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Cryptos in the Spotlight Again

The finance minister of Norway, Jan Tore Sanner, set himself apart from crypto critics when he suggested that cryptocurrencies will eventually move past their swings in volatility and reach a period of “breakthroughs”.

During an interview on Tuesday, he stated: “It is clear that there may be a development over time, whereby you will be able to get more stabilization mechanisms in the currencies that can lead to greater breakthroughs and upheavals in the slightly longer-term”.

However, he later discouraged consumers from investing in crypto assets. The discouragement comes as part of a larger set of warnings brought forth by governments and monetary institutions which stress the lack of any underlying value for the assets. At the same time, central banks are working towards creating their own digital currencies.

He has also stated that cryptos can’t go mainstream before regulations are in place as they are “popular with criminals”. As a way to fight money laundering, Norway is implementing stricter registration requirements for cryptocurrency service providers. Since January, cryptocurrency companies in Britain have had to comply with anti-money laundering and counter-terrorist financing UK laws.

Global cryptocurrency standards have improved around the world, but regulators and policymakers remain concerned about the anonymous and illegal use of cryptocurrencies. Concerns voiced by global central banks and new regulations could affect the prices of cryptocurrencies.

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