, ethereum and other major cryptocurrencies have been struggling under the weight of regulatory uncertainty—with the Federal Reserve warning it’s “deeply concerned.”
The bitcoin price, after rocketing to almost $70,000 per bitcoin in late 2021, has crashed back, dragging down the wider $1 trillion crypto market—including ethereum, BNB
(even as payments giant Visa dropped a crypto bombshell).
Now, as the bitcoin and crypto market braces for a $15 trillion earthquake, U.S. president Joe Biden and leaders of other G20 member nations have endorsed the radical, game-changing crypto regulation recommendations of the global Financial Stability Board (FSB).
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“We endorse the Financial Stability Board’s high-level recommendations for the regulation, supervision and oversight of crypto-assets activities and markets and of global stablecoin arrangements,” a declaration signed by Biden and other leaders of the world’s 20 biggest economies—collectively known as the G20—said, according to local media reports.
The new rules would require bitcoin and crypto exchanges and companies to share information on crypto transactions between countries beginning in 2027.
Earlier this week, the FSB and the International Monetary Fund (IMF) recommended crypto cross-border cooperation and information sharing in a joint report to the G20, warning that a blanket ban to outlaw bitcoin and crypto would be costly and difficult to enforce.
However, the report also said bitcoin and crypto should not be granted official currency or legal tender status and central banks should avoid holding cryptocurrencies.
Two years ago, El Salvador made history by becoming the world’s first country to make bitcoin legal tender, attracting criticism from the financial establishment.
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The G20 declaration went on to call for the “swift implementation of the crypto-asset reporting framework” that would give tax authorities greater visibility into bitcoin, ethereum, BNB, XRP and crypto transactions and the people behind them.
Ahead of the global leaders event, which includes the U.S., the E.U., the U.K., China and Japan, India’s finance minister warned that it would not be possible to properly regulate bitcoin and crypto without the cooperation of all countries.
“India’s [G20] presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets,” Nirmala Sitharaman said in comments reported by Reuters.
The roadmap for adopting the proposals will now be discussed by G20 finance ministers and central bank governors in an October 2023 meeting.