The Biden administration of the United States, China and other G20 members signed a joint agreement to share Bitcoin transaction information in 2027, agree to monitor crypto asset activities, and warn that a complete ban on cryptocurrencies is costly. However, the report submitted shows that Bitcoin should not be granted official currency or legal tender status, and central banks should avoid holding cryptocurrencies.
Forbes reports that the Bitcoin and cryptocurrency market is preparing for a $15 trillion earthquake, with Biden and other G20 members endorsing the Financial Stability Board's (FSB) radical, game-changing cryptocurrency regulatory recommendations.
Biden and other G20 leaders signed a statement: "We endorse the Financial Stability Board's high-level recommendations on the regulation, supervision, and oversight of crypto-asset activities and markets, and global stablecoin arrangements."
The new rules will require bitcoin and cryptocurrency exchanges and companies to share cryptocurrency transaction information between countries starting in 2027.
Earlier this week, the FSB and the International Monetary Fund (IMF) recommended cross-border cooperation and information sharing on cryptocurrencies in a joint report to the G20, warning that a blanket ban on Bitcoin and cryptocurrencies would be costly and difficult to enforce.
However, the report also said that Bitcoin and cryptocurrencies should not be granted official currency or legal tender status and that central banks should avoid holding cryptocurrencies.
Two years ago, El Salvador made history by becoming the first country in the world to make Bitcoin legal tender, drawing criticism from financial institutions.
The G20 declaration goes on to call for the “swift implementation of a reporting framework for crypto assets,” which would give tax authorities a better understanding of Bitcoin, Ethereum, Binance Coin (BNB), Ripple (XRP) and crypto transactions and the people behind them.
Ahead of an event attended by global leaders from the United States, European Union, United Kingdom, China and Japan, Indian Finance Minister Nirmala Sitharaman warned that it would be impossible to properly regulate Bitcoin and cryptocurrencies without the cooperation of all countries.
“As the G20 presidency, India has put on the table key issues related to regulation or understanding that there should be a framework to deal with issues related to crypto assets,” he said in comments reported by Reuters.
Bitcoin Technical Analysis
FXEmpire analyst Bob Mason said that Bitcoin avoided the trend line over the weekend. However, uncertainty in the Bitcoin spot ETF market continues to keep the price of the currency in a narrow range. If Bitcoin fails to break through $26,500, the trend line and the support level of $25,506 will continue to play a role.
A break below the trendline and support will expose bears to prices below $25,000, with the downside aligning with the 50-day and 200-day MAs, sending a bearish price signal.
However, if the court grants Coinbase's motion to dismiss and reject the SEC's interlocutory appeal, market sentiment could improve significantly. The 14-day RSI reading of 38.54 shows that Bitcoin has room to fall to test the $25,506 support level before entering the oversold zone.
