Monday, March 19, 2018

Bitcoin rebounds over $1000 as G20 and Japan's central banker give positive outlook for the cryptocurrency

Over the past week Bitcoin had been in a steady decline, falling from over $9700 on Monday to a low of $7400 just yesterday.  But as G20 leaders meeting over the weekend in Buenos Aires decided to ignore the IMF's recommendation for a global framework of regulations on the cryptocurrency industry, it has helped Bitcoin rebound over $1000 to its current level of $8610.

An international group of central bank regulators and government ministers has told the G20 countries that bitcoin poses no threat to global financial stability, sending the cryptocurrency market higher. 
The Financial Stability Board’s chairman, Mark Carney, who also heads the Bank of England, has sent a letter to the G20, saying that the organization doesn't see bitcoin and other cryptocurrencies as a threat to the global economy. The FSB is an international body that monitors and makes recommendations about the global financial system. 
"The FSB's initial assessment is that crypto-assets do not pose risks to global financial stability at this time. This is in part because they are small relative to the financial system," Carney wrote. – Russia Today
The G20's recommendations were also mirrored earlier this morning by Japan's central bank chief who stated that "Cryptocurrencies could be a plus for the financial system".


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