G20 creates a cryptocurrency regulation roadmap; bitcoin mining has dropped at a record pace. New stablecoins on the Bitfinex exchange.
One of the agendas at the G20 summit was the creation of uniform rules for controlling the cryptocurrency market. Heads of state and government were able to reach a common opinion on this issue.
Now the Financial Action Task Force on Money Laundering (FATF) is developing its own regulatory standards. They are expected to be ready by the summer of 2019. At the next G20 meeting, the parties will receive a detailed plan for controlling the circulation of digital financial assets. And from 2020, the project will be fully implemented. In the long run, this can lead to the legalization of digital financial assets and the creation of a single international market.
More about cryptiregulation by G20
The fall in Bitcoin prices led to the expected consequences. Compared to August, the network hashrate dropped to 37.7 EH / s, which is 39% less compared to 61.9 EH / s. The reason is that the asset has crossed the break-even point of mining. Experts estimate that mining one coin costs between $ 4,500 and $ 7,000.
As a result, the complexity of production decreased by 15.13%. A larger decline was observed only in 2011. However, the transaction will still be supported. The system is built on the principle of self-regulation, when the interest of miners and the amount of remuneration are in direct relationship.
Exchange Bitfinex launched the sale of six major stablecoins. Prior to that, it was selling only USDT, an asset that was supported by Tether, a company close to it. Practice has shown that investors are showing an increased interest in fixed rate tokens.
Now buyers and sellers will be able to use True USD, Paxos and Gemini USD and Dai besides USDC on the Ethfinex platform from Bitfinex. All assets will be in absolutely equal conditions. The decision was made in connection with the current market situation, when, with a decline in the cryptocurrency rates, the stablebcoins proved their relevance.