Bitcoin Prices Continue to Fall as G20 Leaders Call for Crypto Regulation

Investing.com – Cryptocurrencies were lower on Monday, as G20 leaders called for taxes on digital coins.

Bitcoin fell 2.75% to $4,040.30 on the Investing.com Index, as of 8:27 AM ET (13:27 GMT).

The sector has been thrashed in recent weeks, with Bitcoin falling to a low of $3,688 last week. The currency is trading at 80% less than its value a year ago.

The sell-off continued amid regulatory concerns, as leaders at the G20 summit in Argentina agreed to work on efforts to regulate digital coins and build a tax system for electronic services.

“We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed,” the joint declaration submitted at the end of the summit stated.

“We will continue to work together to seek a consensus-based solution to address the impacts of the digitalization of the economy on the international tax system with an update in 2019 and a final report by 2020,” the declaration added.

Cryptocurrencies overall were flat, with the total coin market capitalization at $130 billion at the time of writing.

Ethereum,or Ether, decreased 2% to $113.50 and Litecoin was at $32.23, down 4.32%, while XRP slumped 2% to $0.36223.

In other regulation news, Estonia is considering increasing regulation of digital coins amid worry over money laundering. The Financial Supervision Authority is expect to target companies that provide access to crypto-related services and exchanges are expected to be the hardest hit, Aripaev reported.

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