By
Steve Muchoki
April 19th, 2024
Many financial experts believe that the G20 summit, which recently ended in Osaka, Japan, should bring a multilateral decision on cryptocurrency regulation. The cryptocurrency market is proving that it is here to stay by growing almost +150% only this year.
Since the G20 summit was happening in Japan, which is one of the most advanced countries in the world crypto-wise, many experts believe that the summit should bring some kind of a regulatory decision on cryptocurrency industry as such. Nigel Green, the founder, and CEO at deVere Group commented:
“Due to the astonishing and quickening pace of the digitalization of the global economy – and the far-reaching impact of this – political leaders, finance ministers, central bank representatives and others at this year’s G20 summit must ensure decisive steps towards a multilateral cryptocurrency regulatory framework are taken. A failure to do so would be, in my opinion, irresponsible and negligent.”
He confirms that the cryptocurrency market is here to stay with Bitcoin surging almost +193% in value year-to-date. However, he believes that this bull run isn’t particularly impressive. He says that it just proves that the market is becoming “unstoppable as institutional investors increasingly step off the sidelines and jump into the sector,” says Green.
Nigel Green believes that retail investors by now understand that digital currencies are the future of money and they all want to be a part of it:
“The G20 summit is a golden opportunity for leaders to position themselves on the right side of history.”
He’s certain that digital money can potentially bring enormous economic benefits and mitigate risks. The leaders of G20 just need to adopt a common set of regulatory guidelines:
“Now is the time – especially given that at the summit in Japan, one of the most crypto-advanced jurisdictions, has drawn on its experience and is preparing to share a crypto regulation solution at the summit. It would be foolhardy not to seize the opportunity that this summit represents.”
Dow Jones Index Rises as G20 Comes to an End
The Dow Jones Industrial Average stock price recently saw a severe increase in value, since the G20 summit ended. It has gone from $26,537 to $26,624 in the past couple of hours. This could indicate that the discussions between Donald Trump and Xi Jinping went on a positive note.
The US stock market and the global financial market have been waiting upon this event, with the price of stocks continuously falling. Until now. Before going into the G20, Donald Trump said reporters that he expects “at a minimum” a productive meeting.
“Trade is an open issue. But we will find a resolution because of the data flow that we are seeing, which is that the Chinese economy is slowing down meaningfully and the US economy is slowing down meaningfully. That gives the politicians significant incentive to come to a consensus,” commented Krishna Memani, the CIO at OppenheimerFunds.