Cryptocurrency Prices On The Rise After G-20 Recommendations

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The value of bitcoin and other major cryptocurrencies are up after the G-20 summit acknowledged the technology and the potential of crypto-assets.

In the official statement of the first meeting of finance ministers and presidents of Central Banks of the G20, the ministers wrote, "We acknowledge that technological innovation, including that underlying crypto-assets, has the potential to improve the efficiency and inclusiveness of the financial system and the economy more broadly. Cryptoassets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing."

President of the Central Bank of Argentina, Federico Struzenegger, also underlined the agreements made on the need to monitor crypto-assets, and the tax challenges of the digital economy. During a press conference, he added that the spirit of the discussion was very productive.

The ministers further stated that they would implement the Financial Action Task Force or FATF standards as they apply to crypto-assets, look forward to the FATF review of those standards, and call on the FATF to advance global implementation.

"We call on international standard-setting bodies (SSBs) to continue their monitoring of crypto-assets and their risks, according to their mandates, and assess multilateral responses as needed."

During the meeting, two positions regarding crypto-assets stood out: one in favour of regulation and work on cybersecurity, and the other suggesting that given that there exist these calls for regulation and greater cybersecurity, the international payment system must be improved. There has been a consensus on the need to continue monitoring and discussing the issue.

According to Coinmarketcap, Bitcoin was trading at $9,126, up 6.7 percent over the last 24 hours. Ethereum, the second biggest cryprocurrency, was up 8.8 percent at $582.03; and Ripple was up 2 percent at $0.71.

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