BitcoinBTC, Ethereum and other major cryptocurrencies are struggling under the weight of regulatory uncertainty – with the Federal Reserve warning it is “deeply concerned”.
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The price of Bitcoin, after reaching nearly $70,000 per Bitcoin in late 2021, has crashed back, leading to a decline in the broader $1 trillion crypto market – which includes Ethereum, BNB and XRPXRP (even though payments giant Visa has dropped a crypto bomb).
Now, as the Bitcoin and crypto market gears up for a $15 trillion earthquake, US President Joe Biden and leaders of other G20 member states have endorsed the Global Financial Stability Board (FSB)’s radical, game-changing crypto regulation recommendations.
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More from Forbes ‘Extremely Concerned’ – Fed Issues Serious Crypto Warning as Bitcoin and Ethereum Price ‘Death Cross’ Threatens $120 Billion By Billy Bambrough “Supporting” Financial Stability Board Crypto Recommendations Which can play with the price of Bitcoin, Ethereum. BNB, XRP and other major cryptocurrencies. Pool/AFP via Getty Images
A declaration signed by Biden and other leaders of the world’s 20 largest economies said, “We support the Financial Stability Board’s high-level recommendations for regulation, supervision and oversight of crypto-asset activities and markets and the global stablecoin system.” support.” According to local media reports, the G20 said.
The new rules will require Bitcoin and crypto exchanges and companies to share information on crypto transactions between countries starting in 2027.
Earlier this week, the FSB and the International Monetary Fund (IMF) recommended crypto cross-border cooperation and information sharing in a joint report to the G20, warning that outlawing Bitcoin and crypto outright bans would be costly and It will be difficult to implement.
However, the report also states that Bitcoin and crypto should not be given the status of official currency or legal tender and that central banks should avoid holding cryptocurrencies.
Two years ago, El Salvador made history by becoming the first country in the world to make Bitcoin legal tender, drawing criticism from the financial establishment.
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The G20 manifesto called for “accelerated implementation of a crypto-asset reporting framework,” which would give tax authorities greater visibility into Bitcoin, Ethereum, BNB, XRP and crypto transactions and the people behind them.
Ahead of the event of global leaders, which includes the US, EU, UK, China and Japan, India’s Finance Minister warned that it will not be possible to properly regulate Bitcoin and crypto without the cooperation of all countries.
“India’s [G20] The President has put on the table major issues related to regulation or the understanding that there should be a framework to deal with issues related to crypto assets,” Nirmala Sitharaman said in reported comments. reuters,
The roadmap for adopting the proposals will now be discussed by G20 finance ministers and central bank governors at their October 2023 meeting.
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I’m a journalist with significant experience covering technology, finance, economics and business around the world. As founding editor of Verdict.co.uk I cover how technology is changing business, political trends and the latest on culture and lifestyle. I have covered the rise of Bitcoin and cryptocurrencies since 2012 and have witnessed its emergence as a niche technology posing the greatest threat to the world’s established financial system and the most significant new technology since the Internet. I have worked and written for CityAM, the Financial Times and the New Statesman, among others. Follow me on Twitter @billybambroot or email me at billyATbillybambrous.com. Disclosure: I occasionally hold some small amounts of Bitcoin and other cryptocurrencies.
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