G20 to Urge Watchdogs to Assess Crypto-Related Risks

G20 representatives believe that at the moment, cryptocurrency doesn't thread global financial stability
10 June 2019   575

The G20 countries urged the Financial Stability Board and regulators in various countries to assess the risks associated with digital currencies. Reported by the Cointelegraph.

At the meeting the G20 participants noted that regulators should pay more attention to cryptocurrencies and the risks associated with them. It is emphasized that at the moment digital currencies do not pose a threat to world financial stability. The corresponding meeting of the ministers of finance and representatives of central banks of G20 countries took place in Fukoka, Japan, at 9th of June, 2019.

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).

G20's Document

G20 participants also appealed to the Financial Stability Board with a request to strengthen market monitoring and develop measures to counter these risks.

At the same time, the document notes that representatives of the G20 support the creation of platforms for trading cryptoactive assets that protect the interests of users and investors, as well as the integrity of the market.

In addition, the document talks about the potential advantages of the blockchain and cryptocurrency for the global economy.

At the end of last year, the final declaration of the G20 summit also noted the need to regulate the cryptocurrency market.

Huobi to Launch Argentinian Branch

Argentina is undergoing the financial crisis right now and head of the new branch believes there's a consensus been reached on the rejection of local currency
18 September 2019   49

Huobi Group has continued to expand its network of local cryptocurrency exchanges based on the Huobi Cloud platform, launching a trading platform in Argentina.

Huobi Argentina plans to create a local team and fiat gateway to trade or convert Argentine pesos into cryptocurrencies, the company said in a statement.

The payment channel will be launched by mid-October. It is assumed that users of Huobi Argentina will be able to make deposits using bank cards, transfers and through the most common digital payment systems in the region. Currently, you can purchase cryptocurrencies for pesos through the Huobi OTC service.

The opening of the Huobi cryptocurrency exchange in Argentina came at a time when the economy of this second largest country in Latin America was in a deep crisis. This year alone, inflation reached 55%, and President Mauricio Macri recently introduced new restrictions on access to foreign currencies.

According to Carlos Banfi, head of Huobi Argentina, a consensus has already been reached in Argentina on the rejection of local currency and banking services.

The increasing demand for crypto-related products and services makes Argentina a perfect entry point for Huobi to pursue larger projects in promoting cryptocurrency and blockchain to the market. With the launch of Huobi Argentina, we will be able to first offer local user the opportunity to trade with Huobi’s proven security, liquidity, and stability.

David Chen
Senior Business Director, Huobi Cloud

Earlier, the Huobi Group announced plans to expand its operations in emerging markets and open 150 sites under the Huobi Cloud program. Since the launch of Huobi Cloud in 2018, more than 120 trading platforms have been created on its basis, including in Thailand, Turkey, Indonesia and Russia.