The Bitcoin price (BTC/USD) on Tuesday topped $9,000 for the first time in a week, as the wider cryptocurrency market reacted to encouraging news from the two-day meeting of G-20 finance ministers and central bankers that was held in Buenos Aires.
“We acknowledge that technological innovation, including that underlying crypto-assets, has the potential to improve the efficiency and inclusiveness of the financial system and the economy more broadly,” the G-20 said in its statement.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
The group did note, however, that cryptocurrencies raised issues with consumer and investor protection, market integrity, tax evasion, money laundering and financing terrorists. The G-20 indicated that it intended to address those issues by implementing existing standards, developed by the Financial Action Task Force.
The communique also stated that crypto-assets did not possess “the key attributes of sovereign currencies” and that, at some point they could have financial stability implications.
The governor of the central bank of Argentina, Federico Sturzenegger, told reporters after the meeting that “the spirit of the discussion was very productive”, adding that “everybody left very pleased”. Meanwhile, his Italian counterpart, Ignazio Visco, said that cryptocurrencies pose risks but should not be completely banned.
“My understanding is that there was an acceptance of continuing to work also on the stability side with the idea that this doesn’t imply barring it,” Visco said, as quoted by Reuters.
Yesterday, Bitcoin rose to an intraday high of $9,051.02, before finishing the session at $8,913.47. The cryptocurrency has mostly remained above $9,000 since the start of today’s session.
As of 09:36 GMT, the Bitcoin price stood at $9,067.74, according to data from cryptocurrency tracker Coinmarketcap. The digital coin has gained 7.1% in the past 24 hours and its total market capitalisation currently stand at $153.5 billion.