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G20, in its most recent announcement, has unveiled that there will not be any new regulations in regards to cryptocurrency and existing legislation will be further reassessed. The news came as a breath of fresh air for Bitcoin value that had been plummeting for quite a while. The announcement saw Bitcoin price gain $1000 in a matter of hours as current BTC value jumped from the low of $7,300 to upwards of $8,200.

In the anticipation of G20 meeting in Buenos Aires, many believed that cryptocurrencies will see a new wave of strict regulations but according to Reuters, the participants recommended against the very proposition. The negative sentiment surrounding the meeting was due to the fact that Mark Carney is the head of Financial Stability Board that is responsible for coordinating financial regulations for G20 economies. Mr. Carney, who is also the Governor of the Bank of England, has been known as an outspoken and sometimes even harsh critic of Bitcoin.



In the capacity of the Governor of the Bank of England, Mr. Carney has been loudly critical and has questioned the legitimacy and credibility of cryptocurrency multiple times. However, he was unable to garner strong support from other countries that resonates with his views. In a letter issued by FSB to central bankers and finance ministers, it was said:

"The FSB's initial assessment is that crypto-assets do not pose risks to global financial stability at this time."

Mr. Carney's reluctant acceptance of cryptocurrencies as an alternative global financial system is encouraging. It should be also be noted that this will be Mr. Carney's last year as both Governor of the Bank of England and chairman of the FSB. According to him, it's his successor who would look into the existing rules instead of enforcing new ones.



In a bid to make FSB more committed and efficient to deal with the modern challenges, Mr. Carney said,

“As its work to fix the fault lines that caused the financial crisis draws to a close, the FSB is increasingly pivoting away from design of new policy initiatives towards dynamic implementation and rigorous evaluation of the effects of the agreed G20 reforms.”

This is the first good news in relation to cryptocurrency regulation in weeks which has had immediate effect on current Bitcoin price as it shot up nearly 8% in just 24 hours. Traders can also breathe a sigh of relief as hanging sword has been lifted, at least for the time being and might set a precedent for other global authorities.

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