France, Germany to make joint bitcoin regulation proposal at G20 summit

[alyssa85]

https://www.reuters.com/article/us-global-bitcoin-france-germany/france-germany-to-make-joint-bitcoin-regulation-proposal-at-g20-summit-idUSKBN1F728X

PARIS (Reuters) - France and Germany will make joint proposals to regulate the bitcoin cryptocurrency at the next summit of the G20 group of major economies in Argentina in March, French Finance Minister Bruno Le Maire said on Thursday.

“We will have a joint Franco-German analysis of the risks linked to bitcoin, regulation proposals and these will be submitted as a joint proposal to our G20 counterparts at the G20 summit in Argentina in March,” Le Maire told reporters.

Lets hope the other G20 countries ignore them.

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[captin crunch]

https://www.reuters.com/article/us-global-bitcoin-france-germany/france-germany-to-make-joint-bitcoin-regulation-proposal-at-g20-summit-idUSKBN1F728X

PARIS (Reuters) - France and Germany will make joint proposals to regulate the bitcoin cryptocurrency at the next summit of the G20 group of major economies in Argentina in March, French Finance Minister Bruno Le Maire said on Thursday.

“We will have a joint Franco-German analysis of the risks linked to bitcoin, regulation proposals and these will be submitted as a joint proposal to our G20 counterparts at the G20 summit in Argentina in March,” Le Maire told reporters.

Lets hope the other G20 countries ignore them.

It is interesting what does they mean under regulations?

[LeGaulois]

They are not happy because they want "a stable economy" as well "limit money laundering using cryptos" and "refuse the speculation risks" it's their own words.

If they "refuse the speculation risks" maybe they should look at the banks first, It's my money I do whatever I want, I don't ask them for accounting advice

The crypto market and its ecosystem can help the economy, how it can make an economy unstable? Ah let me guess: money will leave the bank vaults putting at risks the banks to go bankrupt.

This Finance Minister has appointed a "Sir Bitcoin" and gave him instructions to think about how to regulate the cryptos.
The guy appointed was governor at the central banker and anti-bitcoin on top of that.

[bit-freedom]

Regulating crypto is better than ban crypto totally. Let’s watch the March summit for updates and hopefully it will be a positive news for crypto.

[stompix]

https://www.reuters.com/article/us-global-bitcoin-france-germany/france-germany-to-make-joint-bitcoin-regulation-proposal-at-g20-summit-idUSKBN1F728X

PARIS (Reuters) - France and Germany will make joint proposals to regulate the bitcoin cryptocurrency at the next summit of the G20 group of major economies in Argentina in March, French Finance Minister Bruno Le Maire said on Thursday.

“We will have a joint Franco-German analysis of the risks linked to bitcoin, regulation proposals and these will be submitted as a joint proposal to our G20 counterparts at the G20 summit in Argentina in March,” Le Maire told reporters.

Lets hope the other G20 countries ignore them.

And why do you hope that?
The article has no info on what kind of regulations they plan on proposing.

Besides that, what is so bad about regulation?Japan did it , and that is one of the reasons where at >10k$.
Anyhow, if France and Germany propose something then it will come to the members and we have China, Russia, Saudia Arabia and Indonesia from the "ban" block and South Korea, India from the regulation block plus the UK, Italy and of course the EU votes who also have quite the same stance.

So if anything, regulation might be desired rather than letting China and Indonesia proposing something.

Also , is this not one month old news?
https://www.reuters.com/article/uk-markets-bitcoin-g20/french-finance-minister-calls-for-bitcoin-regulation-debate-at-g20-idUSKBN1EB0SZ

This Finance Minister has appointed a "Sir Bitcoin" and gave him instructions to think about how to regulate the cryptos.
The guy appointed was governor at the central banker and anti-bitcoin on top of that.

Source for this?

[Selenites]

The French minister of economy named a old banker to managed a commission about bitcoins, let's say I don't expect much from it seeing the position of the government on crypto-currency...
But hey! at least they noticing it

[sindikat]

https://www.reuters.com/article/us-global-bitcoin-france-germany/france-germany-to-make-joint-bitcoin-regulation-proposal-at-g20-summit-idUSKBN1F728X

PARIS (Reuters) - France and Germany will make joint proposals to regulate the bitcoin cryptocurrency at the next summit of the G20 group of major economies in Argentina in March, French Finance Minister Bruno Le Maire said on Thursday.

“We will have a joint Franco-German analysis of the risks linked to bitcoin, regulation proposals and these will be submitted as a joint proposal to our G20 counterparts at the G20 summit in Argentina in March,” Le Maire told reporters.

Lets hope the other G20 countries ignore them.

It is interesting what does they mean under regulations?

I am sure that nothing good they can imagine. Any state seeking to do nothing and take the most money from the residents. Cryptocurrency will not be an exception. Now they will try to tax the users. After they collect the maximum information and develop a strategy for dealing with cryptocurrencies, they will reject them under the pretext of terrorism or tax evasion.

[bug.lady]

https://www.reuters.com/article/us-global-bitcoin-france-germany/france-germany-to-make-joint-bitcoin-regulation-proposal-at-g20-summit-idUSKBN1F728X

PARIS (Reuters) - France and Germany will make joint proposals to regulate the bitcoin cryptocurrency at the next summit of the G20 group of major economies in Argentina in March, French Finance Minister Bruno Le Maire said on Thursday.

“We will have a joint Franco-German analysis of the risks linked to bitcoin, regulation proposals and these will be submitted as a joint proposal to our G20 counterparts at the G20 summit in Argentina in March,” Le Maire told reporters.

Lets hope the other G20 countries ignore them.

It is interesting what does they mean under regulations?

I am sure that nothing good they can imagine. Any state seeking to do nothing and take the most money from the residents. Cryptocurrency will not be an exception. Now they will try to tax the users. After they collect the maximum information and develop a strategy for dealing with cryptocurrencies, they will reject them under the pretext of terrorism or tax evasion.

No they will not reject it, I doubt it. They want their share, that is that. Definitely they will want to follow the US example with its IRS requesting customers list from exchanges to get capital gain tax on it and income tax (depending on how you received your bitcoins, whether by buying or working for them). Also, probably they will want to get their share in VAT by adding it over any transaction that happens with bitcoin.

We'll see, but I am not very optimistic.

[LeGaulois]

This Finance Minister has appointed a "Sir Bitcoin" and gave him instructions to think about how to regulate the cryptos.
The guy appointed was governor at the central banker and anti-bitcoin on top of that.

Source for this?

See here:
http://fortune.com/2018/01/16/bitcoin-cryptocurrency-france-regulation-jean-pierre-landau/

It was published firstly here:
https://translate.google.com/translate?hl=fr&sl=auto&tl=en&u=https%3A%2F%2Fwww.lesechos.fr%2Ffinance-marches%2Fmarches-financiers%2F0301151100963-le-gouvernement-nomme-un-monsieur-bitcoin-2144973.php

And yes the news posted by OP is something old from October or December and started after France decided to be more clear about the taxes related to cryptos

[eaLiTy]

Expect 2018 to be the year of regulation and the wonderful bull run we had last year will force every government to implement these sort of regulations and hopefully they are saying it is to protect the investors from the mere speculation,over all i would like to see how things turns up,we will see the market going down on hearing some country is closing their exchanges and then recover at a later time and hope the trend continues this whole year.

[apvmoreira]

I see Bitcoin as the standard for all crypto currencies. They all suffer from the ups and downs of the reference coin. It's like dollar for the traditional global economy.

If by any chance the reference is more controlled to avoid speculation dumps to provoque panic sales im all favour.

If it's regulation to pay unlogical fees and maintenance costs in the banks i totally against it.

But let's see

[bctm]

I highly doubt it.

[tuskacz]

Yes thats bad news, this is probably the reason all cryptos are falling today again.
Hopefully other countries will NOT follow them as we will have another slaughter on the exchanges.

[apvmoreira]

Yes thats bad news, this is probably the reason all cryptos are falling today again.
Hopefully other countries will NOT follow them as we will have another slaughter on the exchanges.

If they do it, all EU will follow. Don't fight change, adapt!

[valentin68]

Good. Let's say one day in the next years, bitcoin will become the world currrency. Also let's say that USA, Germany, France and other big countries of the world will replace their currency with bitcoin. This is very good, isn't it? All countries in the world united together and having one currency.

 Now let's say that this currency loose 10% of its value in a day, and there is one country in the world with a different urrency than bitcoin. This would imply that that country with a different currency will have its economy grown by 10% in a day. Wow!!!

 Isn't this something to try to avoid? I guess yes.

Thus the regulation of bitcoin by Germany and France is a very good thing, isn't it? This will make bitcoin truly powerful, this will give bitcoin that power that it does not have now.


  

[apvmoreira]

Good. Let's say one day in the next years, bitcoin will become the world currrency. Also let's say that USA, Germany, France and other big countries of the world will replace their currency with bitcoin. This is very good, isn't it? All countries in the world united together and having one currency.

 Now let's say that this currency loose 10% of its value in a day, and there is one country in the world with a different urrency than bitcoin. This would imply that that country with a different currency will have its economy grown by 10% in a day. Wow!!!

 Isn't this something to try to avoid? I guess yes.

Thus the regulation of bitcoin by Germany and France is a very good thing, isn't it? This will make bitcoin truly powerful, this will give bitcoin that power that it does not have now.


  

So,what you are saying is that Bitcoin will have Japan, Russia and the UE giving it support, against USA, UK and China?

With Brexit and all involved... i don't know, but love the speculation. It ,makes Bitcoin raise, eh eh!

[Cryp2]

The French minister of economy named a old banker to managed a commission about bitcoins, let's say I don't expect much from it seeing the position of the government on crypto-currency...
But hey! at least they noticing it

Really !!!! I think lot of governors are not up to date within crypto field, I assume they even don't understand much things & how to deal with such events

[peter0425]

It gonna be a tough call because we have Japan, Australia and to an extent South Korea which are pro bitcoin and cryptocurrency and on the other side, France, Germany, Indonesia and China who opposes bitcoin, and then neutrals like  India and other nations as well.

Let's wait and see, I don't think that this is a priority discussions, there are pressing issues need to tackle and if ever they determined that bitcoin regulation is needed, there will be opposition for sure. In my view, those against crypto will have a hard time selling their aim in this G20 summit. No final formal actions would come out regarding a joint bitcoin regulation amongst the member. Each nation has its own governing body to decide whether to regulate bitcoin or not.

[BtcBling]

https://www.reuters.com/article/us-global-bitcoin-france-germany/france-germany-to-make-joint-bitcoin-regulation-proposal-at-g20-summit-idUSKBN1F728X

PARIS (Reuters) - France and Germany will make joint proposals to regulate the bitcoin cryptocurrency at the next summit of the G20 group of major economies in Argentina in March, French Finance Minister Bruno Le Maire said on Thursday.

“We will have a joint Franco-German analysis of the risks linked to bitcoin, regulation proposals and these will be submitted as a joint proposal to our G20 counterparts at the G20 summit in Argentina in March,” Le Maire told reporters.

Lets hope the other G20 countries ignore them.

Regulating Bitcoin is much better than totally banning Bitcoin. They will tackle which part of Bitcoin they will regulate is it from doing business anonymously or the market value which is volatile? But I think it's both.

[dothebeats]

https://www.reuters.com/article/us-global-bitcoin-france-germany/france-germany-to-make-joint-bitcoin-regulation-proposal-at-g20-summit-idUSKBN1F728X

PARIS (Reuters) - France and Germany will make joint proposals to regulate the bitcoin cryptocurrency at the next summit of the G20 group of major economies in Argentina in March, French Finance Minister Bruno Le Maire said on Thursday.

“We will have a joint Franco-German analysis of the risks linked to bitcoin, regulation proposals and these will be submitted as a joint proposal to our G20 counterparts at the G20 summit in Argentina in March,” Le Maire told reporters.

Lets hope the other G20 countries ignore them.

It is interesting what does they mean under regulations?

Under regulations mean that they would be keeping a very keen eye out on any developments on bitcoin that could possibly affect the best of their interests. In short, they are slowly trying to get bitcoin inaccessible as possible to the people of their countries so that they could still control their citizen's money without them knowing and being the "good guy" in the eyes of the people. Harsh regulations would be imposed, if not outright banning of every bitcoin trades possible. If they are afraid of speculation risks associated with cryptocurrency, why wouldn't they ban penny stocks since it also carry the same risks like bitcoin?

[stompix]

This Finance Minister has appointed a "Sir Bitcoin" and gave him instructions to think about how to regulate the cryptos.
The guy appointed was governor at the central banker and anti-bitcoin on top of that.

Source for this?

See here:
http://fortune.com/2018/01/16/bitcoin-cryptocurrency-france-regulation-jean-pierre-landau/

It was published firstly here:
https://translate.google.com/translate?hl=fr&sl=auto&tl=en&u=https%3A%2F%2Fwww.lesechos.fr%2Ffinance-marches%2Fmarches-financiers%2F0301151100963-le-gouvernement-nomme-un-monsieur-bitcoin-2144973.php

And yes the news posted by OP is something old from October or December and started after France decided to be more clear about the taxes related to cryptos

You're overreacting
The guy is just leading a team to figure a way to combat money laundering.

Whatever he thinks he must come up with a report and only then would (maybe?) the finance minister take action.
And even then, the laws would have to go to parliament approval before anything else....
It will never come down to a bitcoin ban.

It gonna be a tough call because we have Japan, Australia and to an extent South Korea which are pro bitcoin and cryptocurrency and on the other side, France, Germany, Indonesia and China who opposes bitcoin, and then neutrals like  India and other nations as well.

When and where is Germany opposing BTC ?
Regulation does not mean banning.

So,what you are saying is that Bitcoin will have Japan, Russia and the UE giving it support, against USA, UK and China?
With Brexit and all involved... i don't know, but love the speculation. It ,makes Bitcoin raise, eh eh!

If by some miracle the US will oppose openly and ban BTC, prepare to count the value in cents.
But it will never happen.

[Zarbout]

Regulating Cryptos will decrease scams, anyway better than banning Cryptos. In your opinion, what will be the impact in the market?

[munareal]

Article confirms that the bitcoin is gaining popularity in the whole world. When it was created in 2009 no body sees it as a threat now that is gaining ground they want it regulated. Let's wait and see what it will be come March.

[LeGaulois]

This Finance Minister has appointed a "Sir Bitcoin" and gave him instructions to think about how to regulate the cryptos.
The guy appointed was governor at the central banker and anti-bitcoin on top of that.

Source for this?

See here:
http://fortune.com/2018/01/16/bitcoin-cryptocurrency-france-regulation-jean-pierre-landau/

It was published firstly here:
https://translate.google.com/translate?hl=fr&sl=auto&tl=en&u=https%3A%2F%2Fwww.lesechos.fr%2Ffinance-marches%2Fmarches-financiers%2F0301151100963-le-gouvernement-nomme-un-monsieur-bitcoin-2144973.php

And yes the news posted by OP is something old from October or December and started after France decided to be more clear about the taxes related to cryptos

You're overreacting
The guy is just leading a team to figure a way to combat money laundering.

Whatever he thinks he must come up with a report and only then would (maybe?) the finance minister take action.
And even then, the laws would have to go to parliament approval before anything else....
It will never come down to a bitcoin ban.

I said "gave him instructions to think about how to regulate the cryptos" How is that overreacting

...and I have just entrusted Jean-Pierre Landau, former deputy governor of the Banque de France, with a mission on cryptocurrencies . "
The mission will be responsible for " proposing guidelines on the evolution of regulations " in Bercy with two objectives: "to better control development and prevent their use for purposes of tax evasion, money laundering or financing criminal activities or terrorism

Of course this guy isn't a politician and has no power to decide about anything, I didn't say he will ban cryptos.
And no, in france, in order to pass a law, no absolute majority of the members of the parliament is required.
A law can be voted and accepted during the night while there is nobody or just 3-5 persons in the parliament

[stompix]

I said "gave him instructions to think about how to regulate the cryptos" How is that overreacting

It's because of the context of the news.
We were talking about what might France propose and you added that they have already asked a guy who is anti-bitcoin to come with a plan on how to regulate cryptos, like they already have a plan in place and they appointed the biggest enemy of bitcoin to make it happen.

When he was just asked for a report to combat money laundering via coins.
The UK did that two months ago and nothing came out of it.

I don't see France taking a hard stance against crypto.

And no, in France, in order to pass a law, no absolute majority of the members of the parliament is required.
A law can be voted and accepted during the night while there is nobody or just 3-5 persons in the parliament

I have no clue how the parliament works in France but in most democratic countries, laws that are non affecting the constitution might passed with a simple majority of votes in favor.
But here at least, there is no voting until at least 1/3 of either the senators or the lower house are present.
I would find it pretty weird that something like that would be possible in France.