Bitcoin Forum

G20 member countries are now looking at an October deadline for reviewing a global anti-money laundering (AML) standard on cryptocurrency, document shows.

According to a statement issued on Sunday, finance ministers and central bank governors of the G20 member countries hosted a meeting during the weekend and reiterated their position on "vigilant" monitoring over cryptocurrency.

The member countries further called on the Financial Action Task Force (FATF) – an intergovernmental body formed to fight money laundering and terrorist financing – to clarify in three months how its existing AML standards can apply to cryptocurrency.

"While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. ... We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets," member countries said in the document.

See more - https://www.coindesk.com/g20-eyes-october-deadline-for-crypto-anti-money-laundering-standard/

Then I reckon investing, or as Warren Buffet would make us say, speculating in anonymous and privacy cryptocoins will be the next natural step.  I also reckon that the subject of fungibility will have more importance and will not be taken for granted as it is today in the cryptospace.

And the upcoming Schnorr signatures and Confidential Transactions technologies will close the fungibility chapter, more or less.

These people won't be able to fight the cryptocurrency system when that happens. And let's not forget that this is all a big joke anyway, what the G20 really want is for anyone who wants to evade taxes or make "bad" money appear "good" to have to go through their corruption system. Independents aren't allowed, but if you've got the money, these G20 politcians know how to wash it clean for you and who to ask (they know from experience). But cryptocurrency is too powerful a tool for their anti-laundering methods (aka their competition committee, lol) to ever make any difference.

Everyone can now have a Swiss bank account (Obama said it). Everyone can earn money tax free. Everyone can obscure where their money came from. And whether you (or the G20, or whoever) think that's good or bad is completely irrelevant.

They won't say it, but it's true. The current systems, whether banking, finance, regulations, law, they've all been built so these economies can manage them. People think they're doing us all a favour by monitoring and enforcing protection, but what they really want is to ensure they're not missing out on any new money and resources. They want their share, and their systems are tailormade to protect their interests.

All the complex financial structures, all made possible by lobbyists at the highest places, in tandem with all the reputable banks and auditors, so that money can be clean and legal in their eyes. So of course it'll serve them to have control over this new money, in return for their precious legitimisation.

I reckon it will take 3 or 4 more years before we can see an implementation worthy of another softfork for Schnorr, then another round of miners taking their time to signal that they're ready to fork because of politics. Maybe 5 or 6 years before we can enjoy optional privacy.

Privacy coins are going to be in a trouble, the first thing the governments will do in their crypto regulations is to prohibit exchanges and other companies from doing operations with them. Japan has already made their exchanges delist those coins, and some other countries too, if I remember correctly. Bitcoin is very interesting in this situation, because regular transactions are notoriously bad in terms of privacy, but with upcoming protocols and Lightning things will change, and its unclear how would regulators react to them.

@hatshepsut93. I reckon that not all of the exchanges and countries will follow Japan's strict policy versus anonymous cryptocoins. If there is demand to buy them, there will always he exchanges willing to list them.

I also reckon that Japan will not prohibit them forever.

Agreed just like some coins in South Korea who got delisted in all of their cryptocurrency exchanges because of their anonymity feature. This shows that the government is really worries about certain  crimes like money laundering and tax evasion. When I heard the Monero and Dash and even ZCASH were being removed in South Korea that is when I knew that anonymity focused coins are something of a problem for the government.

There's no reason to believe that. A draft for a Schnorr BIP was published a few weeks ago.

I agree that privacy coins will have trouble when more regulations come in regarding exchnages ,exchnages will fear dealing with them since goverments will not be in favour of these coins.

i am not excpeting much form this meeting , I think that there will be some suggestions here and there but in the end they will say again that cryptos have too small of a impact right now.

I am more interested with what regaultions EU will come up this year.

Hehehe it is better to overshoot estimates than to undershoot them to avoid disappointment. Also, there might be unforseen instances of politics being in the way for its activation. Jihan might want to keep delaying bitcoin's development to give his bitcoin cash an advantage.

3 years is still on the long end of possible estimates, even assuming what you're saying above