#CryptoCorner: Market Recovers from Sunday Dip, G20 Committed to FATF Standards for #Crypto, Ripple Opens Office in Brazil
#CryptoCorner: Market Recovers from Sunday Dip, G20
Committed to FATF Standards for #Crypto, Ripple Opens Office in Brazil
Point Roberts WA, Delta BC, June 10, 2019 - Investorideas.com, a leader in crypto and
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Total market
capitalization in the crypto market is roughly where we left it on Friday,
despite taking a bit of a dive on Sunday. At press time, the market cap is $253
billion USD, recovering from a dip down to about $240 billion yesterday,
according to data from CoinMarketCap. Bitcoin (BTC) is just shy of an $8,000 price, trading
for $7,926 currently with a market cap of $140 billion. The flagship
cryptocurrency dipped down to around $7550 yesterday as the market sagged. The
two biggest altcoins remain Ether (ETH) and XRP, with market caps of $25.8 billion and
$16.9 billion, respectively.
According to a communiqué published by Japan’s Ministry of
Finance, the G20 has reiterated its application of the Financial Action Task
Force (FATF) standards with regard to cryptocurrencies out of concern for
anti-money laundering (AML) and countering the financing of terrorism (CFT).
This follows a meeting of the G20 in Fukuoka, Japan over the weekend. An
excerpt reads:
Technological
innovations, including those underlying crypto-assets, can deliver significant
benefits to the financial system and the broader economy. While crypto-assets
do not pose a threat to global financial stability at this point, we remain
vigilant to risks, including those related to consumer and investor protection,
anti-money laundering (AML) and countering the financing of terrorism (CFT). We
reaffirm our commitment to applying the recently amended FATF Standards to
virtual assets and related providers for AML and CFT.
Cointelegraph reports that Ripple, the
tech company behind XRP, has launched an office in Brazil and plans to expand
across Latin America. The office will be headed by former CEO of the Brazilian
subsidiary of The Warranty Group, Luiz Antonio Sacco. The news will be made
official at a Sao Paolo fintech and banking event CIAB Febraban from June 11 to
13.
Russia’s State Duma, the
lower house of the country’s government, may impose crypto miners with a fine,
according to local outlet TASS. The head of the State Duma Committee on
the Financial Market, Anatoly Aksakov, explained:
"I
note that actions with cryptocurrency, unconditional due to Russian
legislation, will be considered illegitimate. This means that mining,
organizing production, circulation, creating exchange points for these tools
will be prohibited. For this, administrative liability will be in the form of a
fine. We believe that cryptocurrencies created on open blockchains - bitcoins,
ethers, etc., are illegitimate tools.”
Sam
Mowers, Investorideas
Read other editions of the Crypto Corner
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