Cryptocurrency prices rebounded at the start of the week as sentiment improved after the G20 signaled that is it not planning to regulate cryptocurrencies for now as they do not pose considerable risk to financial stability. Separately, a central banker also expressed concern that regulation of cryptocurrencies must not stifle innovation as the distributed ledger technology that underlies these tokens has potential to improve financial transactions.
Here is a wrap up of the main news from the cryptocurrency and blockchain space over the last 24 hours.
G20 Resists Calls For Cryptocurrency Regulation
Cryptocurrencies need not be strictly regulated at present as they pose little risk to global financial stability, Mark Carney, Bank of England governor and chair of the G20’s Financial Stability Board, said. “The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time,” Carney wrote in a letter to G20 finance ministers and central bank governor, who are set to hold their summit in the Argentine capital of Buenos Aires on Monday. “This is in part because they are small relative to the financial system.”
Singapore CB Chief Says Cryptocurrency Regulation Must Not Stifle Innovation
Central banks and regulators are finding it a challenge to regulate cryptocurrencies, but they must be careful that innovation is not stifled in their eagerness to rein in these new tokens, Monetary Authority of Singapore Managing Director Ravi Menon said. “The challenge for central banks and regulators is this: how can we harness the potentially transformative benefits of blockchain technology and crypto tokens while containing some of their risks?,” Menon said in a speech in Singapore. Read more…
Intel Seeks Patent For Blockchain-based Digital Content Copyright Protection
Intel Corp. sought patent for a blockchain-based feature in a client platform that enables copyright protection of digital content using shadow images. In the patent application, released by the US Patent & Trademark Office, Intel said the client platform comprises a digital rights management or DRM engine.
Coinbase Says First Crypto Exchange To Open UK Bank Account
US-based Coinbase has become the first cryptocurrency exchange to open a UK bank account, receive e-money license and gain access to the UK’s Faster Payments Scheme (FPS), according to the company’s blog post. It has been granted an e-money license by the UK’s financial regulator Financial Conduct Authority (FCA). This will allow it to issue e-money and provide payment services in the UK. Read more…
As of 6.34 am ET on Monday, Bitcoin was up 7.12 percent at $8,152.88 and Ethereum was higher by 1.94 percent at $517.45 on Coinbase.