France Wants G20 Nations to Discuss Bitcoin Regulation.

[PRDAEcontact]

France's finance minister is planning to push for a discussion on bitcoin regulation at a G-20 summit in 2018. How would this influence the development of Bitcoin?

Looking forward to hearing different opinions!

[Platonicus]

There is nothing bad about regulation of Bitcoin, but it`s hardly possible. I can see they ask to pay some taxes from crypto profits, but regulation?   

[Jet Cash]

Well they want to create a new world currency to replace the dying fiat currencies, so of course they wantr to regulate Bitcoin. They should be looking at the Renminbi and the Ruble - those are much bigger threats to them.

[figmentofmyass]

There is nothing bad about regulation of Bitcoin, but it`s hardly possible. I can see they ask to pay some taxes from crypto profits, but regulation?   

you laugh, but regulation includes the prospect of prohibiting bitcoin mining, bitcoin services and cryptocurrency payments entirely. people laugh and say "that's not possible, derp!" sure, the state can't realistically censor all network traffic on all blockchains in their jurisdiction. but as eric voskuil‏ eloquently points out:

how do you think things will unfold once the global ban on mining and transacting in Bitcoin takes hold? A hash power drop to almost nothing, all online exchanges, web wallets, meatspace merchants, merchant services/APIs and bank interactions shuttered.

let's be realistic. the internet doesn't run on decentralized mesh networks. businesses with global reach and massive mainstream growth potential =/= banking pariahs (like bitfinex) set up in the BVI or antigua.

bitcoin exchanges, merchants/payment processors, wallet services, etc. are highly dependent on favorable regulation. the lack thereof means shuttering their businesses or setting up shop in pariah countries (limiting growth). a global ban on mining could cripple the hash rate, threatening the network's security.

voskuil‏ went on to discuss how the state's inability to destroy bitcoin is not enough to guarantee its relevance and mainstream adoption:

Like gold, bitcoin cannot be eliminated. But despite its existence the people of the world (including Indians) primarily use state money. The seizure of gold and outlawing of its contracting in the US was quite a successful operation. Those who used gold became black market.

[Platonicus]

In any case, even G20 decides to regulate Bitcoin or prohibit it, still will be free countries where you can mine it, exchange, use it, etc. Switzerland is an example.

[Low Sigma]

I think that it will go more into the dark web if they want to censor it.

[figmentofmyass]

In any case, even G20 decides to regulate Bitcoin or prohibit it, still will be free countries where you can mine it, exchange, use it, etc. Switzerland is an example.

for now. we have to approach this realistically: bitcoin is unprecedented and experimental. nobody knows for sure that its incentives are viable in the long term. for years, i believe most governments either assumed that it wasn't viable or viewed it as a curiosity to be regulated as needed.

even now, the narrative is that bitcoin could be a legitimate commodity like gold, traded on the world markets alongside traditional assets. but what if bitcoin is truly an existential threat to nation-states and their monetary sovereignty, as many bitcoiners believe? if this threat were to begin manifesting, isn't the inevitable response of governments to prohibit all things cryptocurrency? switzerland included.

[Harlot]

I think that is good news for Bitcoin Users and Cryptocurrency Users in general. Looking at Regulating Bitcoin is better than banning Bitcoin. With these move we might see Bitcoin one day as one of the best choices for a payment method. People are scared of the word "regulation" as they know it will remove the benefit of Bitcoin being an anonymous currency but it is one of the feautures we must sacrifice in order for us and Bitcoin to move forward.

[gentlemand]

It'll formalise what's already in place with exchanges and payment processors I presume. More AML/KYC stuff which should hopefully give birth to less appalling services. It's inevitable so I hope they do it well and thoroughly. There's nothing else they can regulate.

[MiningSensei]

Far as i know the G-20 group has more than twenty countries at the moment, i dont know why they are still calling it the *g-20* because there are more than 33 if i am not wrong.

France's finance minister is planning to push for a discussion on bitcoin regulation at a G-20 summit in 2018. How would this influence the development of Bitcoin?

If this is true, then it will push bitcoin to the top again, those countries are very big influencers over all the whole world economy.

Maybe if they get interested in bitcoin and how does the blockchain works, bitcoin will start to be more famous on all over the world.

I dont know, those are just my thoughs.

[farhaan]

I think that is good news for Bitcoin Users and Cryptocurrency Users in general. Looking at Regulating Bitcoin is better than banning Bitcoin. With these move we might see Bitcoin one day as one of the best choices for a payment method. People are scared of the word "regulation" as they know it will remove the benefit of Bitcoin being an anonymous currency but it is one of the feautures we must sacrifice in order for us and Bitcoin to move forward.

Yes regulating is much better than banning bitcoin.But they too would have no other option than regulating bitcoin and let it go as it could not be entirely banned.I think that bitcoin is becoming a worst nightmare for such nations.Even the economic powers in case of bitcoin are helpless.

[nullius]

[Eric Voskuil‏] went on to discuss how the state's inability to destroy bitcoin is not enough to guarantee its relevance and mainstream adoption:

Like gold, bitcoin cannot be eliminated. But despite its existence the people of the world (including Indians) primarily use state money. The seizure of gold and outlawing of its contracting in the US was quite a successful operation. Those who used gold became black market.

So, I see I’m not the only one discussing the United States gold ban in this context.

We live in interesting times.

[J. Cooper]

There is nothing bad about regulation of Bitcoin, but it`s hardly possible. I can see they ask to pay some taxes from crypto profits, but regulation?   

you laugh, but regulation includes the prospect of prohibiting bitcoin mining, bitcoin services and cryptocurrency payments entirely. people laugh and say "that's not possible, derp!" sure, the state can't realistically censor all network traffic on all blockchains in their jurisdiction.

Valid point. But let's say they do prohibit (large scale) bitcoin mining, then I would expect a huge drop in the hashing power and therefore a drop in  the difficulty enabling individual users to commit to small scale bitcoin mining (?). This would make it practically impossible to shut down bitcoin mining because the hashing power would be distributed over the word (this could be wrong I'm just thinking out loud).

[filharvey]

France's finance minister is planning to push for a discussion on bitcoin regulation at a G-20 summit in 2018. How would this influence the development of Bitcoin?

Looking forward to hearing different opinions!

They would discuss about the possibilities of regulating bitcoin and they may decide to imply regulations on bitcoin at the same time.But they too know that they could not stop bitcoin progress by any way.

[razzbee]

I think they would put more tracking and tax based regulations in place.

[jseverson]

France's finance minister is planning to push for a discussion on bitcoin regulation at a G-20 summit in 2018. How would this influence the development of Bitcoin?

Looking forward to hearing different opinions!

Well we won't know for sure what kind of influence it will have on any aspect until we know what comes of their discussion. Either way, I feel like we have nothing to worry about. The G20 is a progressive group of countries, and I don't think crippling Bitcoin will be in the cards. At worst, it will be scrutinized on the level that fiat is. It's too early to be having this discussion.

[hndrk10]

France's finance minister is planning to push for a discussion on bitcoin regulation at a G-20 summit in 2018. How would this influence the development of Bitcoin?

Looking forward to hearing different opinions!

This is great news, it will increase awarness about Crypto currencies and I think, but that might be just me, we will see another great price growth.

[MisterPrada]

They are just scared, Their masters (the banks) don't want people to trade with each other without them being the middle man. They don't like the digital currency, but they would like a cashless society which they control and regulate. Bunch of hypocrites!

[junoreactor]

France's finance minister is planning to push for a discussion on bitcoin regulation at a G-20 summit in 2018. How would this influence the development of Bitcoin?

Looking forward to hearing different opinions!

This is great news, it will increase awarness about Crypto currencies and I think, but that might be just me, we will see another great price growth.

This is about taxes, at least this is France's position on it. I am not sure what the other countries of the G20 say about it.

[sukamasoto]

France's finance minister is planning to push for a discussion on bitcoin regulation at a G-20 summit in 2018. How would this influence the development of Bitcoin?

Looking forward to hearing different opinions!

That's a good thing since my government still forbid bitcoin because of security reason.
Hope when G-20 conference decide to discuss about bitcoin, they can become more subjective and wise since bitcoin is something that people need on digital era !