The G20 has undoubtedly created much FUD within the cryptocurrency space ever since Germany and France declared a joint intention to propose tougher stance on cryptocurrencies in the upcoming G20 summit in Buenos Aires. However, it seems like cryptocurrency investors can expect to get some goods news from Buenos Aires as the Bank of England governor, Mark Carney has insisted that cryptocurrencies don’t risk global stability and doesn’t pose any threat to global finance.
Mark Carney, who is also the chair of the Financial Stability Board (FSB), the board which coordinates financial regulations for the group of G20 members believes cryptocurrencies do not pose any risks to global financial stability according to a letter he just sent to G20 central bankers and finance ministers who will be meeting on Monday and Tuesday in Buenos Aires according to Reuters.
“The FBS’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time” FSB Chair Mark Carney
His opinion comes at a great time when there is so much uncertainty surrounding the crypto space with Twitter expected to impose a ban on cryptocurrency related ads on their platform in the coming weeks according to circulating rumours. This also follows Google’s declaration last week to take similar measures.
Nevertheless, the G20 is expected to be a turning point for cryptocurrencies and will determine the speed at which it will get mass adoption. It is expected that if regulations from the G20 summit turn out to be favourable as it currently seems, then we can first expect to see a rise in prices followed by a boast in confidence both from investors and sceptics.
A few months back, the SEC took a crypto friendly approach on cryptocurrencies which saw more confidence from investors, followed by a rise in global prices.
A similar move in prices can be expected should the G20 go in favour of cryptocurrencies.