Interest in crypto currency is at an all time high. Bitcoin is up 16.64% percent in the past 24 hours, trading at $13,259.07 as of 1:15 pm ET Wednesday, according to CoinMarketCap. Facebook is creating a crypto coin. Developments are happening at faster clips and as they do, calls to embrace crypto are getting stronger.
Speaking ahead of this week’s G20 summit, Nigel Green, chief executive and founder of deere Group, has a message: G20 leaders must take decisive steps towards a multilateral cryptocurrency regulatory framework—failure to do so would be negligent.
As CEO of one of the world’s largest independent financial advisory organizations, Green explained, “Due to the astonishing and quickening pace of the digitalization of the global economy—and the far-reaching impact of this—political leaders, finance ministers, central bank representatives and others at this year’s G20 summit must ensure decisive steps towards a multilateral cryptocurrency regulatory framework are taken. A failure to do so would be, in my opinion, irresponsible and negligent.”
Green’s call comes as Bitcoin climbs past $13,000, hitting a 17-month high.
“This isn’t solely an impressive rally—which it is too, of course. It also underscores that the already burgeoning sector is becoming unstoppable as institutional investors increasingly step off the sidelines and jump into the sector,” Green said. “They understand, as do retail investors, that in our ever-more digitalized, globalized world, borderless, digital currencies are the future of money and they want to be and need to be part of it.”
While investors are embracing crypto, world leaders have yet to come up with a unified approach to regulation. Financial leaders like Green see this weekend’s G20 Summit as the chance to create a crypto regulation solution.
“By adopting a common set of regulatory guidelines, the world’s financial leaders can harness the potentially enormous economic benefits that digital money can bring and mitigate the risks,” Green said.
The G20 Summit will be hosted in Japan where world leaders will meet to discuss global issues.
“Major themes include removing structural impediments to growth, reforming the global trading system, adapting the world economy to the data revolution, combating climate change and plastics pollution, adjusting employment policy to reflect aging societies, empowering women in the workforce, advancing sustainable development and achieving universal health coverage,” according to the Council on Foreign Relations.
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