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

[jafu]

After China, S Korea, India, now it's France and Germany. Won't be long before US jumps in too. Not necessarily a bad thing if it only targets illegal activities& scams. What do you guys think?

[1714962479]

1714962479

[1714962479]

1714962479

[1714962479]

1714962479

[Icaraswipeout]

After China, S Korea, India, now it's France and Germany. Won't be long before US jumps in too. Not necessarily a bad thing if it only targets illegal activities& scams. What do you guys think?

Definately a good news that will settle cryptos on the long term.

[Rosilito]

After China, S Korea, India, now it's France and Germany. Won't be long before US jumps in too. Not necessarily a bad thing if it only targets illegal activities& scams. What do you guys think?

Indeed not a bad thing though. And this is for the sake of us and for the people who are not that literate with this kind of stuffs since bitcoin is decentralized. And also by this news I think that this is kind of assurance that bitcoin would get widely accepted world wide, and an assurance that bitcoin value will reached again its historical value or more likely it will reached its new high value. I see that bitcoin would be more sustainable as it is and new uses of it are yet to come.

[bitart]

After China, S Korea, India, now it's France and Germany. Won't be long before US jumps in too. Not necessarily a bad thing if it only targets illegal activities& scams. What do you guys think?

As long as they don't want to ban, it's fine for bitcoin. It's good idea to stop scammers and to protect people from being scammed with a brand new thing they don't know about...
Hope that they don't want to ban it, because if they make bitcoin illegal, they won't be able to tax the incomes coming from bitcoin related businesses. So as long as they need the taxes bitcoin has hope to be 'just' regulated and not banned.

[myhometalk]

I don't understand this regulation thing. Are they talking about exchanges? Because seeing as how btc is digital, can't see what they want to regulate.

[Hafamot]

Hope this is a truth and reliable information. It will be nice to have it soon as most country will follow the way.

[Rozita]

I don't think it's a bad news. Korea and China did not ban bitcoin. France and Germany and other countries will do the same. They want to stop illegal activities. The effect on bitcoin and other cryptocurrencies will be positive (especially in long term).

[Davidbugs2]

After China, S Korea, India, now it's France and Germany. Won't be long before US jumps in too. Not necessarily a bad thing if it only targets illegal activities& scams. What do you guys think?

Regulating crypto is a good idea. Whole world should follow and approve it as long as the war is against the illegal accounts and not against the crypto currencies.

[spngebob]

After China, S Korea, India, now it's France and Germany. Won't be long before US jumps in too. Not necessarily a bad thing if it only targets illegal activities& scams. What do you guys think?

The sooner they regulate crypto less scams will be and more people would join community. It was expected that over time it will be regulated so sooner all countries regulate it the better. It's not that I agree because I always liked anonymity but that was just one big fairy tail.

[HeRetiK]

After China, S Korea, India, now it's France and Germany. Won't be long before US jumps in too. Not necessarily a bad thing if it only targets illegal activities& scams. What do you guys think?

As long as they don't want to ban, it's fine for bitcoin. It's good idea to stop scammers and to protect people from being scammed with a brand new thing they don't know about...
Hope that they don't want to ban it, because if they make bitcoin illegal, they won't be able to tax the incomes coming from bitcoin related businesses. So as long as they need the taxes bitcoin has hope to be 'just' regulated and not banned.

France and Germany know better than to try banning cryptocurrencies. By now most governments are aware of the possible benefits of cryptocurrencies and will act with circumspection. Not sure what will change though, most exchanges that are connected to the European banking network operate pretty much by the book already. At least compared to what apparently went on with some of the Chinese and South Korean exchanges.

Regardless of what happens though, I doubt it will be of much use against scammers. Scammers will always find unwitting victims and not even the European Union can regulate bad decision making.

I don't understand this regulation thing. Are they talking about exchanges? Because seeing as how btc is digital, can't see what they want to regulate.

I guess exchanges, mostly. Maybe they want to start consolidating the legal frameworks for cryptocurrencies as well though, making it easier for businesses to internationally navigate the current hodge podge of crypto law and lack thereof.

[ManaMan]

Cryptos are made that there is not any regulation... This could be good thing as many people are still fairly skeptical when we are talking about crypto coins in general, it could be good to give faith for the public and ordinary people who don't know what bitcoin is yet or they have heard of it but "you know it's used for illegal stuff!"

I don't think it's a bad news. Korea and China did not ban bitcoin. France and Germany and other countries will do the same. They want to stop illegal activities. The effect on bitcoin and other cryptocurrencies will be positive (especially in long term).

The point is if you want to do illegal activities you certainly don't want to use bitcoin or some other altcoin that has open blockchain. You are rather going to use some privacy related coin that opts to hide sender and recipient such as XMR. Because with bitcoin it is possible to draw a graph of coin movements and it can be concluded at least till some point what are you doing with the money and where is it moving.

[Anti-Cen]

Bitcoin being tested yet again and it keeps failing these tests so I guess you
can call it evolution but I cannot be bothered to go into detail here because
slot machine players see this one as jesus, he made me rich if only greed was
not keeping me in church.

[tomahawk9]

After China, S Korea, India, now it's France and Germany. Won't be long before US jumps in too. Not necessarily a bad thing if it only targets illegal activities& scams. What do you guys think?

Source? always put the source.

I think regulations are needed, it'll give the general public, and companies worldwide, a sense of 'trust' and 'legitimacy', both things of great importance towards the growth of Bitcoin and cryptocurrencies as well.

But we'll have to wait and see how severe these regulations are going to be (specifically taxes), and I'm not sure how regulations are going to help stop scammers, they always find new ways to trick/scam people, I mean, what exactly can these regulations do if one person decides to put their privates keys in a website because a pop-up told them that they're going to win free coins? there's always that kind of people...so hopefully, this 'regulation proposal' will start an awareness campaign in Europe about Bitcoin and how to avoid  Bitcoin scams.

I don't understand this regulation thing. Are they talking about exchanges? Because seeing as how btc is digital, can't see what they want to regulate.

Most likely, at least for now.

[Happy Smile]

The summit is not yet done. Who know, it will be a good news for Bitcoin.

[junoreactor]

After China, S Korea, India, now it's France and Germany. Won't be long before US jumps in too. Not necessarily a bad thing if it only targets illegal activities& scams. What do you guys think?

This was mentioned before, I believe the proposals will be that people can no longer sign up anonymously on some exchange platforms, every transactions will have to justified and saved. I wonder if people will still buy bitcoin if they don't feel as free as before.

Something else needs to be mentioned too, in this G20 summit, there are a few countries disagreeing with Germany and France so perhaps no agreement will be found (Malta, UK, Ireland all don't really get along with France/Germany and wish less strict policy towards crypto-currencies). Luxembourg and Cyprus also fear a negative impact on their economy. So I believe there will a harsh discussion but no agreement found (That is a personal opinion of course).

[BountyX]

It very much depends on what they mean by "regulating". I'm reading a lot of enthusiastic comments on this issue in this thread, but I am much more skeptical - I will wait to see what they mean by "regulating" before rejoycing.

[jseverson]

Regulation isn't always bad. Both countries are progressive, and this is likely has to do with KYC stuff and shorter leashes on exchanges. Exchanges need to be implementing KYC anyway. It's going to be much harder to launder money then, which seems to be the main concern of vocal countries. It'll also help curb terror funding, like what happened recently with that woman donating to ISIS.

I'm not too worried at this point. This could even be a positive. More people will hear about it, and with scams being penalized, people will feel safer when they enter the market.

[drm]

South Korea is imposing a 24% tax now, most likely something like this will follow here as well.
I don't like this development as much as others seem to

[colossus]

I wish they will make regulations regarding ICOs as too many of them are scammy. Tired of this sh*t, really. If governments want to finally do it RIGHT, they need to control these procedures. Have you heard of TON fraud? These guys rose $4m due to the popularity of Telegram, still it wasn't even Telegram's ICO after all. How could they steal so much? They are literally the WORST!

[denzkilim]

After China, S Korea, India, now it's France and Germany. Won't be long before US jumps in too. Not necessarily a bad thing if it only targets illegal activities& scams. What do you guys think?

Indeed not a bad thing though. And this is for the sake of us and for the people who are not that literate with this kind of stuffs since bitcoin is decentralized. And also by this news I think that this is kind of assurance that bitcoin would get widely accepted world wide, and an assurance that bitcoin value will reached again its historical value or more likely it will reached its new high value. I see that bitcoin would be more sustainable as it is and new uses of it are yet to come.

Things are getting better and better each day. You're regulations are not a bad, It means acceptance by those country. When they regulate the use of certain things like digital currencies it means that they are accepting those new technologies. If bitcoin and other crypto currencies are legalized on different parts of the world the value of this digital assets will rise and people will never fear of those "BAN FUD" that media is spreading all over. Where one step closer to the world wide legalization of digital currencies world wide(In my point of view)