G7 Calls For Tougher Regulatory Standards On Crypto – May 20

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $29,095

Bitcoin price has cooled off once again after testing the top of its recent range – bouncing off resistance near $31,000 and retreating to the $29,000 mark.

Top-20 altcoins have had small losses across the board, as Ethereum and BNB each drop about 3% and Avalanche is the biggest mover with a 7% fall.

Top Stories for May 20, 2022 πŸ”₯

πŸ‘‰ G7 Calls For Tougher Regulatory Standards On Crypto

G7 finance ministers have called for tougher rules on cryptocurrencies, which they say would hold the industry to the same standards as the rest of the financial system.

In particular, the group is looking to increase the intensity of rules around anti money-laundering, as well as improved disclosure and reporting of stablecoin asset reserves. It may also include the implementation of the FATF’s controversial travel rule.

πŸ‘‰ Binance Adds Support For Ethereum L2 Platform Optimism

Cryptocurrency exchange Binance has added support for Ethereum Layer-2 scaling solution, Optimism, beginning with deposits only. Withdrawals will be enabled shortly, once enough liquidity has been achieved.

Optimism is designed to reduce the high costs and slow speed associated with using Ethereum assets, providing a faster and cheaper layer on top of the Ethereum main chain.

πŸ‘‰ WEF To Discuss Blockchain And Digitization At 2022 Summit

The World Economic Forum (WEF) is reportedly planning to discuss blockchain and digitization at its 2022 annual meeting this month – also its first in-person meeting since the beginning of the pandemic.

Topics will include the impact of the technology on various global sectors, the rise of decentralized finance, and how blockchain can be applied to eradicate world poverty.