Addressing a G-20 conference in Bali, Indonesia, US President Joe Biden has called for strict cryptocurrency regulations, creating public awareness about risks associated with digital currencies, and mitigating threats of potential financial instability.
He also called for a level-playing field while harnessing the benefits of innovation.
Biden’s statements come after the Financial Stability Board, a global body that monitors the international financial system, recommended stringent cryptocurrency regulations at par with the traditional financial system. The G-20 leaders supported the proposal at the conference.
Biden noted that the crypto ecosystem, including the so-called fiat currency-pegged stablecoins, must be closely monitored and subjected to robust regulation “to mitigate potential risks to financial stability.”
The leaders also supported a uniform global approach to markets and activities linked to crypto regulation and supervision.
Ethereum Co-Founder Says FTX Saga Offers Lessons For Crypto
Ethereum co-founder Vitalik Buterin said the collapse of FTX has lessons for the entire crypto industry. Buterin highlighted that it would have a significant effect on the industry.
Following Sam Bankman-Fried-led FTX’s bankruptcy filing, several organisations, including BlockFi , Genesis, and Gemini, have been impacted.
However, Buterin stressed that blockchain basic layers and decentralized finance protocols operated “flawlessly” despite the turmoil.
“What happened at FTX was, of course, a huge tragedy,” Buterin told Bloomberg. “That said, many in the Ethereum community also see the situation as a validation of things they believed in all along that centralized anything is by default suspect,” he said. These beliefs also included putting one’s trust in “open and transparent code above individual humans,” he added.
Football Fans All Set to Trade Fan Tokens During FIFA World Cup 2022
Nearly 48 per cent of football fans want to trade in Fan tokens offered by sports clubs, according to a survey by the cryptocurrency exchange KuCoin. The study covered 20,180 crypto investors between January and September 2022 and 8,022 KuCoin community members in November 2022.
Four out of every 10 investors identify themselves as soccer supporters in France, Spain, Vietnam, Germany, and Brazil. In the past six months, about 35 per cent of respondents had traded in NFTs, and of those, 42 per cent were interested in sports NFTs
Read More: Joe Biden Bats For Strict Crypto Rules; 48% Fans to Trade Fan Tokens During FIFA 2022,