Good News for Crypto! International Financial Summit Discusses Regulation
By: Ivy Riane
Tags: Bitcoin, Investing, Cryptocurrency, Finance, Sentiment

Image Screenshot from Wikipedia

World leaders are gathered together in Buenos Aires, Argentina on 3/19 and 3/20 to discuss global financial issues via their, Financial Stability Board, as they do every year and one of the main topics of discussion will be cryptocurrency.

The good news about the fact that crypto is being discussed at such a summit is that cryptocurrency is now being taken seriously by international leaders, so much so that they will be discussing what their country’s stance will be regarding crypto regulation and how they plan to view this newer currency going forward into the future.

This is great news for the crypto space, in my opinion, because it gets us one step closer to being considered mainstream!

Mainstream news coverage will mean more money coming into the market with an influx of new investors that may not have heard about crypto before or have been weary of investing their hard earned money into something that has been considered volatile by the media up to this point.

What Has Been Said So Far

Anticipation for this summit and this week’s announcements of crypto related advertising bans from Google have caused the market to downturn sharply, causing many newer investors to jump ship and take heavy losses unfortunately.

But, news of the summit so far has been largely positive and the market has responded with a small upswing overnight!

Courtesy of Giphy.com

The Financial Stability Board’s chairman, Mark Carney, is the Bank Of England’s Governor and released the following statement to fellow finance ministers and banking officials:

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

The speculation behind why he made this statement is that cryptocurrency currently only makes up about one percent of the total global finance assets so world leaders should have it on their radar but don’t need to make it a priority just yet.

Carney, also, indicated his desire to not enforce extra regulation in the crypto market but rather make do with the ones that are in place already, making this statement:

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

What This Means for Crypto Investors

What this means for us, fellow crypto investors, is that we need to build the market cap more and force them to pay attention to us. Who’s with me?!

I think the biggest concern for these leaders is that they don’t want crypto to be used to finance illegal activities, especially acts of terrorism. They are seeking ways to allow investors to continue their operations while limiting criminal activity.

To me, this is perfectly understandable, but it is a HUGE undertaking because criminals always seem to find a way to continue their operations no matter what you do to try to stop them.

The crypto market has been rather sluggish lately and this positive attitude from global leaders may be the shot in the arm that the market needed in order to have the upswing that we have been waiting for the past couple of months.

Mark Carney, Chairman of FSB. Image Screenshot from KryptoMoney.

Supporters of Crypto But Seeking More Regulation for Crypto

· Japan

· South Korea

· European Union

· Canada

· Germany

· Russia

· Indonesia

· Mexico

· Italy

· Turkey

· France

· Saudi Arabia

· South Africa

Neutral Parties (at this point)

· Australia

· India

· United Kingdom

Opposed to Crypto (or appear to be)

· Brazil

· China

· United States

Most of the countries being represented at the summit just want more regulation for crypto and are willing to leave crypto as an option for investing for their citizens if they feel that it would be a considerable, more secure investment with less volatility.

I feel like we are still a long way off from less volatility because the market is still so very new but we may be on our way there.

What do you think the results of this summit will be? How do you feel about current regulation and possibly adding more regulation? I would love to know your opinion!

If you found this informative or entertaining, please leave some claps (multiple claps are welcomed =) and share with your friends. I would be most grateful to you.

Thanks for reading!

Ivy