Twitter follows the likes of Google and Facebook by moving to restrict Bitcoin ads and the world looks towards the G20 for guidance. The Tradefair team brings you the latest in cryptocurrency...
"There are issues for authorities who deal with money laundering, terrorist financing and price fixing. There have been a number of incidents of theft - not just big crimes but also steady thefts from people's wallets."
- Mark Carney, Bank of England Governor.
The buzz around cryptocurrencies hasn't died down yet and pressure is mounting on regulators to introduce standards for investors to adhere to. But there are other issues affecting the industry too, as people try to understand how digital currencies will impact the financial world.
Twitter to ban Bitcoin ads?
Sky News reported that Twitter is looking to prohibit the advertisement of Bitcoin and other cryptocurrencies on its digital platform. It comes after Facebook and Google have taken similar moves to restrict financial ads amid concerns about illicit activities. The broadcaster believes that a new advertising policy will be introduced in the next couple of weeks.
It's understood that the guidelines will ban the advertisement of initial coin offerings (ICOs), token sales, and cryptocurrency wallets from any users.
Bitcoin bounces $700 in under 3 hours
The volatility associated with digital currencies continues, with Bitcoin falling by 15% on Sunday night (March 18) only to then spike by $700 in less than three hours. It capped off a wild weekend for Bitcoin that saw it plummet through $8,000 and even approach $7,000 level after highs of above $19,700 at the end of 2017.
Traders trying to explain the sudden change looked towards Twitter's incoming policy changes, as well as similar moves made by Google and Facebook in recent weeks.
G20 in sight
Fortune reports that traders will be keeping a close eye on this week's G-20 meeting for any signals that there will be a coordinated clampdown by regulators to combat concerns about money laundering and fraud.
It comes as leaders become increasingly worried that cryptocurrencies are helping to fund terrorism and launder money because of the anonymous nature of the electronic transactions. The number of digital currencies has increased to more than 1,400, boosting enthusiasm among traders but causing concern from authorities.
BoE looks towards regulation
Mark Carney, the Governor of the Bank of England, has said cryptocurrencies are heading for regulation and this will be a key topic of the G20 meeting. He said the Financial Policy Committee is looking at the risks to financial stability of digital currencies.
Speaking to Sky News, he said: "There are issues for authorities who deal with money laundering, terrorist financing and price fixing. There have been a number of incidents of theft - not just big crimes but also steady thefts from people's wallets."
In a separate speech, Carney also criticised the hype around cryptocurrencies insisting that the huge price moves and volatility were caused by "speculative mania". He said the costs of mining Bitcoin and other digital currencies were "enormous" but added that there was no immediate risk to financial stability.