Bitcoin vs G20 Regulations in Sight
The world’s number one cryptocurrency has performed well over the last seven days and is consistently making a comeback from its $5900 support level in June. Bitcoin is in the lead against the other major cryptocurrencies, although BCH has performed well enough to climb in second at 2.4 percent over the last 24 hours.
Financial ministers of G20 gathered earlier this week and discussed cryptocurrencies as one of the main topics of the meeting. They stated that digital currencies, as of now, are not a possible threat to global finance although precautions were still a matter of importance.
As stated in March of this year, the 20 countries are looking to balance global regulations placed on digital currencies. On the 22nd of July, the G20 asked FATF a global entity created to crack down on money laundering and terrorist funding, to present information regarding the regulations and rules by the FATF in regards to digital currencies.
If any initiative by the G20 to fight back against money-laundering and the funding of terrorism, it may still be a while before that happens. As a possible result, this could be fueling Bitcoin and the surrounding optimism towards the cryptocurrency. Regulations placed by China and South Korea were responsible for Bitcoin’s drop from its all-time high of $20000 last year.