G7 Finance Ministers Agree To Implement FSB Rules For Crypto – May 15

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Current Bitcoin Price$27,416

Bitcoin price has reclaimed the $27,000 mark over the weekend, following a brief tumble into the $26,000s.

Top-20 altcoins are up over the last 24 hours, as Ethereum rises 1%, BNB also rises 1% and Litecoin rallies 6%.

Top Stories for May 15, 2022 🔥

👉 G7 Finance Ministers Agree To Implement FSB Rules For Crypto

Representatives from the G7 economies have expressed their commitment to adopting the regulatory norms proposed by the Financial Stability Board (FSB) and the recommendations of the International Monetary Fund (IMF) regarding crypto assets and central bank digital currencies (CBDCs).

The G-7 will align with the standards set by the FSB and anticipates the finalization of the FSB’s high-level recommendations by July 2023. The G-7 also supports the efforts of the Financial Action Task Force (FATF) to implement the travel rule, which promotes the sharing of information on fund transfers to combat money laundering.

Additionally, the G-7 intends to consider the IMF’s forthcoming recommendations on CBDCs.

👉 BlockFi To Liquidate Lending Business Following Unsuccessful Sale

Bankrupt crypto lender BlockFi has requested permission from a bankruptcy court to begin liquidating its lending platform.

The move comes after an unsuccessful attempt to sell the platform to repay creditors. BlockFi’s lawyers cited regulatory developments and a lack of meaningful value from a sale as reasons for the decision.

The company plans to distribute its assets to creditors and wind down its affairs. BlockFi previously filed for bankruptcy protection in November 2022 and has been selling off parts of its business, including its cryptocurrency mine.

👉 Zimbabwe To Sell Gold-Backed Crypto – The IMF Doesn’t Like It

The Reserve Bank of Zimbabwe has sold $39 million worth of gold-backed digital tokens, despite a warning from the International Monetary Fund (IMF).

The central bank received 135 applications totalling 14.07 billion Zimbabwean dollars for the purchase of the cryptocurrency. The tokens, backed by 139.57 kilograms of gold, were sold at a minimum price of $10 for individuals and $5,000 for corporations.

The move aims to stabilize Zimbabwe’s economy and address the depreciation of the local currency. The IMF cautioned against the gold-backed currency, suggesting that Zimbabwe should focus on liberalizing its foreign-exchange market.