 24 hours.

The Bad

This does not come without a caveat. He continues on to say that they will pose a threat in the future as they begin to become more interconnected with other financial sectors. Carney voiced concerns over consumer protections and cryptocurrencies use for illicit activities.

There is a general concern that cryptocurrencies could erode confidence in the global economy. Several countries have voiced the need for regulation and US Treasury Secretary, Steve Mnuchin, has formed a committee to discuss how crypto assets may be regulated in the future. It is unlikely that countries will come to an agreement about how to proceed in the immediate future.

The Unknown

For the moment, the cryptomarket is back on an uptrend, catalyzed by a single quote from Carney. Any further news could decide which direction is taken from here. Most praise the idea of some regulation but fear heavy or overreaching rules from governments that are feeling threatened. Opinions are varied but the discussion is moving forward and as cryptocurrency influence on the global economy continues to grow, don't expect it to go away anytime soon.

Disclosure:

I have received no additional compensation other than the Ethereum that Hade Technologies pays to produce Exclusive Content.


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