Now it is too early to say that the EU is moving towards the recognition and regulation of the cryptocurrency. I think that in order to draw conclusions we need to wait for the official statement at the end of the G20 summit. Next week we will find out the prospects for the development of cryptocurrencies for this year. I think the General decision on this issue will not occur. Everything will remain as it is.
The EU still has 5 members in G20.
Two of them with enough power to turn the table if there would be a resolution, so they are not going to wait for a decision and then act, they have already a plan.
But the G20 is kind of meaningless because it has absolutely no way to enforce rules on a member state.
So, it's more talk than action.
And even in the case 4, 8 or 15 states from the EU will go with a plan, in order to impose a financial change that will affect the entire EU you don't need majority, you need consensus from all the countries or it will not be adopted.
I have high hopes for Japan's position. If all countries do not reach consensus in establishing global rules for the use of bitcoins, the Japanese
will have the right to introduce such rules unilaterally. I do not mind Japan becoming a world center of cryptocurrencies. The Internet provides an opportunity not to have a territorial binding. I don't care where the stock market is. It is important that she worked and I had no problems.
Anyone has the right to introduce whatever rules they want.
Even if a consensus is reached, anybody can just change their opinion the next day with no consequences.
Japan has already taking a stance and they've already classified
BTC as a payment method. The US will probably continue to treat it in the future more like a commodity.
They will just present their opinion and hope the others will do the same.
But I'm almost willing to bet that nothing will come out of this meting. Nothing!
As I said it before, they have a lot of far bigger problems in their agenda, problems that also unfortunately can't be solved with just a meeting.