Regulating cryptocurrencies is back on the agenda at a meeting of G20 ministers.
The G20 – the group of the world’s top economies – already hinted that regulation was on the way at an earlier summit.
The word coming out of the G20 is that governments want to take advantage of digital currency technology but feel that they cannot take the step while malicious outsiders can strike.
A balancing act is needed to allow cryptocurrencies to develop without hindrance while making the space more secure for consumers and businesses.
To discuss how to move forward. G20 finance ministers and central bank officials are meeting in Washington on April 19-20.
The result of the discussions will be revealed when the summit ends, but at this stage the talks are very much about talks and laying down a regulatory blueprint without no agreement for a common strategy between member nations.
The hottest place for mining cryptocurrency
The escape from prison and flight to Sweden of alleged Bitcoin thief Sindri Thor Steffansson highlights that the hottest place for cryptocurrency mining is —- Iceland.
Why? Because Iceland has cheap electricity and miners need a lot of power to run their rigs efficiently. As Iceland’s electricity is harvested from renewable resources, the price is much cheaper than in other countries.
One utility company says they have picked up a call a day for some months from a different mining company wanting to set up shop on the North Atlantic island.
“Four months ago, I could not have predicted this trend — but then the price of Bitcoin skyrocketed, and we got a lot more calls,” said a spokesman for energy firm HS Orka.
Here are the latest trading prices from cryptocurrency tracker cryptocompare.com.
|A week ago||$7,746.65||$461.80||$122.41||$0.55|
|One month ago||$8,920.71||$557.57||$169.09||$0.70|
|Three months ago||$11,521.76||$1,037.36||$192.27||$1.54|
|A year ago||$1,238.09||$47.88||$10.29||$0.03|
|High in year||$19,065.71||$1,385.02||$357.51||$2.78|
|Low in year||$1,215.20||$47.88||$10.29||$0.03|
|Market cap this week (billions)||$140.74||$55.35||$8.21||$28.48|
|Market cap last week (billions)||$132.66||$46.02||$6.94||$21.51|
|Market cap change in week (billions)||$8.08||$9.33||$1.27||$6.97|