Bitcoin Forum

The G20 meetings on Tuesday concluded with the setting of a July deadline for discussions about the regulation of cryptocurrencies as there is currently insufficient data to guide clear decisions.

Source: https://cryptovest.com/news/g20-sets-july-deadline-for-crypto-regulation-talk/

In July it will be the same. The government through the banks can only control the Fiat. But the use of cryptocurrencies, they can't control. I think that the Government will take a smart decision. They will not prevent the use of cryptocurrencies but only through an exchange for Fiat. Use cryptocurrencies as money they will not give.

When it comes to making tough decisions,the politics always postpone and wait.Cryptocurrencies exist for about 10 years and they still don`t have sufficient data to make clear decisions.
The worldwide crypto market is under 300 billion USD.It`s like the GDP of some small European country.
Why the G20 should discuss the future of crypto regulations.Because they are afraid,i guess...

Some basic regulations could come this year, but they will continue to monitor the market.
When we go to trillions then we will be noticed much more.

It is unrealistic to have deadlines on issues which involve multiple nations. Certain countries like France would like cryptocurrencies to be subject to tighter regulations and had listed it in the G20 agenda. On issues like cryptocurrencies where opinions are strong and varied, you can expect progress to be very slow.

The G20 deadlines might seem unrealistic I agree but there are multiple variables. Countries like France and United Kingdom are subject to very tight trading regulations as does the United States. Each country has its own agenda right now and there are definitely bigger problems right now so the pushback on regulation is not surprising. We will see something happen it's just a matter of when.

This can be another discussion on how the banks will regulate cryptocurrencies along with the help of the government.

There is still enough months to go so I think even there's a deadline for this talk still many will be able to attend to this talks again.

It will come.

Although every country have their own regulation against bitcoin but G-20 still affect on major scale.
They try to gather more information before try to execute which I think they wise enough , unlike my country that forbid bitcoin usage although they still not make any legit regulation yet

Its probably hard to see any regulation for bitcoin and cryptocurrencies as of now. Completely accepting them as legal tender will do nothing for the country while a complete ban on its usage will do quite the same by increasing the rate of crime and illegal activities going around the country. G20 in itself are quite confused as to its regulation and that is why many countries have not yet framed any opinion regarding its legality. I think that cryptocurrencies might win the final war and would be allowed to move freely and tax would be leviable on fiat conversions

Now there is a tough confrontation between bankers and cryptocurrencies. Governments have long been financed by bankers and therefore take their side. But governments can not prohibit the use of cryptocurrency. They are horrified to think that if cryptocurrencies go into trade it will be the end of Fiat power. Perhaps this is the main reason that no action is being taken. Until the issue of control was resolved, governments took a wait-and-see attitude.

If G20 has July as deadline then we are only left with nearly 3 months to party and enjoy freedom as after that no one knows how harsh or cooperative these regulations will be for crypto users. Crypto news sparked every news channel and controversy everywhere due o its decentralized usage which made world leaders to talk upon it but regulations will ultimately kill independence of crypto currency.

The government people doesnot seem to come to a valid and satisfying decision in context to crypto currencies and bitcoin . It is just a very tangled case to handle with so many things to keep in mind . They keep on postponing it for the sake of understanding things better . I really think that with all the statistics presented to them regarding the influence of crypto in their country , the decision will stay int the favor of crypto .

I don't share your pessimism. If we assume that the government will ban the use of bitcoins to exchange for Fiat, we will get a qualitatively new bitcoin. It will be used between people and we will really get what cryptocurrencies were created for. Speculators will trade on the cryptocurrency exchange and we will not depend on speculative capital.

I am in favor of regulations as long as the whole thing is not done to kill the cryptocurrency movement but give it proper recognition so that it can never be used for illegal purposes. This is a little compromise we have to make though I understand there are many purists who will argue against such a government intrusion. The officials should consult with Japan and how the Japanese government regulate cryptocurrency which has been smooth sailing so far. In the end, we will realize that the government is here to stay so we might as well go with them hand in hand in cooperation and I hope also with trust though still remaining vigilant at all times. Cryptocurrency could never prosper in an isolationist mentality no matter how we might insist that it should be like that.

The G20 meetings on Tuesday concluded with the setting of a July deadline for discussions about the regulation of cryptocurrencies as there is currently insufficient data to guide clear decisions. Discussions was focused heavily on cryptocurrencies, dealing at one point with whether digital coins can be considered money at all.

The G20 deadlines indicate certain basic guidelines might come this year. Hopefully they will be used to monitor the market. I think, whatever decision will come, it will be in the favor of crypto

Better than no sign of recognition
I think this is big news for us crypto enthusiasts and am hoping these discussions conclude in favour of bitcoin as this will give most cryptos a price boost and a possibility of institutional investors all joining in to be part of this great technology

I guess we will have yet another round of FUD by July 26. I predict we will be seeing good prices in June, and they will come up with some retarded FUD regulations to feed the panic sellers with, they will set shorts, they will make a lot of money, and they will steal panic selling idiot's BTC once again from their shaking hands. Basic procedure.

Yes hopefully because this is what we need so the market can now bounce and go even higher. I still believe that this is what gonna happen in July so let's buy more today and have a greater profit in the long run. This is actually a good move for the government to have some regulations and be a country where cryptocurrency is fully accepted.

Most of the countries are supporting to regulate the cryptocurrency but we don't how they are going to plan for regulating the cryptocurrency. Yes, they have taken a wise decision because blockchain technology is kept improving and developing by the major companies and governments can easily use them in all sorts of governments related visibility.

The leaders in G20 summit for cryptocurrencies might eventually agree on imposing a worlwide regulation after all and in July, all recommendations on what to do with the cryptocurrencies will be submitted. The shadow of regulation is very visible even if some countries like Brazil objected to it because of the reason that cryptocurrencies might be use in illegal activities. In that concluded meeting,many officials called for a global sets of regulations that can be able to enforce by every country. We can only hope that if they eventually enforce a regulation, it should be for the long term benefits of the all the crypto users in the future.

To talk and to regulate are 2 very different things.
I doubt there can be any cryptocurrency G20-wide regulation before years.
The world's leaders have more urgent problems on their agenda.

Hope G20 members will depend the talks on the technology, not on the biased financial experts. But I don’t think the July deadline will be followed. Regulating bitcoin guidelines can take more years of studies and even they can give documents, it will be just drafts and incomplete. I’m still waiting for a better acceptance from other country and regulation only limited to exchanges, businesses using cryptocurrency, not in every individual investors.

Why regulate individual investors? You are already governed by the tax laws. Now it is enough to create conditions under which you can cash cryptocurrencies only through regulated exchanges, and banks will transfer data in the conclusions to your card to the tax authorities. It's not hard to do. I guess the question left to settle is only the tax rate.

I hope you are right because from my experience politics are making sometimes bad decisions when it comes to regulations. I have seen a lot of good ideas stopped or killed by bad regulations. They will say that this is to protect us from being scammed (ICO's) and them from being robbed (taxes). I hope this time would be different.

Unfortunately my government still not agree with bitcoin although let say one day G-20 declare to permit bitcoin usage.
But If I think for global purpose, bitcoin has many benefit that usually being need on digital transaction nowadays.
About how much the tax will be apply , I think there will be much controversy for discussing it !