G20: Cryptocurrency Will Help World’s Economy
Cryptocurrencies have the potential to provide big advantages to the global economy and the financial system. This is stated in the report on the results of the meeting of finance ministers and heads of central banks of the G20 countries. The participants of the summit in Buenos Aires are calling for the development of standards for working with digital assets by October 2018.
WHY IS IT IMPORTANT?
1. The communiqué does not disclose the details of which digital assets can benefit the financial system worldwide. The report says that "technological innovations, including those that underlie the cryptocurrency, should positively influence the economy." In general, the heads of the G20 Ministry of Finance evaluate their attitude to digital money as cautiously optimistic.
2. The document also mentions the risks of digital assets such as their absence of basic attributes of sovereign currencies, avoiding with their help taxes and money laundering.
3. According to the G20 report, crypto assets do not pose any global threats to the financial stability as of today, but regulators remain vigilant by closely following up all the reports Financial Stability Board (FSB) and Standard-setting bodies (SSB) are providing to them.
Bitcoin’s On a Rise
The bitcoin has exceeded $7,700 and continues to grow. Since the beginning of July, the сryptocurrency has risen in price by 20%. According to analysts, several events affected the growth: the market expects the launch of full-fledged ETFs for bitcoins, Japan simplifies the regulation of the digital money market, the activity of the CME futures continues to grow, the Lighting Network protocol, which must solve the scalability problems of the bitcoin network, breaks records.
China Launch Blockchain Fund
Nanjing, the capital of Jiangsu Province in China, has launched an investment fund worth $1.48 billion (10 billion yuan) for the development of blockchain projects in the region. The fund will support the use of blockchain in such sectors as health, energy, intellectual property, environmental protection and others. The UDAP Foundation and TokenX Community will be the first to receive financial support from the new fund.
Billionaire Kenneth Griffin Tears Into Bitcoin, Again
The executive director of Citadel LLC, expressed the opinion that cryptocurrencies cannot be successful because already a mandatory alternative exists, which is fiat currency. The U.S. Internal Revenue Service does not accept deductions in bitcoins and other digital currencies, and taxes must be paid in dollars, Griffin explained. In conclusion, the investor noted that he can not recommend cryptocurrency to any of his clients, as he is not sure about them himself.
Ex JPMorgan Senior Backs Blockchain to Guard from Financial Crisis
The former vice president of JPMorgan Chase’s North American Investment Banking department Pang Huadong has shared his ideas regarding the role of blockchain in the global financial system. At the moment, he thinks that blockchain can actually help the world to avoid the next big collapse. He believes that due to the decentralized nature of blockchain, where everyone can reach records, intermediaries will be reduced and trust will be built easier. Replacing an existing and extremely lucrative system is difficult. Pang thinks that we are in the very beginning of the blockchain era. It will develop, evolve and transform. He sees that potential of blockchain developments are limitless.
At 20:00 (GMT+1) total cryptocurrency market capitalization stands at $285,38 billion
Bitcoin (Bitcoin) $7736 (+2,97%)
Ethereum (ETH/USD) $456,16 (-1,95%)
XRP (XRP/USD) $0,44 (-2,82%)
Bitcoin Cash (Bitcoin.Cash) $791,73 (-2,13%)
EOS (EOS/USD) $7,94 (-2,06%)
Bitcoin (+2,97%) showed the best growth in the top-10
Holo (+61,85%) showed the best growth in the top-100
The trading volume of cryptocurrencies for 24 hours reached $14,9 billion (+0,3 billion per day)
BTC $3,7 for 10 TH/s
ETH $0,33 for 10 MH/s
BCH $0,35 for 1 TH/s
LTC $4,48 for 1 GH/s
DASH $0,14 for 1 GH/s
Click here for the full list of ongoing ICOs.
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