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Author Topic: "Any rule on Bitcoin must be global, Germany's central bank says"  (Read 104 times)
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January 16, 2018, 12:51:00 AM
 #1

These central bankers don't give up

"Any attempt to regulate cryptocurrencies such as Bitcoin must be on a global scale as national or regional rules would be hard to enforce on a virtual, borderless community, a director at Germany’s central bank said on Monday"

From Reuters ....
https://www.reuters.com/article/us-bitcoin-regulations-germany/any-rule-on-bitcoin-must-be-global-germanys-central-bank-says-idUSKBN1F420E?il=0
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Don Pedro Dinero
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January 16, 2018, 07:13:27 AM
 #2

Well, I have to say that he is right. We are facing global phenomena but only local regulations. Global regulations for global issues are required nowadays.

As for bitcoin specifically, the alternative to regulation is prohibition, so I prefer regulation, although I think politicians will make a botched job.
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January 16, 2018, 09:02:27 AM
 #3

These central bankers don't give up

"Any attempt to regulate cryptocurrencies such as Bitcoin must be on a global scale as national or regional rules would be hard to enforce on a virtual, borderless community, a director at Germany’s central bank said on Monday"

From Reuters ....
https://www.reuters.com/article/us-bitcoin-regulations-germany/any-rule-on-bitcoin-must-be-global-germanys-central-bank-says-idUSKBN1F420E?il=0

That's correct! It is very hard for a single government to regulate bitcoin for a single country because bitcoin is not bounded by any national border. Also majority of the governments don't have the infrastructure to regulate that. However, if it can be regulated on an international level, it's acceptability will increase and it will provide a boost to the cross border trades. However, some governments will still show concern on the tax part, because if bitcoin is regulated on an international level, what will be the tax distribution for a single country. This is a far more complex matter than we can think of.

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January 16, 2018, 09:55:06 AM
 #4

Oh he's definitely right. Any attempt at regulating cryptocurrencies on a local level is doomed to fail in the long run. Loose regulation, sure, but heavy regulation will require international accord.

And seeing how nations are not even remotely able to fix international tax loop holes I don't see this happening any time soon. There's no way the global economy will find a consent on how to regulate cyptocurrencies "the right way". So governments will have to find the sweet spot between regulating cryptocurrencies in a way that helps creating a solid legal foundation, while not acting so heavy handed that it simply drives people, companies and thus tax money into countries that are more liberal in their regulation.

Beautiful, ain't it.

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January 16, 2018, 10:42:07 AM
 #5

These central bankers don't give up

"Any attempt to regulate cryptocurrencies such as Bitcoin must be on a global scale as national or regional rules would be hard to enforce on a virtual, borderless community, a director at Germany’s central bank said on Monday"

From Reuters ....
https://www.reuters.com/article/us-bitcoin-regulations-germany/any-rule-on-bitcoin-must-be-global-germanys-central-bank-says-idUSKBN1F420E?il=0

In my opinion, it's better to make global regulations than to completely ban bitcoins. It will probably be difficult to do. For example, taxes are governed by local laws. But some foundations of regulation can probably be created.
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January 16, 2018, 11:11:57 AM
 #6

Well, I have to say that he is right. We are facing global phenomena but only local regulations. Global regulations for global issues are required nowadays.

As for bitcoin specifically, the alternative to regulation is prohibition, so I prefer regulation, although I think politicians will make a botched job.

Totally agree,In another situation there will be jurisdiction problems and it may cuase bad consequences.I think,In this situation International regulations will have a decisive role (in a broad sense) but some countries do not perceive it seriously and there is a big problem too,because of cryptocurrency legal definiotion wich is important to make right global or local regulations.The definition wich is defined by financial institutions,In my opinion It does not fit in its definition.

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January 16, 2018, 11:45:39 AM
 #7

Great news! A central banker publicly admits that is powerless in front of BTC.
It's about time, the people are taking back the power which belongs to them.

Read more from me and follow me on Steemit: https://steemit.com/@countryfree
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January 17, 2018, 06:20:10 AM
 #8

There's no way this is going to happen. Everyone has a different approach, from some countries that want nothing to do with it, along with some that are optimistic of its future. Countries have reached deadlocks over smaller issues.

That being said, this is quite true. Countries should be able to monitor most movements within their country through their local exchanges, but there are still ways to move coins in and out, of which they can do little about. It would be much harder to go after these with the help of the other countries involved.

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January 17, 2018, 07:23:37 AM
 #9

This is a very stupid suggestion. For something like a global law, the United Nations need to bring together all the member nations. And reaching a consensus on issues such as tax implications and anonymity is going to take many years, if not decades.

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January 17, 2018, 12:31:18 PM
 #10

For me, he did not discover America. It is clear without it. But I think that global agreements can be. Countries with weak economies always have difficulty attracting investment. They will always be tempted to draw in his country, investments from all over the world thanks to the cryptocurrency. The weakest link is exchange for Fiat. If you can use a cryptocurrency without communication nothing can stop cryptocurrencies.

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January 19, 2018, 01:24:59 AM
 #11

Bitcoin's scope is not just in a particular country so it is just right that a rule regarding bitcoin should be global not just local because it would be pointless to just say that bitcoin is this or that in a particular country and then the people would just switch to VPN and then do whatever they have always done with it. However, it would be hard for the countries to have a consensus on what particular rule should apply to bitcoin because of different point of views and beliefs that somehow would be a hindrance to agree into something. It may take some time for any rule to be agreed upon globally.














 

 

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January 21, 2018, 10:26:08 AM
 #12

Oh he's definitely right. Any attempt at regulating cryptocurrencies on a local level is doomed to fail in the long run. Loose regulation, sure, but heavy regulation will require international accord.

And seeing how nations are not even remotely able to fix international tax loop holes I don't see this happening any time soon. There's no way the global economy will find a consent on how to regulate cyptocurrencies "the right way". So governments will have to find the sweet spot between regulating cryptocurrencies in a way that helps creating a solid legal foundation, while not acting so heavy handed that it simply drives people, companies and thus tax money into countries that are more liberal in their regulation.

Beautiful, ain't it.

Handling of Bitcoin regulations should be done in no other way but in a global manner as stated by Reuters and highlighted further by HeRetiK. We all know that cryptocurrency caters to a server that is globally used and accessed which is why it is just rightful to set regulations which would cover the entirety of its network. Since Bitcoin can be used anywhere (well of course except those in countries where it has been proclaimed illegal) in the world by anyone who owns it, a global law should be established towards its handling due to its applicability. However there are a lot of global issues that are yet to be fixed which is why considering the complexity of the structure of Bitcoin, it might be hard for our global leaders to establish something they would all agree on towards this platform.
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January 21, 2018, 10:40:26 AM
 #13

These central bankers don't give up

"Any attempt to regulate cryptocurrencies such as Bitcoin must be on a global scale as national or regional rules would be hard to enforce on a virtual, borderless community, a director at Germany’s central bank said on Monday"

From Reuters ....
https://www.reuters.com/article/us-bitcoin-regulations-germany/any-rule-on-bitcoin-must-be-global-germanys-central-bank-says-idUSKBN1F420E?il=0

I'm afraid he is perfectly right, really. And we should pray that they don't raise this issue at the UN level. If all countries or at least those which the UN Security Council consists of accept a proposal to universally ban bitcoin as well as other cryptocurrencies, we may face new dark ages in the crypto scene. Let's all hope that irreconcilable differences and disagreements between major powers would prevent them from colluding against bitcoin.

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January 21, 2018, 10:07:29 PM
 #14

It makes perfect sense, but... good luck with that one.

When it comes to regulatory and tax regimes countries are in competition with each other. If countries undercut the shit out of each other to get Apple's billions, they're really not going to let up to get a piece of potential crypto trillions.

If something like this was ever managed, somewhere like Vanuatu could drop out and instantly double its GDP.

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January 22, 2018, 01:30:00 AM
 #15

And I think any government who wants to ban bitcoin would need to be changed

Why not all governments are like switzerland ?

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Sithara007
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January 22, 2018, 06:43:42 AM
 #16

And I think any government who wants to ban bitcoin would need to be changed

Why not all governments are like switzerland ?

In that case, you would need to change 99% of the governments around the world. Just admit it, most of the governments want to enslave their citizens through the banks. Bitcoin provides an opportunity for these citizens to escape from the clutches of bankster slavery. If Bitcoins become popular, then the banks will lose their power. And if that happens, the governments will lose control over their citizens.

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January 22, 2018, 09:47:02 PM
 #17

It makes perfect sense, but... good luck with that one.

When it comes to regulatory and tax regimes countries are in competition with each other. If countries undercut the shit out of each other to get Apple's billions, they're really not going to let up to get a piece of potential crypto trillions.

If something like this was ever managed, somewhere like Vanuatu could drop out and instantly double its GDP.

If there is a universal ban on cryptocurrencies or regulations not very far from it established and enforced by major governments, Vanuatu and similar micronations won't have a say in the matter. These regions will soon be declared safe havens for terrorists, pirates, slavers, drug traffickers, whatever, and they will have to face the consequences. Just like it happened in Iraq.
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