Bitcoin Likely to be Discussed at the G-20 Summit In Buenos Aires - Argentine, Next Year
Bitcoin’s growing popularity in last one year has certainly pushed many government bodies to talk about it. Bitcoin - the virtual digital currency has emerged as a formidable alternative to fiat currency. Bitcoin is based upon a decentralized distributed ledger system known as the blockchain network and functions without the intervention of any third-party financial institutions like banks and others.
The meteoric rise in the Bitcoin price has caused the cryptocurrency to enter into mainstream adoption as financial institutions are now considering to develop different investment products considering Bitcoin.
As Bitcoin becomes more a topic of discussion, France’s finance minister - Bruno Le Maire - has appealed major economies to discuss regulation of Bitcoin at the G 20 summit to be held in Buenos Aires - Argentine, next year in 2018.
As reported by Reuters, Le Maire while speaking to French news channel LCI, said: “I am going to propose to the next G20 president, Argentina, that at the G20 summit in April we have a discussion all together on the question of bitcoin. There is evidently a risk of speculation. We need to consider and examine this and see how ... with all the other G20 members we can regulate bitcoin.”
The G20 comprises of leaders and central bankers from 19 different countries and the European Union, coming to one platform. Bitcoin’s entry to such a huge stage speaks volumes about the weight it carries in the global financial corridors of discussion.
Moreover, many big financial and banking institutions are seriously considering the Blockchain Technology that backs Bitcoin. Blockchain technology is said to have a lot of applications going ahead and even banks are considering it to make quick global payments at reduced costs.
On the other hand, while talking about cryptocurrencies, the overall market valuations has just crossed $550 billion making it at par with big financial institutions like Berkshire Hathway. Many governments like that of Japan, U.S South Korea and others have taken regulatory measure for operating cryptocurrencies. Countries like China, Morocco and Bolivia have also issued a complete ban.
However, many analysts and famous economists are raising a lot of alarm bells saying that the valuations of the crypto markets are too high to make any new entry and also suggesting a possible bubble that can burst out anytime.
Moreover, looking to the increased use of cryptocurrencies towards money laundering and terror funding activities, government bodies are forced to intervene and have a close watch towards the flow of cryptocurrencies across the globe.
All these factors will be simultaneously looked upon while discussing the future state of cryptocurrencies.