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#CryptoCorner: Market Recovers From Sunday Dip, G20 Committed to FATF Standards for Crypto, Ripple Opens Office in Brazil

 

Point Roberts, WA and Delta, BC - June 10, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: Market Recovers From Sunday Dip, G20 Committed to FATF Standards for Crypto, Ripple Opens Office in Brazil

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Crypto Corner

Total market capitalization in the crypto market is roughly where we left it on Friday, despite taking a bit of a dive on Sunday. At press time, the market cap is $253 billion USD, recovering from a dip down to about $240 billion yesterday, according to data from CoinMarketCap. Bitcoin (BTC) is just shy of an $8,000 price, trading for $7,926 currently with a market cap of $140 billion. The flagship cryptocurrency dipped down to around $7550 yesterday as the market sagged. The two biggest altcoins remain Ether (ETH) and XRP, with market caps of $25.8 billion and $16.9 billion, respectively.

According to a communiqué published by Japan's Ministry of Finance, the G20 has reiterated its application of the Financial Action Task Force (FATF) standards with regard to cryptocurrencies out of concern for anti-money laundering (AML) and countering the financing of terrorism (CFT). This follows a meeting of the G20 in Fukuoka, Japan over the weekend. An excerpt reads:

Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. While crypto-assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT). We reaffirm our commitment to applying the recently amended FATF Standards to virtual assets and related providers for AML and CFT.

Cointelegraph reports that Ripple, the tech company behind XRP, has launched an office in Brazil and plans to expand across Latin America. The office will be headed by former CEO of the Brazilian subsidiary of The Warranty Group, Luiz Antonio Sacco. The news will be made official at a Sao Paolo fintech and banking event CIAB Febraban from June 11 to 13.

Russia's State Duma, the lower house of the country's government, may impose crypto miners with a fine, according to local outlet TASS. The head of the State Duma Committee on the Financial Market, Anatoly Aksakov, explained:

"I note that actions with cryptocurrency, unconditional due to Russian legislation, will be considered illegitimate. This means that mining, organizing production, circulation, creating exchange points for these tools will be prohibited. For this, administrative liability will be in the form of a fine. We believe that cryptocurrencies created on open blockchains - bitcoins, ethers, etc., are illegitimate tools."

Sam Mowers, Investorideas

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