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24 Countries and IMF Discuss Global Standards of Crypto Regulation



Twenty-four financial authorities and 11 international organizations, including the International Monetary Fund and the World Bank, recently gathered in New York and discussed global standards of crypto regulation. “It is important to consistently implement international standards,” said the chairman of South Korea’s top financial regulator who attended the meeting.

Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request

Financial Authorities Discuss Crypto Regulation

The Financial Stability Board (FSB) Plenary met at the Federal Reserve Bank of New York Friday to discuss “vulnerabilities in the global financial system” and the progress report to be delivered to the upcoming G20 meetings in Japan. Among the topics of discussion was global standards of crypto regulation.

24 Countries and IMF Discuss Global Standards of Crypto Regulation

“The plenary discussed the different initiatives underway at standard-setting bodies to address risks from crypto-assets and any possible gaps in this work,” the FSB detailed. The Board added that its work on crypto assets has focused on two areas: monitoring of the financial stability implications and a directory of crypto asset regulators. Promising that it will publish an update on “the work of the standard-setting bodies and will deliver it to the June meeting of G20 Finance Ministers and Central Bank Governors,” the Board elaborated:

Members took note of the continued rapid evolution of crypto-asset markets and the need for continued monitoring of developments… the FSB is exploring financial stability, regulatory and governance implications of decentralised financial technologies.

The FSB is an international body that monitors and makes recommendations about the global financial system. Its members include Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Singapore, Spain, Switzerland, Turkey, the U.K., the U.S., the European Union, the Bank of International Settlements, the International Monetary Fund (IMF), and the World Bank.

24 Countries and IMF Discuss Global Standards of Crypto Regulation

Earlier this month, IMF Managing Director Christine Lagarde told CNBC, “I think the role of the disruptors and anything that is using distributed ledger technology, whether you call it crypto, assets, currencies, or whatever … that is clearly shaking the system,” adding that they must be monitored to maintain stability.

Transnational Cooperation Needed

According to South Korean media, the meeting was attended by 24 financial authorities and 11 international organizations including the IMF and the World Bank. All are members of the FSB.

Choi Jong-ku, Chairman of South Korea’s top financial regulator, the Financial Services Commission (FSC), attended the meeting. He told local media that the group discussed international cooperation on crypto regulation.

24 Countries and IMF Discuss Global Standards of Crypto Regulation
FSC Chairman Choi Jong-ku

“Transnational cooperation is necessary to regulate virtual currencies,” Choi was quoted by Toyo Economy news outlet as saying. He asserted that each country needs to implement relevant regulation in accordance with the international standards prepared by the Financial Action Task Force (FATF), noting:

It is important to consistently implement international standards agreed by international organizations on a country-by-country basis to minimize regulatory inconsistencies.

The G20 has reaffirmed its support for the FATF as “the global anti-money laundering, counter terrorist financing, and proliferation financing standard-setting body,” as previously reported. The FATF is currently updating its recommendations for crypto regulation. Several countries, including India, are working with the organization on global standards for crypto assets.

Do you think these countries should implement global standards to minimize crypto regulatory inconsistencies? Let us know in the comments section below.

Images courtesy of Shutterstock and Toyo Economy.

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Tags in this story
Bitcoin, BTC, crypto, crypto assets, Cryptocurrencies, Cryptocurrency, Digital Currency, fatf, finance ministers, financial stability, fsb, G20, India, International Standards, korea, Virtual Currency
Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Dow Gloom Darkens after ‘Very Happy’ Trump Brags China Tariffs in Billions




By CCN: U.S. President Donald Trump firmly stated his administration will not allow China to emerge as the global superpower and overtake the U.S., indicating that his administration will not compromise to reach a partial trade deal which may have an adverse effect on the Dow and the equities market.

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Speaking to Steve Hilton on The Next Revolution hosted by Fox News, President Trump said:

Yes, I do. I think that is their intention [to overtake the U.S.], why wouldn’t it be; they’re very ambitious people, they’re very smart, they’re great people, it’s a great culture, an amazing culture. You know when I had President Xi, I was showing him the Lincon bedroom, the White House, and I said this was built in 1799, you know I think of that as being really old. But, to him, that’s like a modern house.

President emphasized that China was catching the U.S. and was en route to becoming a much bigger economy. As such, the President said he is happy with the tariffs and is willing to remain patient for the right deal.

Is the dow set for gloom after trump’s interview?

Some strategists have suggested that Chinese negotiators may be planning to wait until the end of the presidency of President Trump in 2020 to secure a trade deal with the U.S.

But, President Trump said during the interview that he is satisfied with the tariffs in place, which have allowed the U.S. to take billions of dollars from $325 billion worth of Chinese goods.

He said:

A lot of people won’t be happy with this answer but I’m very happy now. We’re taking in billions of dollars, China is obviously not doing well like us. Since I’ve been President, we’ve made almost $10 trillion in wealth and China has lost $10 trillion in wealth. They’ve lost a tremendous amount. You know, you see what’s happening, their economy is not great, our economy has been fantastic.

In the past month, while the SSE Composite, which includes all stocks traded at the Shanghai Stock Exchange, fell by more than 10 percent, the Dow Jones declined by a mere 2.8 percent.

Still, with President Trump unwilling to compromise and President Xi reportedly preparing for a long trade war, the dispute that may intensify geopolitical risks is likely to have a negative effect on both the Dow and the Chinese equities market.

The Dow Jones has recovered in the past five days

The Dow Jones has recovered in the past five days by 500 points (source: Yahoo Finance)

One source briefed on trade discussions in Beijing told FT:

If the bulk of this agreement is about China doing this and China doing that, that’s totally unpalatable to a domestic audience.

Although the Dow Jones has demonstrated a stunning recovery year-to-date, a part of the optimism towards a full-blown bull market was the anticipation of the establishment of a full trade accord.

With the prospect of a full deal in the near-term largely dismissed and both governments preparing for a long-term dispute, the momentum of the Dow Jones could weaken in the short-term.

Trump won’t let china catch the united states

President Trump noted that China was getting close to beating the U.S. and becoming the largest economy in the world.

“They were catching us. They were going to be bigger than us if Hilary Clinton became President, China would have been a much bigger economy than us by the end of her term. And now, it’s not even going to be close,” President Trump said.

The unwillingness of the Trump administration to back down from its requests for key changes in industrial policies demonstrates the intent of the U.S. to maintain its dominance in the global economy.

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Dutch Bank ABN AMRO Abandons Wallie Custodial Bitcoin Wallet Citing Risk Concerns



Dutch bank ABN AMRO abandoned its plans to launch a custodial bitcoin (BTC) wallet dubbed “Wallie” because of risk concerns, according to a report published on May 20 by tech news outlet The Next Web.

Per the report, the bank’s senior press officer, Jarco de Swart, said in an email to the outlet that the bank decided not to continue its plans after it “concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets for our clients to invest in.”

The rumors concerning alleged tests of the wallet first started spreading in January. Still, according to The Next Web, the bank had actually just asked 500 of its customers if it should develop the wallet and if so, how. Owler estimates the bank’s annual revenue to be $10.3 billion, and reports that the firm has 18,720 employees.

As Cointelegraph reported in November last year, major oil companies BP, Shell and Equinor have united with large banks — including ABN AMRO — and trading houses to launch a blockchain-driven platform, Vakt, for energy commodity trading.

Last week, Alexandre Kech, CEO of Onchain Custodian, predicted that collaboration between crypto and traditional custodians will grow.

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First Since 2017: Bitcoin Price Logs Double-Digit Gains for Third Week




  • Bitcoin has recorded double-digit gains for three consecutive weeks, a feat last seen during the height of the bull market in 2017.
  • BTC’s quick recovery from Friday’s low of $6,178 indicates “buy the dip” mentality is quite strong. Further, the daily and weekly charts are biased bullish. Prices, therefore, could rise to $8,500 (July 2018) this week.
  • Before such a rise, however, we may see a correction to $7,500–$7,200, according to the hourly chart.
  • The short-term outlook would turn bearish only if prices find acceptance below the 30-day moving average, currently at $6,239.

Bitcoin (BTC) is looking strong, having registered double digit gains for three consecutive weeks.

The leading cryptocurrency by market value closed last week with 17.5 percent gains, having rallied 22.16 percent and 10.62 percent in the preceding two weeks, respectively, according to Bitstamp data.

The last time BTC witnessed a similar bullish run was in the final quarter of 2017, when the cryptocurrency had logged in double digit gains for five weeks straight to hit an all-time high of around $20,000 on Dec. 17.

The latest weekly winning streak could be extended further, as BTC’s quick recovery from Friday’s lows below $6,100 to a high of $8,299 on Sunday indicates a strong “buy the dip” mentality.

As of writing, BTC is changing hands at $7,903, representing a 1.36 percent drop on the day.

Other top cryptocurrencies like ether (ETH), litecoin (LTC), binance coin (BNB) and XRP are also reporting moderate losses, according to CoinMarketCap.

Weekly Chart

As can be seen, BTC has logged its first three week run of double digit gains since December 2017.

Notably, prices bounced up sharply from the 5-week moving average (MA) last week and closed on a positive note, reinforcing the bullish view put forward by that ascending average.

There have also been two bullish crossovers in the last week: one of the 5- and 100-week MAs, and another of the 10- and 50-week MAs, suggesting the path of least resistance is to the higher side.

What’s more, BTC closed well above September 2018 high of $7,411 last week. The cryptocurrency, therefore, appears on track to test the next resistance at $8,500 (July 2018 high).

Daily chart

Bitcoin closed with nearly 13 percent gains on Sunday, marking a strong follow-through to the dip demand highlighted by Friday’s long-tailed daily candle.

The short-term outlook, therefore, remains bullish with scope for a rally to $8,500, as suggested by the weekly chart.

Confirming the bullish case is the positive reading on the Chaikin money flow (CMF) index, indicating increasing buying pressure. Further, the 10-day moving average (MA) is also trending north in favor of the bulls.

The outlook as per the daily chart would turn bearish only if and when the price finds acceptance below the 30-day MA, currently at $6,239. That average resistance was breached with a high-volume rally upside move on Feb. 8 and has reversed pullbacks ever since.

While the weekly and daily charts are biased bullish, the short duration view below indicates a pullback to $7,500 may be in order before a rally to $8,500.

Hourly chart

On the hourly chart, BTC is currently trading above the head-and-shoulders neckline of $7,848, having dived out of a rising wedge – a bearish reversal pattern – in the Asian trading hours.

A head-and-shoulders breakdown would be confirmed if prices drop below $7,848, opening doors for a deeper correction to the $7,500–$7,200 support zone.

That said, with the longer duration charts biased bullish, any dips to $7,500 or below will likely be short-lived.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin image via Shutterstock; technical charts by Trading View

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TRON Price Prediction Today: Daily (TRX) Value Forecast – May 20





  • The short and medium-term outlook is in a bearish trend.
  • Traders may consider selling at key areas.

TRX/USD Medium-term Trend: Bearish

• Supply zones: $0.04000, $0.05000, $0.06000
• Demand zones: $0.01000, $0.00900, $0.00800

TRON is in a bearish trend in its medium-term outlook. After bullish exhaustion at $0.03319 in the supply area, the bears took control of the market. The cryptocurrency is in an ascending channel a correction pattern for downward price continuation.

The bulls manage a push to $0.02880 as the high of yesterday market before exhaustion and the bears stage a return.

The bearish 4-hour opening candle at $0.02830 sustained the bearish momentum with the cryptocurrency down at $0.02703 in the demand area.

The stochastic oscillator signal points down at 47% while price is between the two EMAs. These suggest downward momentum with more candle opened and closed below the two EMAs due to increased pressure by the bears.

$0.02655 in the lower line of the channel and a subsequent break may occur in the medium-term.

TRX/USD Short-term Trend: Bearish

The cryptocurrency is in a bearish trend in its short-term outlook. The double-top10 formation at $0.02870 in the supply area favour the bears in the short-term. Confirmation to the downward movement occurred at the bread of the two EMAs by the large bearish candle at$0.02830.

TRXUSD is currently down at $0.02697 in the demand area with $0.02550 in the demand area is the initial bears’ target. This was confirmed by the signal of the stochastic pointing down at % in the oversold region coupled with price below the two EMAs.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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Game Changer for Bitcoin? VanEck ETF Decision Tomorrow –  All You Need to Know



One of the events the entire cryptocurrency community has its sights turned to is the VanEck/SolidX Bitcoin ETF proposal. It was published in the Federal Register back on February 20th, giving the SEC a legal timeframe of 90 days to make a further decision. This means that the Commission must come up with a decision tomorrow, May 21st.

May 21st – An Important Date for Bitcoin

The saga around VanEck/SolidX Bitcoin ETF proposal has been going on for quite a while now. Last year, their application was withdrawn after being delayed on multiple occasions by the US Securities and Exchange Commission (SEC). However, shortly after that, the application was submitted again, reigniting hope among those who believe that a Bitcoin ETF would catalyze a further increase in the price of the cryptocurrency, as well as further adoption.

The new application was filed with the Federal Register on February 20th, giving the SEC a binding term of 90 days to come up with a decision to approve, deny, or delay it. Interestingly enough, another Bitcoin ETF application was also filed with the Register on February 15th – that of Bitwise. The SEC delayed its decision on the latter, while even deciding to use the full 90 days term to make up its mind on the application of VanEck and SolidX. This is why May 21st is an important date to expect.

According to famous legal expert among the cryptocurrency community, Jake Chervinsky, however, the chances of a delay or denial are much higher than the chances of approval.

He bases his merit on the fact that the SEC is unlikely to approve the first-ever Bitcoin ETF without taking the full 240 days period that it legally can. Moreover, he also finds it rather unusual that the Commission didn’t delay the VanEck Bitcoin ETF together with that of Bitwise.

The lawyer also cited some of the reasons for the delay of the application of Bitwise, which include:

  • The nature of the market for Bitcoin
  • The efficiency of that market
  • The susceptibility of that market to manipulation
  • How the market is similar to markets for other commodities
  • Reports that a large percentage of reported volume is fake

Chervinsky pointed out that if VanEck has any chance of approval, then the SEC “would need to delay & aks all these same questions to them as well.”

What Does This Mean For Bitcoin?

While it’s anyone’s guess how a potential approval of a Bitcoin ETF would impact Bitcoin’s price and whether it would surge, the majority of the cryptocurrency community is undoubtedly sure of it.

According to Josh Roger, a well-known cryptocurrency trader and investor, the different scenarios will have different impacts on the price.

The upcoming VanEck ETF decision could certainly have a serious impact on BTC price.

Denial = Pull back the current price regardless of how good it looked this weekend.

Approval = push the price to new yearly high and create mass FOMO buying.

Delay = Expected & likely little change.

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