Bitcoin Price Surges 10% as G20 Will Not Crackdown on Cryptocurrencies

[Cordillerabit]

The G20’s announcement that it will pivot away from creating new regulations in favor of examining existing rules gave the cryptocurrency market a much needed seeing Bitcoin surge by $1000.

 Mark Carney, Governor of the Bank Of England and outspoken critic of Bitcoin heads the Financial Stability Board which coordinates financial regulation for the Group of 20 economies.

Carney has been very vocal about his doubts concerning the credibility of cryptocurrency in the past speaking as the head of the Bank of England.

Deciding that there was not enough of a consensus to create radical new regulation among the 20 countries that make up the G20 the FSB issued a letter to the central bankers and finance ministers who will convene in Buenos Aries on the 19 and 20 saying

“The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time,”

Source