G20 closing statement on cryptocurrencies: We will keep monitoring it

[burner2014]

This is very good news for the crypto currency. The main thing is that the representatives of the G-20 countries decided to recognize the Crypto-currency. However, as far as I know, they are going to recognize it as a financial asset. However, this is also a great victory for the crypto currency. After that, other countries will be forced to recognize the crypto currency.

Indeed a good news for everyone, I am just hoping that it will become successful, and for sure it will affect the value of the price. Hope also that in some countries bitcoin will gonna recognize too.

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[Kemarit]

This is very good news for the crypto currency. The main thing is that the representatives of the G-20 countries decided to recognize the Crypto-currency. However, as far as I know, they are going to recognize it as a financial asset. However, this is also a great victory for the crypto currency. After that, other countries will be forced to recognize the crypto currency.

On the contrary, I don't see or consider it as a great victory yet. On the other hand, I'm personally shock as to what the signals these governments are giving us. I really thought that the G20 thing will bring so much negative impact, however, its not. I'm not totally sold about the outcome of the meeting, its better than expected, but for me its like they giving us false hope. Furthermore, they are calling for crypto regulations in July so its not over yet. I hope though that there will be opposition on a "universal regulations" as being pushed by countries France and Germany. Let's see how it goes and I hope that by July clearer picture is already on the table and the dreaded single regulatory body will not get consensus from member countries who are friendly to bitcoin and crypto in general.

[Palmerson]

This is very good news for the crypto currency. The main thing is that the representatives of the G-20 countries decided to recognize the Crypto-currency. However, as far as I know, they are going to recognize it as a financial asset. However, this is also a great victory for the crypto currency. After that, other countries will be forced to recognize the crypto currency.

Indeed a good news for everyone, I am just hoping that it will become successful, and for sure it will affect the value of the price. Hope also that in some countries bitcoin will gonna recognize too.

How do you like this news? You don't think about the fact that the present decline in the prices of cryptocurrency is the reaction of big capital to the government's attempt to control the circulation of cryptocurrency? I remind you and people like you that the popularity of bitcoins in decentralization. You want to turn bitcoin into Fiat.

[veleten]

this neutral statement had no impact on the price,at least no positive influence for sure
I was afraid the statement would be negative and we would see another great price crash
didn't happen,now lets see if this is a regular seasonal dip or there are different reasons for the price to go down 100%+ since January
in any case,HODLers gona hold,traders gonna trade expect more fun come autumn,meanwhile stay put and do not panic

[olubams]

I wouldn't expect anything else from their discussion other than still.monitoring how things will turn out based on the attacks that have been subtly launched in a coordanited way. They don't want to preempt the effect of what the war will.bring, if it can decimate bitcoin and by extension the whole of crypto.currency, they will either come with a soft position or just ignore it all together since it won't matter again. On the other hand, if the effect is just ephemeral, then we can only hope for the massive regulation and tightening that is about to come. So there is nothing good about this news.

[Lieldoryn]

this neutral statement had no impact on the price,at least no positive influence for sure
I was afraid the statement would be negative and we would see another great price crash
didn't happen,now lets see if this is a regular seasonal dip or there are different reasons for the price to go down 100%+ since January
in any case,HODLers gona hold,traders gonna trade expect more fun come autumn,meanwhile stay put and do not panic

A lot of people still don't understand that we don't have to wait any news from the governments. We need to move confidently towards its goal to make bitcoin is an independent currency. The government's response would then be irrelevant. But for this we need to completely get rid of the habit of using Fiat.

[BitHodler]

But for this we need to completely get rid of the habit of using Fiat.

As long as people don't know what Bitcoin's value is, that will probably never happen. Seriously, how do you even determine what's worth a loaf of bread in satoshis without looking at, or getting stimulated by its fiat value.

I have been browsing through various intense discussions regarding the same subject for a long time now, but people still fail to point out how to measure Bitcoin's value completely disconnected from fiat.

The closest people have come, which makes sense to a certain degree, is to value each coin based on how much resources it takes to generate one Bitcoin, but that again would point towards fiat, and thus it's not really valid.

Another aspect is that each miner based on location and size has a different level of resources to consume when it comes to generating one Bitcoin. Or should we blatantly say that one loaf of bread is worth 1 satoshi?

[veleten]

But for this we need to completely get rid of the habit of using Fiat.

As long as people don't know what Bitcoin's value is, that will probably never happen. Seriously, how do you even determine what's worth a loaf of bread in satoshis without looking at, or getting stimulated by its fiat value.

I have been browsing through various intense discussions regarding the same subject for a long time now, but people still fail to point out how to measure Bitcoin's value completely disconnected from fiat.

The closest people have come, which makes sense to a certain degree, is to value each coin based on how much resources it takes to generate one Bitcoin, but that again would point towards fiat, and thus it's not really valid.

Another aspect is that each miner based on location and size has a different level of resources to consume when it comes to generating one Bitcoin. Or should we blatantly say that one loaf of bread is worth 1 satoshi?

I agree,it requires a 180 degree mind shift to start thinking in bitcoins without converting it into fiat
hope there will be days when we ask how many satoshis are 100 dollars
but for that to happen adoption has got to be way faster and the goverments not to be in the way of the progress
banks,some goverments,businesses are not very keen to accept bitcoins and cryptocurrencies yet
but IMHO it is inevitable,so let it happen rather sooner than later

[avikz]

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

The best part is that, strong economies are now starting to acknowledge the cryptocurrency. 2 years back, majority of the governments were too ignorant about it. Now it is not only acknowledged but also being discussed in a serious events like G20. So that's good news for the entire crypto market in general.

We all know that regulation is inevitable. But I am also sure that majority of the governments won't ban it. Because it is literally impossible for the government to actually ban it. Governments can certainly ban it by issuing a law but they can't ban it in practice. So they will not take this route. So when they say that they are monitoring it, it means they are digging deeper to gather more information before actually taking any decision. I am sure 2018 is going to be the year of cryptocurrency adoption.

[johanesrobin]

this neutral statement had no impact on the price,at least no positive influence for sure
I was afraid the statement would be negative and we would see another great price crash
didn't happen,now lets see if this is a regular seasonal dip or there are different reasons for the price to go down 100%+ since January
in any case,HODLers gona hold,traders gonna trade expect more fun come autumn,meanwhile stay put and do not panic

A lot of people still don't understand that we don't have to wait any news from the governments. We need to move confidently towards its goal to make bitcoin is an independent currency. The government's response would then be irrelevant. But for this we need to completely get rid of the habit of using Fiat.

I do not agree with you. Governments should be involved to strengthen more stable financial regulation. Investors will feel secure with the legal protection of the government.
this policy is important to protect the rights of a country's people.

[ubercab90]

Keep monitoring is fine, the best for the market will happen after implemntation of a clever regulations system and better understanding of "what is cryptocurrency" of different countries' executives

[pumka]

A lot of people still don't understand that we don't have to wait any news from the governments. We need to move confidently towards its goal to make bitcoin is an independent currency. The government's response would then be irrelevant. But for this we need to completely get rid of the habit of using Fiat.

I do not agree with you. Governments should be involved to strengthen more stable financial regulation. Investors will feel secure with the legal protection of the government.
this policy is important to protect the rights of a country's people.

Here i will agree with you! To the investors need stability and secure, as to all crypto holders.                               

[BitcoinGirl.Club]

They know they cant pull the plug and monitoring it is the only way around this and for these regulations to happen they will need to work with established exchanges and all other crypto portals that provide crypto services if they wish to have some control otherwise this is a deadend for them.

[audaciousbeing]

What else would they have said? They know any action on their part might even give the push that crypto currency is needing and a negative word or stand against crypto won't stand considering that their resolution is only going to be on an advisory level if the whole countries making up the group are not allowed to come with their own individual recommendation on how to go about crypto.

Again, they might also feel the value of funds involved is not huge enough to have command their attention and committing resources would be chasing less with more money and human capital whose outcome won't be favorable and the best action is to continue to observe.