Bitcoin Forum

The world's economic leaders have set a July deadline for the first step toward unified regulation of cryptocurrency.

Speaking Tuesday after the G20 meeting of finance ministers in Buenos Aires, Argentina Central Bank chair Frederico Sturzenegger said the member nations present agreed that cryptocurrencies needed to be examined, but that more information was needed before any regulations could be proposed.

"In July we have to offer very concrete, very specific recommendations on, not 'what do we regulate?' but 'what is the data we need?'"

https://www.coindesk.com/g20-calls-crypto-regulation-recommendations-july/

They need to hurry up.

Either do it or don’t. Let us know what we’re working with.

i believe what is going to happen is this:
1. businesses handling FIAT(legal tender) will be subject to MONEY Service business regulations even if the part of the transaction involves cryptocurruncies.
meaning crypto assets will be treated as a currency asset as oppose to a retail product

2. ICO's where an obvious founding team can be identified, will have their asset treated like a security/company shares.
meaning the teams website would have to disclose a real location address and register itself legitimately to be able to offer "pre-sale"/premined assets
this will kill off all the scammy ico's that say "gimme money now and in 6 months we give you 10billion coins"

solutions to not have regulation headaches
1a. dont sell coins for fiat. instead have exchanges 'price' a coin against bread/bottled water(a cost of living index)
1b. wallet developers should develop wallets that grab fresh UTXO sets of certain main coins. to then use as a lit wallet of multiple coins to then allow coin swaps decentralised away from central website/exchanges

2a. dont offer/do premines
2b. dont do pre-payment/pre-orders
2c. dont set prices before a coin is mined. just release the sourcecode and let the community find its way. like bitcoin 2009-2010 did

then users can freely choose if they want to use centralised(regulated) services for convenience/security/speed

Although it seems that they will not make too friendly decisions on Bitcoin, at least they acknowledge the legitimacy of Bitcoin as an investment. This point is still worth our happy.

G20 conclusions: They say crypto is not currency. It is an asset. It does not harm at this moment. !
We will grow in the future. I believe so. 2018 will be the boom year for crytpo  ;D ;D ;D ;D BTCBTCBTCBTCBTCBTCBTC

Regulations of G20 will just justify the legality of bitcoin and other cryptocurrencies. We might be treated unjust but at the end of the day we will win the war for lay people will not see us anymore as a scam or a bubble in that matter. We just need to wait a little more, for patience is the key in this kind of business if you are short sighted kind of person this venture is not for you. Hope G20 will make a fair regulation and not just for the banks to take advantage of the scenario.

to correct you:

its not MONEY
but is a currency

there is a difference
no government can decide what currency is. cigarettes in prison can be a currency, sexual favours/beer/cigars/pizza between friends in exchange for other favours can be a currency

governments can only decide what is or isnt MONEY

currency is a umbrella term which pretty much anything, which everything then fits into sub categories below the umbrella term. for instance
assets are investment holdings currency(gold, art.antiques,bitcoin)
commodity currencies are raw produce used to make secondary products (beef, wheat, gold, oil)

yes gold fits into 2 different markets..
but dont confuse the raw material utility of gold to produce jewellery/circuits(commodity) with golds separate asset holding market utility
to think that because gold asset is like bitcoin asset, that bitcoin also belongs in a commodity category.. bitcoin is not a raw material so is not a commodity

mortgage/credit agreements/insurance policies(the contracts/promissory notes themselves) are a currency but not money they are asset currencies (banks privately trade these behind the scenes)

money is legal tender of a country and authorised by law of the nominated/named country to be used to buy things and by law pay taxes/court fines/pay minimum wage

in short
crypto assets are a currency but are not money

I'd say the definition they defined at the G20 was pretty accurate. Most cryptocurrencies at this stage are not currency they are assets, they are largely being bought to have access to certain services or uses and for investment.

Their decisions and actions seem to bring freedom, to ensure public opinion at a stable level of psychology. But there are also many signals blessed by the positive when the market value is then followed by the majority of the coin. Hopefully next time is the good growth of the crypto market.

i believe your confusing the general term 'currency' (the umbrealla term for everything)
with FOREX(money) currency market (the sub category)

Can this really be regulated?  The distributed nature and cross border characteristic of the cybercurrency will make it difficult.

countries remit/jurisdictions are their money(legal tender)/business laws. so they can regulate business and the exchange gateways. but not the peer-to-peer part.
EG send funds on blockchain, fine..
deposit funds into an exchange registered in america or swaps bitcoin for dollar.. expect the american laws to apply
deposit funds into an exchange registered in europe or swaps bitcoin for euro.. expect the european laws to apply
deposit funds into an exchange registered in japan and swaps bitcoin for dollar.. expect the american AND japanese laws to apply (ie MTGOX)

anyway regulations are stupid and dont offer proper consumer protections..
consumer protections and regulations are not the same thing.

i personally do not see a single reason anyone should advocate for regulations. but, if they instead went the route of advocating consumer protections. then that would be a good start. but still.. kep the consumer protections at the gateway/fringe/edge of the ecosystem. much like cash notes/coins doesnt need fingerprint/eye retina/ID but depositing cash/withdrawing cash using cash to buy something from a business does need the business to be legit

I am still confused with them making the regulation of crtocurrency what will they set because the existing system in crypto is no body that set up a pure interconnected system with blockchain technology? will there be a limit for everyone?

They have a lot of time to carefully study the Cryptocurrency and personally I want it to be regulated so everything will be legal
and there will be guidelines to follow. Also, this would help new players to come in and they will be more confident knowing there is a law
that will regulate the crypto.

learn the difference between what a regulation is.. vs a consumer protection. you'll soon learn that regulations are meaningless.. (remember the scammy stuff of the 2007 financial crises)

i do wish this was actually possible but we are talking about a decentralized system which nobody can control, and that means anybody can still continue creating their shitty ICO and ask for money from gullible people.
we may end up seeing two different sets of ICOs, the registered ones and the unregistered ones but it certainly won't kill off any scams.

They decided that crypto has to be regulated somehow

They think it has to be the bank of each individual country to issure rules, that means that the law and rules could be very different. And I guess this is good

Legal means tax  ;D , however crypto will give more exposure as result top crypto will rise their marketcap and some crypto will became centralized now

wont kill it off. but would make people more aware of the ones that dont register. thus making their premine be worth alot less.. where as registered ones would have an office address to slap the team with a wet fish/court order should they do their buyers harm. thus the value of their premine would be worth more.

we will always have boiler room trading share scams. even now in a society of regulations
we will always have knock-off filler cut drugs even in a regulated drugs market
we always had alcohol even in the prohibition days

but atleast people knew the risks and would only be victims of their own greed for it
EG a registered doctor gives you an overdose of prescription opiods.. sue him .. street dealer gives overdose of opiods.. sorry you screwed urself up druggy!

if that happens, then it will all come down to how many do what and also it will depend on how they perform.
for example everyone knows premined altcoins are generally not good options but as long as they are getting pumped well, people invest in them.

this will also be the same. for example if registered ICOs were 5% of the total and the rest of them get pumped more nobody will ever invest in that 5% specially if that registration may end up forcing the investors to pay taxes ;)

putting funds into trendon shavers BT&S was a 100% tax
putting funds into bitcoinica was a 100% tax
putting funds into intersango was a 100% tax
putting funds into mtgox was a 100% tax
putting funds into butterfly labs was a 100%
putting funds into mintpal was a 100% tax
putting funds into cryptorush was a 100% tax
putting funds into cryptsy was a 100% tax
none of which were truly legit

but atleast for MTGox there was a name/face and physical location to slap some lawsuit on him. regulations wouldnt have done customers any favours. but consumer protection practices helped

Well I would want to see some central authority making the decisions on what ICOs are verified <KYC/AML> and which is not. If investors wants to decide in which ones they want to invest, then they just access that database to see if they are registered and verified by that authority.

The scam ICOs are doing a lot more harm than having a centralized authority to make those decisions. This is not the ideal solution, but it will help to reduce scams. Self regulation as suggested by the Winkelvoss twins are not going to work, because they lack the teeth to enforce criminal prosecution.

yeah i can see what you mean. but i am saying the dynamics of the market can change if they regulate it and it may not change much.

besides the ICO tokens are already different from real altcoins. people are mostly trading them in a decentralized manner and i doubt that that can be subjected to any kind of taxation since you don't register anywhere.
for example all these ethereum ICO tokens are being traded mostly on EtherDelta, Waves tokens are being exchanges on its own platform which also has an exchange built in (if i am not mistaken), and others have similar popular solutions.

im not disagreeing with you. what im saying is people that want centralised services(exchanges) and legitimacy. should not advocate for regulation as it wont help them. regulations are not about consumer protection (how many people got to keep their house mortgage free when the housing crises of banks doing illegal mortgages.. even though the banks were "regulated", how many bankers got arrested.....)
regulations are meaningless

all that will help is consumer protections

so for the regulation advocates that will only trade on ICO's that are registered companies. its better to advocate for consumer protections (office locations, customer service and consumer liability insurance and asset coverage insurance (yes these are separate to the priority of regulations because the purpose of regulations is AML.. consumer protections is separate and comes second place priority not first)

as for those that want decentralised unregistered boiler room high risk high returns, well thats like high risk moonshine during the prohibition era or street corner opioids instead of doctors proscribed. they take the risks they take the losses..
but the importance is that registered exchanges should protect consumer FIRST(insurance/office address/hold selves liable if defrauding a customer) and then do the AML policy second..

again just asking for regulations is meaningless and unhelpful

If all of this regulation by the government i think that bitcoin will soar it price again and more likely to break and create a new ATH (All time High). It is very good to buy at his level.

As I expected, at this stage, the summit of the G20 countries could not solve anything without preliminary preparation of information on the issue of the crypto currency. The fact that they are going to consider the issue of the Crypto-currency after July and intend to recognize it as an asset, in principle, will be quite good. It's good that they are not opposed to the introduction of the crypto currency, and its recognition even in the status of the asset will allow it to be officially used in these countries. The crypto currency will no longer be treated as a fraud and this will already be a good start. Regulation of the crypto currency is inevitably unavoidable.

Actually the governments are more concerned about regulating cryptos not only to save their people's interests but also not to lose taxing revenues which they enjoyed these much days from the public even if they deposit their money in the banks.Cryptos have evolved nowadays even as a challenge to the governments.At first,they tried to ban it.But when they found it to be practically not possible,they have come forward to regulate cryptos.They also know that only a combined effect of regulation from more countries would help to get positive results from cryptos.

There are countries that don't regulate cryptocurrencies! They believe that the encryption of digital currency regulation has lost its due features!

The G20 first recognised the technological innovation of the underlying cryptocurrency, but they simply acknowledged that digital cryptocurrencies are assets!

After this I think many things will change in crypto world

First he say dont need regulate crypto, now he say deadline is july ?

 believe what is going to happen is this:
1. businesses handling FIAT(legal tender) will be subject to MONEY Service business regulations even if the part of the transaction involves cryptocurruncies.
meaning crypto assets will be treated as a currency asset as oppose to a retail product

2. ICO's where an obvious founding team can be identified, will have their asset treated like a security/company shares.
meaning the teams website would have to disclose a real location address and register itself legitimately to be able to offer "pre-sale"/premined assets
this will kill off all the scammy ico's that say "gimme money now and in 6 months we give you 10billion coins"

solutions to not have regulation headaches
1a. dont sell coins for fiat. instead have exchanges 'price' a coin against bread/bottled water(a cost of living index)
1b. wallet developers should develop wallets that grab fresh UTXO sets of certain main coins. to then use as a lit wallet of multiple coins to then allow coin swaps decentralised away from central website/exchanges

2a. dont offer/do premines
2b. dont do pre-payment/pre-orders
2c. dont set prices before a coin is mined. just release the sourcecode and let the community find its way. like bitcoin 2009-2010 did

then users can freely choose if they want to use centralised(regulated) services for convenience/security/speed.

I think also if G20 calls for crypto regulations in July it's will be good for all crypto traders and investors, than which country are going to adopt the crypto currency that get more benefits thru Blockchain technology.

Something that has been waiting for many people. Because this event will make the crypto world more legally viewed, for G20 countries. Let's pray that things can go well. Because the Regulation is very important.