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Official financial authorities and cryptocurrency market

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Judging by the latest news, states continue to be concerned about the situation on the cryptocurrency market. Moreover, official financial authorities are primarily concerned with finding ways to control the blockchain. At least, it’s this idea that brings up the topic of the meeting in New York.

Plenary session at the New York Fed

Representatives of 24 countries held a meeting where they studied the problems of the cryptocurrency market. And judging by the agenda, they were most interested in the problem of control over the turnover of digital financial assets. The main topics were the study of the stability of the economic system with the active use of cryptocurrencies, and the search for controlling organizations.

At the June G20 summit, it is planned to adopt documents on consolidated control over the cryptocurrency market. Now various organizations are trying to develop their attitude to these assets.

At the previous G20 meeting, it was decided to entrust the development of a common concept to the International Organization against Illicit Cash Circulation (FATF). At the moment, almost all states are ready to recognize the proposed concept, but so far it does not exist. Experts are confident that the situation will become clearer after the June G20 meeting.

Alternative approach to cryptocurrencies

It is noteworthy that the attitude to cryptocurrencies is at the extreme poles. Indian authorities are ready to completely ban their turnover, and the Japanese regulator legalizes the circulation of digital financial assets to the maximum.

In the US state of Washington signed the law SB 5638, which will stimulate the development of blockchain companies. It equates the electronic signature with the usual.

Sometimes the opposition comes to anecdotal situations. The US Securities Commission has a reputation as an opponent of cryptocurrencies, as can be seen from the difficulty in accepting Bitcoin ETF contracts. At the same time, many companies in the country are already actively trading in digital assets, having received permission from other departments. In the end, a number of senators put forward a proposal to transfer part of the powers to the more loyal Commodity Futures Commission.

Does Bitcoin Depend on Regulators?

However, some experts believe that cryptocurrencies do not need tight regulation. More precisely, it is simply impossible to drive them into the framework of already existing laws, the blockchain tends to tidy up the financial turnover itself.

Satoshi Nakamoto initially considered Bitcoin as a decentralized network that would counterbalance the strict regulation of the state and corporations.

EToro company analyst Mati Greenspan said that the position of the SEC has virtually no effect on the course of Bitcoin. Delay with the resolution of ETF contracts does not actually affect the course. Of course, their launch can lead to an increase in quotations. However, such a decision will have a more psychological than practical effect. Large investors have many mechanisms for buying cryptocurrencies, and they simply do not need to wait for a SEC decision.

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