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Title: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Flexystar on April 14, 2023, 11:57:37 AM As we all know G20 happened, and all the 20 countries gathered to discuss various agenda's about current and past schemes that are underway in terms of national and international developments. G20 houses one of the highly developing/developed countries and with classic economic status. So what they discuss and what they propose does matter to the world in some way or the other.
In the recent news interview India Finance Minister Mrs. Nirmala Sitharaman, clearly stated that all the 20 nations should also involve rest of the world on deciding new framework of the crypto. She thinks that crypto poses various threat to the economy and it is not the issue of one nation or 20 but it's an issue related to the entire global economy. Speaking of which, she added it's far better to have Global Framework for the crypto and we should have collective rules and regulations for the same. Day by day, they are getting stringent about Crypto usage. Quote India's Finance Minister Nirmala Sitharaman participates in a news conference at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S.(REUTERS) "I am glad to say that there is a greater acceptance among all G20 members, that any action on crypto assets will have to be global. The G20, I think, has responded fairly with alacrity (on the crypto challenge)," Sitharaman told reporters at a news conference after a meeting of G20 finance ministers and central bank governors. "The G20 and its members agree that it's not going to be possible to have an independent, standalone country dealing with the crypto assets," the minister added. Sitharaman told reporters that the group has willingly responded to the issue. A "synthesis paper" would be taken up on matters related to crypto assets during India's G20 presidency. India has maintained it wants a collective global effort to deal with problems posed by cryptocurrencies such as bitcoin, and the finance ministry back in February said it had held a seminar for G20 member states to discuss how to come up with a common framework. Earlier in February, Sitharaman had said, "We are going through the study process so that there can be informed discussion. International Monetary Fund (IMF) and also the Financial Stability Board (FSB) have been doing their own little work on the crypto matter and progressing on their own. We've now asked them to do the papers and give it to us and the rapidity with which these papers have been already from IMF given and from FSB which will be given in time for the July meeting. I feel that we are progressing in this direction. So something should develop." She made the remarks while responding to a question regarding a consensus among the G20 nations on crypto assets during India's Presidency. "Recognising the risks attached to the private virtual assets, G20 nations moved a step closer to developing a coordinated and comprehensive policy approach to deal with the crypto assets by considering macroeconomic and regulatory perspectives," she said. Need global coordination to regulate crypto assets: FM Nirmala Sitharaman (https://www.hindustantimes.com/india-news/need-global-coordination-to-regulate-crypto-assets-fm-nirmala-sitharaman-101681443673373.html) Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: naira on April 14, 2023, 12:18:51 PM Even though the proposal by the Indian party will pay attention to crypto as a form of economic problem, it will not necessarily be agreed upon by every country. For example, in the country where we live, we are part of the G20 members and have even built partnerships with investors to facilitate crypto assets into the category of protected commodity assets.
In 2023 India is hosting the Summit and they have the right to pass laws because the cases they have had with crypto have been deemed quite severe. It would be very natural with India's population size, unstable economy, encouraging every individual not to depend on state finances or facilities that they cannot enjoy. As a result, the people of India are looking to sectors that are broader, more productive and at the same time challenging the government's economy. Let's say they make millions of Dollars from crypto then cash it out in fiat which forces huge amount of money to be printed, resulting in inflation but Indian government can't cut taxes from crypto proceeds. In essence, at the G20 event later, India needs to make decisions and the support of other countries does not mean that they can be ratified and implemented in their respective countries. Each country will present its problems which are definitely different from what India is facing. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Moneyprism on April 14, 2023, 01:53:12 PM it's quite funny to see these boomers say that crypto is an asset that is unstable and unsafe to invest in, some even say that this is a fraud .. but on the other hand they seem scared of the increasing number of adopters of crypto and don't want their product (fiat) is losing its users.. if they believe that crypto is an asset that is not fit for adoption, why should they fear that adopters of crypto are increasing?? LMAO
Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Hispo on April 14, 2023, 02:25:46 PM it's quite funny to see these boomers say that crypto is an asset that is unstable and unsafe to invest in, some even say that this is a fraud .. but on the other hand they seem scared of the increasing number of adopters of crypto and don't want their product (fiat) is losing its users.. if they believe that crypto is an asset that is not fit for adoption, why should they fear that adopters of crypto are increasing?? LMAO It mostly about he control over the macroeconomics which keep those people afraid about the increasing adoption of Bitcoin a and other altcoins. For instance, let us assume that a country has a lot of adoption of Bitcoin and the government wanted to change the number of FIAT in circulation, adjust the interest rates on credit, sell debt, etc. Most of those things would not have the effect they would want it to have because an important percentage of the population would be isolated from whatever the Central Bank or the Treasury of the Stated wanted to do with the National currency. That alone is enough tho keep bankers up at night. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Greggry on April 14, 2023, 03:51:55 PM This people knee that if crypto become more popular than expected my citizens will be independent of their rulership and control. They never want that to happen so they keep bring one issue or the other and tag it to be a threat to economy. Before bitcoin is there no threats to economy, my president said he doesn't want the youths to fall victim of losing money as if he gave us a dime in the first place.
Bitcoin still the light up, with them or not, bitcoin keeps getting stronger and better. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: coupable on April 14, 2023, 05:13:37 PM Although the Indian minister's statements express revolutionary decisions for projects regulating the uses of crypto globally, I think the most important sentence he said was "The G20 and its members agree that it's not going to be possible to have an independent, standalone country dealing with the crypto." assets,". Except if the minister meant only the countries that belong to the G20.
I mean, if an international legal framework is legislated that regulates the uses of crypto, then it must include all countries, and therefore the framing of this field brings together representatives from all countries, such as if this is done through the United Nations or the World Bank, because it will never be feasible for the G20 countries to establish largest economies in the world) to create it alone, since it will be for its interests in the first place. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Gyfts on April 14, 2023, 08:25:36 PM It wouldn't make sense to have global regulatory framework when each country views crypto differently. Even the U.S. and Europe are a bit hesitant on how far they should take regulations because they see crypto as an opportunity for tax revenue.
Some of the countries that are still developing (India and China) probably see it more prudent to regulate crypto more stringently because they need their currency to gain more global competitiveness. Bitcoin would be a direct competitor. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: hugeblack on April 15, 2023, 04:48:54 AM The last time I heard the word global consensus was at the Climate Summit and Live, they failed even to develop a general perception, so it is unlikely that there will be a global consensus on any issue in general and on the issue of encryption in particular.
Also, the G-20 represents a global bloc of the 20 best economies in the world, and therefore it is an influential entity. If it adopts any regulations, most countries in the world will follow those regulations (not necessarily all of them, but most of them). I am not afraid of tightening restrictions globally, but the approach that each individual country is taking is the problem. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Zlantann on April 15, 2023, 05:06:45 AM It mostly about he control over the macroeconomics which keep those people afraid about the increasing adoption of Bitcoin a and other altcoins. For instance, let us assume that a country has a lot of adoption of Bitcoin and the government wanted to change the number of FIAT in circulation, adjust the interest rates on credit, sell debt, etc. Most of those things would not have the effect they would want it to have because an important percentage of the population would be isolated from whatever the Central Bank or the Treasury of the Stated wanted to do with the National currency. That alone is enough tho keep bankers up at night. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Gallar on April 15, 2023, 05:25:07 AM countries that are members of the G20 do not all have a bad reputation for crypto, there are several countries that are neutral about responding to crypto-related issues. because of the impact that occurs as a result of crypto, in each country it has a somewhat different impact. I am still amazed today by the words of Indian Prime Minister Narendra and the Bank of India
Quote Modi said a collective global effort is needed to tackle the problems posed by cryptocurrencies. The Reserve Bank of India says that cryptocurrencies should be banned as they are akin to Ponzi schemes. Source: https://www.google.com/amp/s/www.cnbcindonesia.com/news/20230211191151-4-413015/g20-india-dorong-aturan-mata-uang-kripto-ini-contents/ampEven though crypto, especially bitcoin, cannot be equated with a ponzi scheme, because investing in crypto also requires patience, thoroughness and high knowledge, in order to get maximum results, so that it is far from speculation, that's why crypto is not a get-rich-quick scheme , or promises to be rich, because investors also research and study before starting to invest. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: irhact on April 15, 2023, 05:31:55 AM In the recent news interview India Finance Minister Mrs. Nirmala Sitharaman, clearly stated that all the 20 nations should also involve rest of the world on deciding new framework of the crypto. She thinks that crypto poses various threat to the economy and it is not the issue of one nation or 20 but it's an issue related to the entire global economy. First they ignore you then they try to destroy you before they finally start accepting you because they have no other options as you have triumph in the presence of all the attacks they have thrown your way to bring you down. We're still in the stages of been attack but that won't last long as they'll realized that they can't destroy the market as it has come to stay. Instead of attacking Bitcoin and cryptocurency by calling it a problem to the monetary system, they should be accepting it and looking for ways it can be used to help the dieing monetary world because it's just a matter of time before it collapses. Already we're seeing the US dollars lose its significant, soon others will follow. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: KiaKia on April 15, 2023, 06:50:40 AM it's quite funny to see these boomers say that crypto is an asset that is unstable and unsafe to invest in, some even say that this is a fraud .. but on the other hand they seem scared of the increasing number of adopters of crypto and don't want their product (fiat) is losing its users.. if they believe that crypto is an asset that is not fit for adoption, why should they fear that adopters of crypto are increasing?? LMAO If crypto is so unsafe it is not their problem, it is the investor's problem, why are they feeling concerned when they can't provide a better way for people around the world to get out of poverty and become financially free? These people are satan's general, they know how many people around the world will benefit from crypto that's why they hate it. There is always something about powerful people and the poor, they never want them to rise. Like Kiyosaki used to say "Keep them poor".Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: teosanru on April 15, 2023, 05:30:11 PM As we all know G20 happened, and all the 20 countries gathered to discuss various agenda's about current and past schemes that are underway in terms of national and international developments. G20 houses one of the highly developing/developed countries and with classic economic status. So what they discuss and what they propose does matter to the world in some way or the other. I am not surprised with this statement of hers. You see obviously Cryptos are a threat to traditional monetary ecosystem because it handicaps the potential of the government to control the money flow of the country. For them controlling flow and taxes is the most important thing and bitcoin and Cryptocurrencies restrict then from doing both the things. Also individually one country can't restrict Cryptos so they want a collective framework.In the recent news interview India Finance Minister Mrs. Nirmala Sitharaman, clearly stated that all the 20 nations should also involve rest of the world on deciding new framework of the crypto. She thinks that crypto poses various threat to the economy and it is not the issue of one nation or 20 but it's an issue related to the entire global economy. Speaking of which, she added it's far better to have Global Framework for the crypto and we should have collective rules and regulations for the same. Day by day, they are getting stringent about Crypto usage. Quote India's Finance Minister Nirmala Sitharaman participates in a news conference at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S.(REUTERS) "I am glad to say that there is a greater acceptance among all G20 members, that any action on crypto assets will have to be global. The G20, I think, has responded fairly with alacrity (on the crypto challenge)," Sitharaman told reporters at a news conference after a meeting of G20 finance ministers and central bank governors. "The G20 and its members agree that it's not going to be possible to have an independent, standalone country dealing with the crypto assets," the minister added. Sitharaman told reporters that the group has willingly responded to the issue. A "synthesis paper" would be taken up on matters related to crypto assets during India's G20 presidency. India has maintained it wants a collective global effort to deal with problems posed by cryptocurrencies such as bitcoin, and the finance ministry back in February said it had held a seminar for G20 member states to discuss how to come up with a common framework. Earlier in February, Sitharaman had said, "We are going through the study process so that there can be informed discussion. International Monetary Fund (IMF) and also the Financial Stability Board (FSB) have been doing their own little work on the crypto matter and progressing on their own. We've now asked them to do the papers and give it to us and the rapidity with which these papers have been already from IMF given and from FSB which will be given in time for the July meeting. I feel that we are progressing in this direction. So something should develop." She made the remarks while responding to a question regarding a consensus among the G20 nations on crypto assets during India's Presidency. "Recognising the risks attached to the private virtual assets, G20 nations moved a step closer to developing a coordinated and comprehensive policy approach to deal with the crypto assets by considering macroeconomic and regulatory perspectives," she said. Need global coordination to regulate crypto assets: FM Nirmala Sitharaman (https://www.hindustantimes.com/india-news/need-global-coordination-to-regulate-crypto-assets-fm-nirmala-sitharaman-101681443673373.html) Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Hispo on April 15, 2023, 06:34:21 PM It mostly about he control over the macroeconomics which keep those people afraid about the increasing adoption of Bitcoin a and other altcoins. For instance, let us assume that a country has a lot of adoption of Bitcoin and the government wanted to change the number of FIAT in circulation, adjust the interest rates on credit, sell debt, etc. Most of those things would not have the effect they would want it to have because an important percentage of the population would be isolated from whatever the Central Bank or the Treasury of the Stated wanted to do with the National currency. That alone is enough tho keep bankers up at night. Well, you points are valid as well. But the maximum circulation of Bitcoin in comparison to the population of a country or the world is mostly irrelevant for adoption, because that matters in that sense is the market capitalization, in my humble opinion. Everyone in the world can own Bitcoin because the liquidity will be always be high enough, of course, that scenario would imply a massive increase of the prize. On your second point about FIAT vs FIAT, what do you think your local government felt when people started to use USA dollars instead your national currency? Most of the times local governments are not happy about it, because they indeed lose control over the macro economics. It is a fairly similar scenario when we talk about globally recognized assets competing against each other. If a bank wants to increase the interests to decrease inflation but they only have local currency instead Dollars, then people could still opt to borrow in USD elsewhere. That is why in Argentina the interest in Pesos are huge, but they are low in USD. And there is not much the banks can't do about it. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: tabas on April 15, 2023, 08:49:44 PM it's quite funny to see these boomers say that crypto is an asset that is unstable and unsafe to invest in, some even say that this is a fraud .. but on the other hand they seem scared of the increasing number of adopters of crypto and don't want their product (fiat) is losing its users.. if they believe that crypto is an asset that is not fit for adoption, why should they fear that adopters of crypto are increasing?? LMAO Funny as it is and that's because they can no longer ignore that it's overtaking some other traditional assets that they know and compared with the growth that bitcoin to those, it's incomparable and undeniable that the gain that it has got is impressive.They're making it look that they fear the increasing adoption rate of bitcoin and the people that starts to use and invest on it but, they're trying to make way so that they can still capitalize and benefit from the current situation. Quote India's Finance Minister Nirmala Sitharaman participates in a news conference at the 2023 Spring Meetings of the World Bank Group and "The G20 and its members agree that it's not going to be possible to have an independent, standalone country dealing with the crypto assets," the minister added. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: goaldigger on April 15, 2023, 08:59:10 PM Many government can’t still accept the purpose of crypto, and we are still far from that adoption. Though its good that most of the member still allow their people to have access in crypto world, and I think this is better. Sooner or later, they will adopt as well as many countries already make Bitcoin and cryptocurrency legal. They see this as a threat for some reason, and we know that the government don’t want transparency that much.
Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Cryptomultiplier on April 15, 2023, 09:00:22 PM Well, they can't stop crypto but can find means to regulate or monitor it. The world has built cashless systems that even cash/fiat has had to opt for a cashless economy, by adoption of its decentralized network, USSD codes transfers, cash apps and POS points/terminals.
If this is so, I see no reason why crypto can't function side by side, unless there is some form of interest these countries want in return for accepting it, but can't clearly state it. We can't talk of the massive unemployment and hunger that would ride on the masses who lean on cryptocurrency for survival. If at all, other countries like El Salvador is there among others to showcase how crypto can develop a country and be of good to those who understand its capabilities. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Baofeng on April 15, 2023, 10:36:31 PM Isn't it that's what the summit has been doing for the last 5 years or so? carved out stringent regulations against crypto as they see it affecting the monetary world? But nothing has happen to far, crypto is here and going to stay. Also we have to look at which country is in this group and see if they are pro, anti or in the grey area as far as crypto goes.
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom and United States and the European Union. So in the list we can see which one of them are in either category of the spectrum. Because with that, we will know their stance if they see the crypto is a pose or threat or it is something that they can live with. So it will be hard for India to have this tighter regulations and I don't think that there will be consensus out of this G20 meeting. I'm not surprised by India's hard line against crypto though, perhaps it steam to the notion that crypto is being used by criminals. Their Central Banks (RBI), has been anti crypto as they compare it to Ponzi scheme. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: dothebeats on April 15, 2023, 10:56:44 PM They're getting rough on crypto, that's for sure, specially India. Aren't they glad that their citizens are somehow becoming economically literate? It helps them make informed decisions with their money, although it takes away some depositors from the banks. Even still, the negatives don't outweigh the positives, but they will act as if crypto isn't helping becauze it takes away from their machineries - the banks and the stock market.
Would have been nice if a lot of concrete, economic ideas and concepts are being tackled in G20 and not something that isolates and opresses bitcoin and crypto in general, but meh. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Silberman on April 16, 2023, 02:34:09 AM They're getting rough on crypto, that's for sure, specially India. Aren't they glad that their citizens are somehow becoming economically literate? It helps them make informed decisions with their money, although it takes away some depositors from the banks. Even still, the negatives don't outweigh the positives, but they will act as if crypto isn't helping becauze it takes away from their machineries - the banks and the stock market. Those at the top have always benefited from keeping the masses as uninformed as possible about how the economy works and how they are heavily favored because of it, then it makes sense they are against bitcoin and other cryptocurrencies, as those which adopt them with their eyes open are people that understand very well their tricks and they are not wiling to participate anymore in such a rigged game, and as you may guess governments are not happy about this.Would have been nice if a lot of concrete, economic ideas and concepts are being tackled in G20 and not something that isolates and opresses bitcoin and crypto in general, but meh. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Sarah Azhari on April 16, 2023, 03:39:58 AM Even though the proposal by the Indian party will pay attention to crypto as a form of economic problem, it will not necessarily be agreed upon by every country. For example, in the country where we live, we are part of the G20 members and have even built partnerships with investors to facilitate crypto assets into the category of protected commodity assets. India is pretty much the same as Indonesia where crypto is not legal tender. The discrepancy is, in Indonesia the regulations of crypto already exist while India is being considered. So with the G20 event, I hope India is more focused on that, and have an intense discussion with a country where crypto regulation being existed like Indonesia. Actually, crypto doesn't bother economic countries, instead a growth economic system in that country. In fact happen in Indonesia, where the government got over the targeted tax of 15 Million USD in semester 2 of 2022. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: chrisculanag on April 16, 2023, 03:57:31 AM They have noticed that the number of people who enjoy cryptocurrencies is increasing, which really scares every country, so they intend to control it by restricting and implementing laws that can control its users. I just hope that the result of their step will be good.
Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: justdimin on April 16, 2023, 05:15:51 AM It mostly about he control over the macroeconomics which keep those people afraid about the increasing adoption of Bitcoin a and other altcoins. For instance, let us assume that a country has a lot of adoption of Bitcoin and the government wanted to change the number of FIAT in circulation, adjust the interest rates on credit, sell debt, etc. Most of those things would not have the effect they would want it to have because an important percentage of the population would be isolated from whatever the Central Bank or the Treasury of the Stated wanted to do with the National currency. This is exactly the reason and I believe that we shouldn't really worry about those governments because they are not going to do anything about bitcoin like banning it. Because if you ban bitcoin, there are millions of people in most nations that uses it and you risk not getting their votes, doesn't mean they will vote for the other person, maybe they would but they could just sit at home as well.That alone is enough tho keep bankers up at night. That's how most elections are won in the world, if you can make your voters go out and vote you win, if they protest and stay at home then you lose, it is usually not getting the vote of the other side, that doesn't happen too much. So, politicians would be worried that they would upset their own voters and not do anything about bitcoin. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: kryptqnick on April 16, 2023, 11:29:55 AM Isn't it a little too late to take 'global' action on cryptos? I mean, she's saying it as if there currently aren't any regulations, and the top countries can come together and started a unified approach. But in fact many countries, including those in the G20, already regulate cryptos in some ways, and these ways aren't the same. Also, there's already an independent country dealing with cryptos, in case the G20 didn't notice, and it's called El Salvador. I hope that in practice, as with many things when it comes to G20, an agreement won't be reached and varied policies will continue.
Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: so98nn on April 16, 2023, 11:53:52 AM That makes us think, crypto is going to next level slowly. If powerful countries are trying to set such high stake infra then it’s somehow ditching them with their economical issues. Could be the fact that they are seeing up surge in the crypto users even though they have one of the complicated taxation system and already levying high charges in it.
It’s remarkable to see, India is levying 30% flat tax and yet they have not stopped using bitcoin. Basically they are trying to earn more to cover the capital + profits + happy 30% tax which will anyway up lift their own CIBIL. Just love how they are passionate. Could be triggering point for them to levy such strict infrastructure. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Silberman on April 20, 2023, 02:54:30 AM That makes us think, crypto is going to next level slowly. If powerful countries are trying to set such high stake infra then it’s somehow ditching them with their economical issues. Could be the fact that they are seeing up surge in the crypto users even though they have one of the complicated taxation system and already levying high charges in it. I am doubtful there are many people paying such a high tax, people are willing to pay their taxes even if it goes against their short term interests as long as the taxes are kept as low as possible and they see their government making use of those taxes in an appropriate way, a 30% tax is outright robbery, and many people will simply refuse to pay as they understand such a high tax is being charged just because the government wants to discourage the adoption of bitcoin and other cryptocurrencies on their territory.It’s remarkable to see, India is levying 30% flat tax and yet they have not stopped using bitcoin. Basically they are trying to earn more to cover the capital + profits + happy 30% tax which will anyway up lift their own CIBIL. Just love how they are passionate. Could be triggering point for them to levy such strict infrastructure. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Strongkored on April 20, 2023, 03:18:10 AM They have noticed that the number of people who enjoy cryptocurrencies is increasing, which really scares every country, so they intend to control it by restricting and implementing laws that can control its users. I just hope that the result of their step will be good. The government could start by imposing regulations on cryptocurrencies to control it as they usually do to their people which controls every activity, I just think they are afraid of crypto because they think it will compete with their fiat and also misinformation that crypto cannot be traced so it is used by people to avoid taxes.Countries that already have regulations on crypto already understand how it works and also know the potential income that will be received by controlling it rather than banning it which is almost 100% impossible to ban it. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: bangjoe on April 20, 2023, 04:44:34 AM it's quite funny to see these boomers say that crypto is an asset that is unstable and unsafe to invest in, some even say that this is a fraud .. but on the other hand they seem scared of the increasing number of adopters of crypto and don't want their product (fiat) is losing its users.. if they believe that crypto is an asset that is not fit for adoption, why should they fear that adopters of crypto are increasing?? LMAO If crypto is so unsafe it is not their problem, it is the investor's problem, why are they feeling concerned when they can't provide a better way for people around the world to get out of poverty and become financially free? These people are satan's general, they know how many people around the world will benefit from crypto that's why they hate it. There is always something about powerful people and the poor, they never want them to rise. Like Kiyosaki used to say "Keep them poor".Yes, even though the problem of risk is the problem of each individual who invests, but try to imagine if 200 million people from the total population of citizens in a country, and say 50% of that amount invest in crypto against coins like luna whose price drops to 99% which makes the 50% citizens lose and stress or other coins that don't give price returns so they sell at a loss, do you think that will affect the country's economy? if the number of investors is very massive. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Kakmakr on April 20, 2023, 06:07:24 AM The simple reason why governments do not want to embrace Crypto currencies are the following :
1. Bitcoin undermine the Banks and the governments protect the Banks. 2. Governments and Banks cannot "hide" transactions when it is on a public Blockchain. 3. The most money laundering are done through Banks and Fiat currencies, so they are protecting their tool to do that. 4. Governments control and manipulate Fiat currencies (Supply and it's value) ...so they do not want to relinquish that control. 5. Governments use Banks to control people (Monitoring the flow and ownership of wealth) for tax purposes. So why would any government support or allow an alternative currency or technology that gives them all of these benefits? Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: slapper on April 20, 2023, 03:12:30 PM Wow, it's like a huge crypto party, and everyone's on the guest list! India's Finance Minister, Nirmala Sitharaman, wants global teamwork to tackle the crypto chaos, like bitcoin. Crypto's like a wild bronco that needs to be roped in. Yee-haw!
The G20 and members agree that a single country can't handle crypto alone. They're fast to face the crypto challenge, and it's fantastic! During India's G20 presidency, they'll tackle a "synthesis paper" on crypto-related matters. Let's unite and create a solid strategy to manage crypto assets. It's like a superhero alliance, but instead of battling bad guys, they're battling crypto! Can't wait to see the outcome. Trust me, it'll be huge! Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Flexystar on April 20, 2023, 03:32:44 PM Wow, it's like a huge crypto party, and everyone's on the guest list! India's Finance Minister, Nirmala Sitharaman, wants global teamwork to tackle the crypto chaos, like bitcoin. Crypto's like a wild bronco that needs to be roped in. Yee-haw! The G20 and members agree that a single country can't handle crypto alone. They're fast to face the crypto challenge, and it's fantastic! During India's G20 presidency, they'll tackle a "synthesis paper" on crypto-related matters. Let's unite and create a solid strategy to manage crypto assets. It's like a superhero alliance, but instead of battling bad guys, they're battling crypto! Can't wait to see the outcome. Trust me, it'll be huge! They are actually negative about the whole thing. Nirmala does not want it to be regulated in a smooth way but the harder way possible. The only purpose it seems from her speeches and articles, she wants to put an end to the crypto era right away so that their economic balance can be shifted back to the traditional economy purely. This can also be proven by the actions they did during their country's budget finalization. The TDS, Taxation, and complicated system of buy/sell tracking already give me the idea that she does not want it regulated for the general USER but needs to be regulated for the Government itself. The outcome that we may receive could be devastating. Imagine, USA is already on the same page, and if somehow G20 forms any alliance with them, then it's done. The strictest infra would be in place for sure. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: avikz on April 20, 2023, 05:01:02 PM In the recent news interview India Finance Minister Mrs. Nirmala Sitharaman, clearly stated that all the 20 nations should also involve rest of the world on deciding new framework of the crypto. She thinks that crypto poses various threat to the economy and it is not the issue of one nation or 20 but it's an issue related to the entire global economy. This lady doesn't have the credibility to hold power like the finance minister. She is just a puppet to the government. I mean that's how Modi wants it because he usually takes the decision and all ministers speak his language. Indian bureaucratic system is good for nothing. It is corrupted to the core and has a mentality of serving its own ego rather than serving the public. So the such system will never accept cryptocurrency getting mixed with the mainstream economy. I am sure a lot of developed countries have laughed at this statement and continued their preparation to welcome cryptocurrency by regulating it. While Indian crypto community is gearing up to pay 30% tax on the income. Sad but true! Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: jaberwock on April 22, 2023, 08:21:23 PM The simple reason why governments do not want to embrace Crypto currencies are the following : I think some of them are right, well most of them are right but I disagree on you with one of them; Government uses banks to control people. I feel like Banks control the government and not vice versa, which means that Banks as a whole could be more powerful than the governments at certain times, they can strong arm governments into submission.1. Bitcoin undermine the Banks and the governments protect the Banks. 2. Governments and Banks cannot "hide" transactions when it is on a public Blockchain. 3. The most money laundering are done through Banks and Fiat currencies, so they are protecting their tool to do that. 4. Governments control and manipulate Fiat currencies (Supply and it's value) ...so they do not want to relinquish that control. 5. Governments use Banks to control people (Monitoring the flow and ownership of wealth) for tax purposes. So why would any government support or allow an alternative currency or technology that gives them all of these benefits? Well, one bank may not have that much power, and it can even bankrupt, but when you talk about all banks together, and sometimes they do get together, they could just tell the government "if I go out, everyone's money goes out, economy crashes, and you will not get votes, help me so I don't destroy you" and that blackmail did worked in multiple nations so far without a doubt. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: chrisculanag on April 23, 2023, 12:19:31 AM They have noticed that the number of people who enjoy cryptocurrencies is increasing, which really scares every country, so they intend to control it by restricting and implementing laws that can control its users. I just hope that the result of their step will be good. The government could start by imposing regulations on cryptocurrencies to control it as they usually do to their people which controls every activity, I just think they are afraid of crypto because they think it will compete with their fiat and also misinformation that crypto cannot be traced so it is used by people to avoid taxes.Countries that already have regulations on crypto already understand how it works and also know the potential income that will be received by controlling it rather than banning it which is almost 100% impossible to ban it. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Darker45 on April 23, 2023, 12:30:51 AM Here they are again with their superior complex, trying to come up with an erroneous and absurd policy among themselves and impose the same on everybody else. They have to wake up. This isn't the age of colonialism anymore. Why shouldn't countries make their own independent and thorough study and craft policies based on it? Why are these conceited countries want everything they think of to be implemented globally?
This Nirmala and the entire G20 should realize that they don't have the monopoly of righteousness, wisdom, and capacity to come up with sound policies. Why shouldn't they study El Salvador? Instead of ganging up on a small sovereign country, why can't they start to understand where it is coming from? Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Similificator on April 23, 2023, 04:37:15 AM Despite their efforts, I already sense that this thing they are pushing will not work as what they envision it to be. This is simply because each country and its citizens view Bitcoins or the whole crypto currency industry as a whole differently from each other. Not to mention the fact that each country has different economic status and problems which makes it even more difficult to have mutual decisions on how to deal with crypto currencies. To some countries, crypto is advantageous while to others, detrimental. How can we expect unison with such differences? Not unless these countries agree on a compromise that does not give too much benefit or loss to any of them which is too unlikely if not entirely impossible due to personal interests fueled by greed or deluded principles.
Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: ancafe on April 23, 2023, 10:12:52 AM Policies in the field of economics and world political issues are very much discussed at the G20, who knows what they will discuss for interglobal cooperation. In essence, they are trying to push for regulation collectively for all participating countries, even though this issue has long been discussed outside the G20 itself. But what confuses us a bit is that some countries have different views on crypto in general, in my country crypto is legal as a commodity asset traded on an exchange which is supervised by the government.
But since the payment option using crypto in general is still being debated and not allowed, then the policies they take will be a bit stricter in this area, maybe on the other hand in other countries there are different approaches to crypto and prohibitions like that, so have a Global Framework for crypto and having collective rules and regulations is something that is hard to achieve globally. I guess so? Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: doomloop on April 23, 2023, 04:14:42 PM Wow, it's like a huge crypto party, and everyone's on the guest list! India's Finance Minister, Nirmala Sitharaman, wants global teamwork to tackle the crypto chaos, like bitcoin. Crypto's like a wild bronco that needs to be roped in. Yee-haw! I don't consider this as a crypto party because they said that crypto is always a problem. A true crypto party is when all people or country that are involved are into cryptos. Also, not all are invited on this happening but it's said, there is only 20 countries. I don't get it, why you seem to be happy there when they are going to tackle crypto? Are you out of your mind already? LoL.The G20 and members agree that a single country can't handle crypto alone. They're fast to face the crypto challenge, and it's fantastic! During India's G20 presidency, they'll tackle a "synthesis paper" on crypto-related matters. Let's unite and create a solid strategy to manage crypto assets. It's like a superhero alliance, but instead of battling bad guys, they're battling crypto! Can't wait to see the outcome. Trust me, it'll be huge! A single country can ban cryptos but other countries who legalize it can still use it. Maybe they are jealous with that fact and want's that country to join them on their plans about banning crypto for good but I don't think other countries will agree on that when they know that they can benefit with cryptos greatly. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: darkangel11 on April 23, 2023, 04:24:12 PM Despite their efforts, I already sense that this thing they are pushing will not work as what they envision it to be. This is simply because each country and its citizens view Bitcoins or the whole crypto currency industry as a whole differently from each other. Not to mention the fact that each country has different economic status and problems which makes it even more difficult to have mutual decisions on how to deal with crypto currencies. To some countries, crypto is advantageous while to others, detrimental. How can we expect unison with such differences? Not unless these countries agree on a compromise that does not give too much benefit or loss to any of them which is too unlikely if not entirely impossible due to personal interests fueled by greed or deluded principles. They can't even make the same regulation for firearms and cannabis and they want to have the same laws around the world considering cryptocurrencies. This cannot work and will never work. Here's the best part. It's G20, so there's China and Russia there. China banned cryptocurrencies because they want total control. Russia is having a hard time deciding if it wants to ban them, or not, but the whole EU and the US has banned Russia from most of the business deals and trades. How are they supposed to work on a consensus here if they still don't even know who blew up the gas pipes between Russia and Germany :D Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: umbara ardian on April 23, 2023, 04:36:12 PM India's decision on cryptocurrency and its approach may be supported or abandoned by other countries. Each country may have its own economic views and goals, and as such, they may have different responses to cryptocurrencies. Some countries may benefit from accepting cryptocurrencies as a means of payment and investment, while others may see cryptocurrencies as a driver of their economy. So India's decision on cryptocurrencies cannot be accepted and implemented in all countries.
Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Silberman on April 23, 2023, 04:52:12 PM Wow, it's like a huge crypto party, and everyone's on the guest list! India's Finance Minister, Nirmala Sitharaman, wants global teamwork to tackle the crypto chaos, like bitcoin. Crypto's like a wild bronco that needs to be roped in. Yee-haw! I don't consider this as a crypto party because they said that crypto is always a problem. A true crypto party is when all people or country that are involved are into cryptos. Also, not all are invited on this happening but it's said, there is only 20 countries. I don't get it, why you seem to be happy there when they are going to tackle crypto? Are you out of your mind already? LoL.The G20 and members agree that a single country can't handle crypto alone. They're fast to face the crypto challenge, and it's fantastic! During India's G20 presidency, they'll tackle a "synthesis paper" on crypto-related matters. Let's unite and create a solid strategy to manage crypto assets. It's like a superhero alliance, but instead of battling bad guys, they're battling crypto! Can't wait to see the outcome. Trust me, it'll be huge! A single country can ban cryptos but other countries who legalize it can still use it. Maybe they are jealous with that fact and want's that country to join them on their plans about banning crypto for good but I don't think other countries will agree on that when they know that they can benefit with cryptos greatly. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: karabiber on April 23, 2023, 04:59:19 PM Regulating cryptocurrencies through legal means can give them more trust and be accessible to everyone but this is a decision contrary to the emergence of cryptocurrencies philosophy.
My country is within the G20 and it is unclear how the regulation dealing with digital assets will be implemented in my country. India's G20 leadership ends in November 2023 and will there be cryptocurrency reform to cover the G20 in the next 7 months? I think for a short time and what the Indian finance minister said will remain as a suggestion. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Unbunplease on April 23, 2023, 11:36:50 PM The G20 meeting is first and foremost a meeting of global manipulators. So don't take their words or threats seriously. They, too, trade in the cryptocurrency market - and transactions are not necessarily made through exchanges. Therefore, it is not beneficial for them to impose a ban on cryptocurrency transactions. I don't think they will be sawing off the bough they are sitting on.
Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Similificator on April 24, 2023, 01:20:13 PM ~ Ikr? Which is probably why most people aren't even taking this news seriously since they already know that it would be quite difficult for the parties involved to make the best decisions that would really give the best possible outcomes not just for the parties involved but also for the entirety of the people currently in or are still about to jump into this industry. Honestly, the only thing I am interested about is what ridiculous policies they would come up with so I can have myself a good laugh while also being prepared for whatever changes I may have to make if needed be on my trading plans if the market gets influenced in some way due to this nonsense they're pulling. Title: Re: G20 Meet - Always consider Crypto as problem to the monetary world. New update Post by: Silberman on April 27, 2023, 03:44:21 AM The G20 meeting is first and foremost a meeting of global manipulators. So don't take their words or threats seriously. They, too, trade in the cryptocurrency market - and transactions are not necessarily made through exchanges. Therefore, it is not beneficial for them to impose a ban on cryptocurrency transactions. I don't think they will be sawing off the bough they are sitting on. The powerful always set a series of rules for them and another set which is very different for the rest of the population, and they do not like one bit that bitcoin allows almost everyone to have similar powers than the ones they have, so even if they are using bitcoin for their purposes you can be sure they are going to try to avoid that the rest of the population does the same, and while this is quite difficult to do at a technical level I am sure that at some point they will try to do it anyway. |