G20Meeting: "Crypto-assets do not pose risks to global financial stability"

[btcluisdiki]

Waiting for the green zone)

Due to the good news on the G20 meeting in which the members of G20 attending this summit had come up with a statement that cryptocurrency does not pose any risk to the global financial stability which is actually gaining a positive impact on the crypto market where it started to go green right after. Then, investors of the cryptocurrency again were back on track resulting to make a positive growth that is happening in the current market.

[1715451996]

1715451996

[1715451996]

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[1715451996]

1715451996

[Max Likelihood]

Finally, some people who aren't alarmist.

[IlfarIldarovich]

In fact they can not say anything else because they fear the outflow of capital associated with cryptocurrencies to other countries.      

[HardFireMiner]

Check it up,  THE US 2018 JOINT ECONOMIC REPORT:


https://www.congress.gov/115/crpt/hrpt596/CRPT-115hrpt596.pdf

Conclusions
Technology presents evolving challenges and generates new
solutions. Blockchain technology essentially stores and transmits
data securely, in large volume, and at high speeds. So far, the
technology has proved largely resistant to hacking, and given this
feature, developers first applied it to digital currencies. Yet
blockchain has many more potential applications, such as portable
medical records and securing the critical financial and energy
infrastructure that the Report identified.
Recommendations
 -Policymakers and the public should become more familiar
with digital currencies and other uses of blockchain technology,
 which have a wide range of applications in the future.
 -Regulators should continue to coordinate among each
other to guarantee coherent policy frameworks,
definitions, and jurisdiction.
 -Policymakers, regulators, and entrepreneurs should
continue to work together to ensure developers can deploy
these new blockchain technologies quickly and in a
manner that protects Americans from fraud, theft, and
abuse, while ensuring compliance with relevant
regulations.
 -Government agencies at all levels should consider and
examine new uses for this technology that could make the
government more efficient in performing its functions.

[Caesar Cung]

Check it up,  THE US 2018 JOINT ECONOMIC REPORT:


https://www.congress.gov/115/crpt/hrpt596/CRPT-115hrpt596.pdf

Conclusions
Technology presents evolving challenges and generates new
solutions. Blockchain technology essentially stores and transmits
data securely, in large volume, and at high speeds. So far, the
technology has proved largely resistant to hacking, and given this
feature, developers first applied it to digital currencies. Yet
blockchain has many more potential applications, such as portable
medical records and securing the critical financial and energy
infrastructure that the Report identified.
Recommendations
 -Policymakers and the public should become more familiar
with digital currencies and other uses of blockchain technology,
 which have a wide range of applications in the future.
 -Regulators should continue to coordinate among each
other to guarantee coherent policy frameworks,
definitions, and jurisdiction.
 -Policymakers, regulators, and entrepreneurs should
continue to work together to ensure developers can deploy
these new blockchain technologies quickly and in a
manner that protects Americans from fraud, theft, and
abuse, while ensuring compliance with relevant
regulations.
 -Government agencies at all levels should consider and
examine new uses for this technology that could make the
government more efficient in performing its functions.

It can not be regulated unless you regulate the internet to access it..that's the whole point that is fking govenrments and banks both...so since the west is not China .. internet access wont be regulated and we can buy and sell BTC as we want....
They can try and tax the profit...and maybe how much money you can put into it ,,but buying and selling and moving it can only be done by the owner....thats pretty much it.
They tax all profit so why not BTC. I am saying they can not regulate BTC unless they ban internet. All the experts here is welcome to correct me if they can come up with a way to regulate BTC worldwide. Would make for a great discussion.

[NilaMutac]

Source: https://uk.reuters.com/article/us-g20-regulations-carney/g20-watchdog-focuses-on-rules-review-holds-fire-on-cryptocurrencies-idUKKBN1GU0SF

Do you think the market is responding to this? ETH and BTC both went up recently, even though the article reads more like FUD.

"For now, crypto-assets don’t pose risks to financial stability, partly because they are still small relative to the financial system. Even at their recent peak, their combined global market value was less than 1 percent of global economic output, the FSB said.
"

Thoughts?

Of course it isnt a risk yet,the total marketcap of cryptocurrency is still less than 1% of the total marketcap of fiat,that is why it doesnt post a threat to any of the banks in the world,maybe in the future but not now as cryptocurrencies are still in its infancy period as it grows banks will see how the cryptocurrencies will be a big threat to them.

[coastbank]

This statement was more like "they may pose risk to global financial stability after they pass that %1". I don't really think it is good. This will probably affect markets to rise but in future they may try to pull the plug.

[prdn]

it's a good news, but I don't think it's much of a reflection on the market.

[PiningGarcia]

Yeah of course,cryptocurrencies is still in its infancy that is why these bankers wont get alarmed very easy,the total marketcap hasnt reached 1 trillion in total so why would cryptocurrencies will alarm these banks? well the technology theoretically could replace the cash in the future but it doesnt mean that it is in the near future,it could be years or decades from now.

[m.sidorichev]

Source: https://uk.reuters.com/article/us-g20-regulations-carney/g20-watchdog-focuses-on-rules-review-holds-fire-on-cryptocurrencies-idUKKBN1GU0SF

Do you think the market is responding to this? ETH and BTC both went up recently, even though the article reads more like FUD.

"For now, crypto-assets don’t pose risks to financial stability, partly because they are still small relative to the financial system. Even at their recent peak, their combined global market value was less than 1 percent of global economic output, the FSB said.
"

Thoughts?

Frankly speaking I haven't supposed anything great, new and fundamental from G20. Though they talk a lot it doesn't have much influence and very seldom comes to actions

[Max Likelihood]

Source: https://uk.reuters.com/article/us-g20-regulations-carney/g20-watchdog-focuses-on-rules-review-holds-fire-on-cryptocurrencies-idUKKBN1GU0SF

Do you think the market is responding to this? ETH and BTC both went up recently, even though the article reads more like FUD.

"For now, crypto-assets don’t pose risks to financial stability, partly because they are still small relative to the financial system. Even at their recent peak, their combined global market value was less than 1 percent of global economic output, the FSB said.
"

Thoughts?

Frankly speaking I haven't supposed anything great, new and fundamental from G20. Though they talk a lot it doesn't have much influence and very seldom comes to actions

Ha, there's probably some truth to this. Unfortunately (or fortunately right now) the pronouncements of these big entities move prices.

[douhancan58]

Because the amount of digital encryption money is still small, it is difficult to have a significant impact on the world economy!

This is a good news, which shows that many countries still adhere to the development of digital encryption currency!

[drachman]

Source: https://uk.reuters.com/article/us-g20-regulations-carney/g20-watchdog-focuses-on-rules-review-holds-fire-on-cryptocurrencies-idUKKBN1GU0SF

Do you think the market is responding to this? ETH and BTC both went up recently, even though the article reads more like FUD.

"For now, crypto-assets don’t pose risks to financial stability, partly because they are still small relative to the financial system. Even at their recent peak, their combined global market value was less than 1 percent of global economic output, the FSB said.
"

Thoughts?

It is very likely that the market is reacting to this, however it's very telling the wording they used in order to describe cryptocurrencies, they say cryptocurrencies are not a risk for now, that doesn't mean the cryptocurrencies are not going to become a risk in the future, but cryptocurrencies are not going to be a risk for the average person cryptocurrencies are going to be a risk for them and the scam they have been running for such a long time.

[ModernReboot]

I don't see how crypto ever threatens global financial stability. More access==more stability. but governments are wanting additional safeguards for sure. And panicking at new tech, as usual.

[hipi.hop]

G20 advocated cryptocurrency in a positive vein, IMF also supported this trend. This is great news for us and for the future of the crypt.

[dress]

This is great news, given the positive dynamics at this summit, we can say that the market will soon grow significantly.

[drachman]

I don't see how crypto ever threatens global financial stability. More access==more stability. but governments are wanting additional safeguards for sure. And panicking at new tech, as usual.

Maybe you are not seeing it but if that is the case is because you are lacking imagination, think about it, if cryptocurrencies ever become mainstream that means that the average person will have a way to move its money in a way that no government around the world will be able to interfere, there will be true freedom of movement when it comes to your money, and that has never existed so it's huge.

[dumplingsandsushi]

Source: https://uk.reuters.com/article/us-g20-regulations-carney/g20-watchdog-focuses-on-rules-review-holds-fire-on-cryptocurrencies-idUKKBN1GU0SF

Do you think the market is responding to this? ETH and BTC both went up recently, even though the article reads more like FUD.

"For now, crypto-assets don’t pose risks to financial stability, partly because they are still small relative to the financial system. Even at their recent peak, their combined global market value was less than 1 percent of global economic output, the FSB said.
"

Thoughts?

What a bunch of ignorant fools.

...ok, well, they aren't, the heads of the 20 most powerful countries are definitely not fools.

But, in the world of crypto, they are.
The very nature of blockchain is meant to disrupt financial stability.
Taking a look at the "marketcap", seeing that it is less than 1 percent of global economic output and deciding that it's not a risk, is flat out stupid.

Well, as far as the market though, I doubt it affects or will affect the market that much.
What the market really needs is not some average joe deciding to buy a couple thousand dollars worth of btc because of a news segment he saw.
What we need is institutional money to jump in, and they are not phased by such petty squabbles.

The market is poised for a huge bull run, and as many see the last couple months as a "crash" an institutional investor will see this as stability and be more inclined to jump in.
so, I don't expect much from these types of announcements at all.