Crypto mixed, G20 countries will meet in June to discuss crypto regulations
The main cryptocurrency price was mixed on Monday morning in the Asian session, but the crypto market remained bullish. Regulation is underway, with G20 countries meeting soon to discuss a framework to combat money laundering made possible by crypto.
Bitcoin rose 2.22% to $ 5,237.6 at 11:14 WIB, after surging as high as $ 5,299.4 in the morning. Coins are back in a bullish trend and have risen 28.8% over the past week.
Ethereum is also higher, adding 7.82% to $ 182.
However, XRP fell 0.26% to $ 0.35877 and Litecoin tumbled 1.60% to $ 91.062. With that, both tokens have jumped 17.12% and 52.30% respectively, over the past seven days.
Crypto market capitalization continues to increase to $ 184 billion.
The most famous news in the crypto room over the weekend is that the G20 countries will meet in June to discuss international crypto regulations to fight money laundering and terrorism funding.
Central bank governors and G20 finance ministers will join the meeting to form a framework for doing so, and countries are expected to reach agreement on new regulations. They aim to enforce tighter identification of individuals who transact in crypto.
In Asia, South Korea is considering loosening current crypto regulations to help the crypto market grow and mature.
"The government has misunderstood the virtual currency and tried to meet real currency standards, so there are various problems. The industry is not silent while waiting for authorization of sandbox settings, so it's like storing it in a box," said Song Hee Kyong, vice president of the Industry Forum 4th National Assembly.
Asian countries have been known for their strict approach and strict control of digital assets, reportedly calling the initial coin bid almost a 'gamble'. The news has signaled the possibility of changing crypto space in South Korea.