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Author Topic: G20 closing statement on cryptocurrencies: We will keep monitoring it  (Read 148 times)
samovarul
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March 21, 2018, 01:39:10 PM
 #1

According to ICODrops - G20 closing statement on cryptocurrencies: we acknowledge it - but it needs regulations. We will keep monitoring it.

https://www.screencast.com/t/71PP1k62jki1

This should be seen as a good news for Bitcoin and crypto space; we knew regulation is coming, it's great they didn't decide to take a strong position against the technology.

Source: https://www.ethnews.com/g20s-closing-statements-on-cryptocurrency-and-blockchain

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March 21, 2018, 02:36:54 PM
 #2

It's 50-50 on this one or neutral if you like. They are waiting for more growth or downfall hehe Smiley
I would like to see it regulated faster. We can see some movements in that direction so I'm not worried.
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March 21, 2018, 02:50:16 PM
 #3

It's 50-50 on this one or neutral if you like. They are waiting for more growth or downfall hehe Smiley
I would like to see it regulated faster. We can see some movements in that direction so I'm not worried.
I don't think that it will be 50/50. As it will lean more towards supporting the cryptocurrencies. We all have seen news about it and as of right now a lot of governments are now vocal about their plans to regulating cryptocurrencies which is more than favorable compared to banning cryptocurrencies in general. With some develop countries accepting Bitcoin as a mode of payment they can served as proof that it can be beneficial for their country's economy as well. 

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Additionally, some policymakers showed avid support for blockchain technology, in the period surrounding the transnational quorum.

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March 21, 2018, 03:14:36 PM
 #4

It's 50-50 on this one or neutral if you like. They are waiting for more growth or downfall hehe Smiley
I would like to see it regulated faster. We can see some movements in that direction so I'm not worried.
I don't think that it will be 50/50. As it will lean more towards supporting the cryptocurrencies. We all have seen news about it and as of right now a lot of governments are now vocal about their plans to regulating cryptocurrencies which is more than favorable compared to banning cryptocurrencies in general. With some develop countries accepting Bitcoin as a mode of payment they can served as proof that it can be beneficial for their country's economy as well. 

Quote
Additionally, some policymakers showed avid support for blockchain technology, in the period surrounding the transnational quorum.
50-50 chance isnt really considerable.Basing into those statements on screenshots it does really mean that they are really heading on regulation. Monitoring is always been part since they do aware on the risk involved.We should rather be grateful that they do consider on regulating it rather than on full ban. We do have still the space to move on even though there are really feature being affected. Crypto would be no longer decentralized on this matter.


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samovarul
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March 21, 2018, 03:15:31 PM
 #5

I don't think that it will be 50/50. As it will lean more towards supporting the cryptocurrencies.

Agreed, it's not 50/50 long term, while crypto will grow it will be needed to become regulated. My major concern is that this "regulation" will also be a source of censorship - "let's accept only what suits us & our partners, ban the others" style.

But, for now, I'd hope we are a little far from that point.
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March 21, 2018, 03:47:15 PM
 #6

According to ICODrops - G20 closing statement on cryptocurrencies: we acknowledge it - but it needs regulations. We will keep monitoring it.



This should be seen as a good news for Bitcoin and crypto space; we knew regulation is coming, it's great they didn't decide to take a strong position against the technology.

Source: https://www.ethnews.com/g20s-closing-statements-on-cryptocurrency-and-blockchain


What good do you expect from the adoption of the law on the regulation of cryptocurrency turnover? I don't like it. I expected bitcoin to be an Autonomous currency. But a lot of users support the government. It is important for them to have unhindered access to Fiat. I think such people are traitors to the bitcoin community but it seems that they are in the majority.
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March 21, 2018, 06:45:27 PM
 #7

G20 and OECD have only one motivation: tax.

https://www.oecd.org/tax/OECD-Secretary-General-tax-report-G20-Finance-Ministers-Argentina-March-2018.pdf

They're working on extending AEOI to the whole world, and they want to include your BTC income with your regular income. It doesn't look good. The only good thing is that it will take years before they all agree on a common method to tax cryptos.

Read more from me and follow me on Steemit: https://steemit.com/@countryfree
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March 21, 2018, 08:56:49 PM
 #8

I expected bitcoin to be an Autonomous currency.

Bitcoin has never been an actual anonymous currency, it's just that people gave it that title. In current times with how regulated the centralized ecosystem is getting, the tiny bit of "semi-anonymity" Bitcoin may have had at one point, is completely gone already.

But a lot of users support the government. It is important for them to have unhindered access to Fiat. I think such people are traitors to the bitcoin community but it seems that they are in the majority.

It's not that people actually support their government, but they just don't look at Bitcoin the way we look at it. On top of that, they also don't see any problems in how the financial system is progressing, because it likely doesn't affect them personally. People are free to do and use whatever they feel comfortable with, and for that reason aren't traitors to this community. I find it even short sighted to see you speak out like that, and also somewhat forcing -- you can't force people to like Bitcoin and everything it technically stands for. If people want to use fiat, then let them do so, and I honestly can't blame them -- fiat does a better job in functioning as currency in each and every aspect. Maybe, maybe if Bitcoin closes that gap, things might change....
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March 21, 2018, 09:37:29 PM
 #9

G20 closing statement on cryptocurrencies: we acknowledge it - but it needs regulations. We will keep monitoring it.

Is Bitcoin an existential threat to nation-states, or an economic advantage to be waged over others? Can it be both? Remember, the G20 governments (and all governments) are competing against one another. How simple can this collaboration be?

They're not ready for any kind of sweeping regulations -- if they ever will be. Each government is struggling to decide its own internal goals and policies, and still has to figure how relevant they believe cryptocurrencies will be.

It's 50-50 on this one or neutral if you like. They are waiting for more growth or downfall hehe Smiley

The bearish market bought them some time. At $100k per BTC, there's no way they can avoid it.

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March 21, 2018, 10:12:21 PM
 #10

G20 submit held in Buenos Aires Members the board seems to be quite positive for crypto-currency. The G20 Financial Stability Board said there is no threat from crypto to world economy at this point of time. Through regulations on crytpocurrency seems to be not important at this point of time but Projects like ICO should be regulated to protect investors interest.

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March 22, 2018, 04:49:37 AM
 #11

G20 and OECD have only one motivation: tax.

https://www.oecd.org/tax/OECD-Secretary-General-tax-report-G20-Finance-Ministers-Argentina-March-2018.pdf

They're working on extending AEOI to the whole world, and they want to include your BTC income with your regular income. It doesn't look good. The only good thing is that it will take years before they all agree on a common method to tax cryptos.

Even I hold the same opinion. Taxation regime is what they mainly want to bring to every country. Regulation will bring with it many more upcoming issues. And everyone agreeing on a common method is not that easy. Definitely it's gonna take much longer time, longer than what we think!!! To devise a common mechanism for taxing Crypto currencies would require a great deal of thoughtful deliberations.


  

 
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CryptoBry
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March 22, 2018, 08:00:44 AM
 #12



One thing is quite clear here: these leaders know that cryptocurrency is something that can not be stopped anymore and all they can do is regulate it which is in a sense recognizing its role in the society and extracting some taxes on the industry just like any other legal industry we have. We are now therefore entering a better environment as far as cryptocurrency is concerned. No ban but there will be strict regulatory framework which can be established soon.


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March 22, 2018, 09:39:59 AM
 #13

It's 50-50 on this one or neutral if you like. They are waiting for more growth or downfall hehe Smiley
I would like to see it regulated faster. We can see some movements in that direction so I'm not worried.

I disagree. Their statements basically imply that Bitcoin will continue to exist in the long run without any heavy handed regulations on the horizon. They have also explicitly acknowledged it, which could increase the mainstream's confidence in its use. I wouldn't mind regulations either, for as long as they're fair and won't impair growth and development significantly.

Also, I'm pretty sure it will take a hell of a lot of growth for them to be spurred into sudden action. They've basically confirmed that crypto is still way too small in the big picture to pose a real economic threat after all.

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March 24, 2018, 07:16:39 PM
 #14

At least no negative stuff was on G20, I expected sammit to be much worse
Looks like they waut for the market to become more stable
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March 24, 2018, 08:39:27 PM
 #15

Whatever. The best outcome is that G20 didn't release many negative news
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March 24, 2018, 11:02:16 PM
 #16

Will keep an eye on the ongoing matter.
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March 24, 2018, 11:26:37 PM
 #17

Current status of legislation in countries:

https://imgur.com/a/YqXEq
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March 25, 2018, 02:21:32 PM
 #18

As long as it will be to support cryptocurrency then we're gonna keep moving forward to it. What could be the next agenda that G20 meeting would be discussed about? Extension of trading platforms to further make convenient trades for the investors and traders obviously? While government is still on the observation on how it is used in their own countries, we're now definitely going somewhere aside from investing and forks that were happening to Bitcoin.

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March 26, 2018, 12:03:16 AM
 #19

cryptocurrencies will never disappear. they could shrink or implode, but they'll rise again and there'll always be people dabbling in them.

because of that i would've regarded it as more useful if they'd signaled regulations were being worked on. they're inevitable so they may as well get going. they don't have to be scary or irrational and they probably won't be. but i don't think things will go up a level until more people are confident where they stand.

it's silly to have a multi hundred billion dollar grey area floating around. it doesn't help them and it doesn't help the typical market participant or service provider either.
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March 26, 2018, 05:42:48 AM
 #20

I can say that G-20 still consider bitcoin is on normal level rather than worry , unlike my government who decide to forbid bitcoin usage.
For me bitcoin bring many advantage especially  for global transaction because it's cheaper than fiat but my government have different opinion about bitcoin because they bring more disadvantage !
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