ukinvesting- Bitcoin and other virtual currencies recovered from earlier losses on Tuesday, amid news that G20 members were unlikely to regulate cryptocurrencies anytime soon.

Bitcoin was trading at $8,510.00, increasing 2.62% as of 8:37 AM ET (12:37 GMT) on the Bitfinex after hitting an overnight low of $8,333.00. The cryptocurrency has struggled to gain ground after falling to $6,000 in early February and is far from its peak of $20,000 in December.

Financial leaders at the G20 summit in Buenos Aires this week are not expected to issue any specific action in regards to cryptocurrencies, according to various news outlets. Some members, such as Japan and France, have urged watchdogs to take steps to regulate cryptocurrencies.

On Monday FSB Chair and Bank of England, Governor Mark Carney said in a letter to G20 leaders that virtual currencies do not pose a risk to financial stability

”As its work to fix the fault lines that caused the financial crisis draws to a close, the FSB is increasingly pivoting away from the design of new policy initiatives towards dynamic implementation and rigorous evaluation of the effects of the agreed G20 reforms,” Carney said.

Meanwhile, U.S. President Donald Trump signed an executive order on Monday that banned all transactions in the U.S. involving any digital currency or asset issued by the Venezuelan government. The order was directed at the Petro, a virtual currency by the Venezuelan government. The cash-strapped government said about 100 million Petro would be pre-sold between February 20 and March 19.