Bitcoin Forum

According to ICODrops - G20 closing statement on cryptocurrencies: we acknowledge it - but it needs regulations. We will keep monitoring it.

https://www.screencast.com/t/71PP1k62jki1

This should be seen as a good news for Bitcoin and crypto space; we knew regulation is coming, it's great they didn't decide to take a strong position against the technology.

Source: https://www.ethnews.com/g20s-closing-statements-on-cryptocurrency-and-blockchain (https://www.ethnews.com/g20s-closing-statements-on-cryptocurrency-and-blockchain)

It's 50-50 on this one or neutral if you like. They are waiting for more growth or downfall hehe :)
I would like to see it regulated faster. We can see some movements in that direction so I'm not worried.

I don't think that it will be 50/50. As it will lean more towards supporting the cryptocurrencies. We all have seen news about it and as of right now a lot of governments are now vocal about their plans to regulating cryptocurrencies which is more than favorable compared to banning cryptocurrencies in general. With some develop countries accepting Bitcoin as a mode of payment they can served as proof that it can be beneficial for their country's economy as well. 

50-50 chance isnt really considerable.Basing into those statements on screenshots it does really mean that they are really heading on regulation. Monitoring is always been part since they do aware on the risk involved.We should rather be grateful that they do consider on regulating it rather than on full ban. We do have still the space to move on even though there are really feature being affected. Crypto would be no longer decentralized on this matter.

Agreed, it's not 50/50 long term, while crypto will grow it will be needed to become regulated. My major concern is that this "regulation" will also be a source of censorship - "let's accept only what suits us & our partners, ban the others" style.

But, for now, I'd hope we are a little far from that point.

What good do you expect from the adoption of the law on the regulation of cryptocurrency turnover? I don't like it. I expected bitcoin to be an Autonomous currency. But a lot of users support the government. It is important for them to have unhindered access to Fiat. I think such people are traitors to the bitcoin community but it seems that they are in the majority.

G20 and OECD have only one motivation: tax.

https://www.oecd.org/tax/OECD-Secretary-General-tax-report-G20-Finance-Ministers-Argentina-March-2018.pdf

They're working on extending AEOI to the whole world, and they want to include your BTC income with your regular income. It doesn't look good. The only good thing is that it will take years before they all agree on a common method to tax cryptos.

Bitcoin has never been an actual anonymous currency, it's just that people gave it that title. In current times with how regulated the centralized ecosystem is getting, the tiny bit of "semi-anonymity" Bitcoin may have had at one point, is completely gone already.


It's not that people actually support their government, but they just don't look at Bitcoin the way we look at it. On top of that, they also don't see any problems in how the financial system is progressing, because it likely doesn't affect them personally. People are free to do and use whatever they feel comfortable with, and for that reason aren't traitors to this community. I find it even short sighted to see you speak out like that, and also somewhat forcing -- you can't force people to like Bitcoin and everything it technically stands for. If people want to use fiat, then let them do so, and I honestly can't blame them -- fiat does a better job in functioning as currency in each and every aspect. Maybe, maybe if Bitcoin closes that gap, things might change....

Is Bitcoin an existential threat to nation-states, or an economic advantage to be waged over others? Can it be both? Remember, the G20 governments (and all governments) are competing against one another. How simple can this collaboration be?

They're not ready for any kind of sweeping regulations -- if they ever will be. Each government is struggling to decide its own internal goals and policies, and still has to figure how relevant they believe cryptocurrencies will be.


The bearish market bought them some time. At $100k per BTC, there's no way they can avoid it.

G20 submit held in Buenos Aires Members the board seems to be quite positive for crypto-currency. The G20 Financial Stability Board said there is no threat from crypto to world economy at this point of time. Through regulations on crytpocurrency seems to be not important at this point of time but Projects like ICO should be regulated to protect investors interest.

Even I hold the same opinion. Taxation regime is what they mainly want to bring to every country. Regulation will bring with it many more upcoming issues. And everyone agreeing on a common method is not that easy. Definitely it's gonna take much longer time, longer than what we think!!! To devise a common mechanism for taxing Crypto currencies would require a great deal of thoughtful deliberations.

One thing is quite clear here: these leaders know that cryptocurrency is something that can not be stopped anymore and all they can do is regulate it which is in a sense recognizing its role in the society and extracting some taxes on the industry just like any other legal industry we have. We are now therefore entering a better environment as far as cryptocurrency is concerned. No ban but there will be strict regulatory framework which can be established soon.

I disagree. Their statements basically imply that Bitcoin will continue to exist in the long run without any heavy handed regulations on the horizon. They have also explicitly acknowledged it, which could increase the mainstream's confidence in its use. I wouldn't mind regulations either, for as long as they're fair and won't impair growth and development significantly.

Also, I'm pretty sure it will take a hell of a lot of growth for them to be spurred into sudden action. They've basically confirmed that crypto is still way too small in the big picture to pose a real economic threat after all.

At least no negative stuff was on G20, I expected sammit to be much worse
Looks like they waut for the market to become more stable

Whatever. The best outcome is that G20 didn't release many negative news

Will keep an eye on the ongoing matter.

Current status of legislation in countries:

https://imgur.com/a/YqXEq (https://imgur.com/a/YqXEq)

cryptocurrencies will never disappear. they could shrink or implode, but they'll rise again and there'll always be people dabbling in them.

because of that i would've regarded it as more useful if they'd signaled regulations were being worked on. they're inevitable so they may as well get going. they don't have to be scary or irrational and they probably won't be. but i don't think things will go up a level until more people are confident where they stand.

it's silly to have a multi hundred billion dollar grey area floating around. it doesn't help them and it doesn't help the typical market participant or service provider either.

I can say that G-20 still consider bitcoin is on normal level rather than worry , unlike my government who decide to forbid bitcoin usage.
For me bitcoin bring many advantage especially  for global transaction because it's cheaper than fiat but my government have different opinion about bitcoin because they bring more disadvantage !

This is very good news for the crypto currency. The main thing is that the representatives of the G-20 countries decided to recognize the Crypto-currency. However, as far as I know, they are going to recognize it as a financial asset. However, this is also a great victory for the crypto currency. After that, other countries will be forced to recognize the crypto currency.

Indeed a good news for everyone, I am just hoping that it will become successful, and for sure it will affect the value of the price. Hope also that in some countries bitcoin will gonna recognize too.

On the contrary, I don't see or consider it as a great victory yet. On the other hand, I'm personally shock as to what the signals these governments are giving us. I really thought that the G20 thing will bring so much negative impact, however, its not. I'm not totally sold about the outcome of the meeting, its better than expected, but for me its like they giving us false hope. Furthermore, they are calling for crypto regulations in July so its not over yet. I hope though that there will be opposition on a "universal regulations" as being pushed by countries France and Germany. Let's see how it goes and I hope that by July clearer picture is already on the table and the dreaded single regulatory body will not get consensus from member countries who are friendly to bitcoin and crypto in general.

How do you like this news? You don't think about the fact that the present decline in the prices of cryptocurrency is the reaction of big capital to the government's attempt to control the circulation of cryptocurrency? I remind you and people like you that the popularity of bitcoins in decentralization. You want to turn bitcoin into Fiat.

this neutral statement had no impact on the price,at least no positive influence for sure
I was afraid the statement would be negative and we would see another great price crash
didn't happen,now lets see if this is a regular seasonal dip or there are different reasons for the price to go down 100%+ since January
in any case,HODLers gona hold,traders gonna trade :) expect more fun come autumn,meanwhile stay put and do not panic

I wouldn't expect anything else from their discussion other than still.monitoring how things will turn out based on the attacks that have been subtly launched in a coordanited way. They don't want to preempt the effect of what the war will.bring, if it can decimate bitcoin and by extension the whole of crypto.currency, they will either come with a soft position or just ignore it all together since it won't matter again. On the other hand, if the effect is just ephemeral, then we can only hope for the massive regulation and tightening that is about to come. So there is nothing good about this news.

A lot of people still don't understand that we don't have to wait any news from the governments. We need to move confidently towards its goal to make bitcoin is an independent currency. The government's response would then be irrelevant. But for this we need to completely get rid of the habit of using Fiat.

As long as people don't know what Bitcoin's value is, that will probably never happen. Seriously, how do you even determine what's worth a loaf of bread in satoshis without looking at, or getting stimulated by its fiat value.

I have been browsing through various intense discussions regarding the same subject for a long time now, but people still fail to point out how to measure Bitcoin's value completely disconnected from fiat.

The closest people have come, which makes sense to a certain degree, is to value each coin based on how much resources it takes to generate one Bitcoin, but that again would point towards fiat, and thus it's not really valid.

Another aspect is that each miner based on location and size has a different level of resources to consume when it comes to generating one Bitcoin. Or should we blatantly say that one loaf of bread is worth 1 satoshi?

I agree,it requires a 180 degree mind shift to start thinking in bitcoins without converting it into fiat
hope there will be days when we ask how many satoshis are 100 dollars
but for that to happen adoption has got to be way faster and the goverments not to be in the way of the progress
banks,some goverments,businesses are not very keen to accept bitcoins and cryptocurrencies yet
but IMHO it is inevitable,so let it happen rather sooner than later

The best part is that, strong economies are now starting to acknowledge the cryptocurrency. 2 years back, majority of the governments were too ignorant about it. Now it is not only acknowledged but also being discussed in a serious events like G20. So that's good news for the entire crypto market in general.

We all know that regulation is inevitable. But I am also sure that majority of the governments won't ban it. Because it is literally impossible for the government to actually ban it. Governments can certainly ban it by issuing a law but they can't ban it in practice. So they will not take this route. So when they say that they are monitoring it, it means they are digging deeper to gather more information before actually taking any decision. I am sure 2018 is going to be the year of cryptocurrency adoption.

I do not agree with you. Governments should be involved to strengthen more stable financial regulation. Investors will feel secure with the legal protection of the government.
this policy is important to protect the rights of a country's people.

Keep monitoring is fine, the best for the market will happen after implemntation of a clever regulations system and better understanding of "what is cryptocurrency" of different countries' executives

Here i will agree with you! To the investors need stability and secure, as to all crypto holders.                               

They know they cant pull the plug and monitoring it is the only way around this and for these regulations to happen they will need to work with established exchanges and all other crypto portals that provide crypto services if they wish to have some control otherwise this is a deadend for them.

What else would they have said? They know any action on their part might even give the push that crypto currency is needing and a negative word or stand against crypto won't stand considering that their resolution is only going to be on an advisory level if the whole countries making up the group are not allowed to come with their own individual recommendation on how to go about crypto.

Again, they might also feel the value of funds involved is not huge enough to have command their attention and committing resources would be chasing less with more money and human capital whose outcome won't be favorable and the best action is to continue to observe.