G20 Sets July Deadline for Crypto Regulation Talk

[Rooster101]

The leaders in G20 summit for cryptocurrencies might eventually agree on imposing a worlwide regulation after all and in July, all recommendations on what to do with the cryptocurrencies will be submitted. The shadow of regulation is very visible even if some countries like Brazil objected to it because of the reason that cryptocurrencies might be use in illegal activities. In that concluded meeting,many officials called for a global sets of regulations that can be able to enforce by every country. We can only hope that if they eventually enforce a regulation, it should be for the long term benefits of the all the crypto users in the future.

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[countryfree]

To talk and to regulate are 2 very different things.
I doubt there can be any cryptocurrency G20-wide regulation before years.
The world's leaders have more urgent problems on their agenda.

[tweetbit]

Hope G20 members will depend the talks on the technology, not on the biased financial experts. But I don’t think the July deadline will be followed. Regulating bitcoin guidelines can take more years of studies and even they can give documents, it will be just drafts and incomplete. I’m still waiting for a better acceptance from other country and regulation only limited to exchanges, businesses using cryptocurrency, not in every individual investors.

[Lampaster]

Hope G20 members will depend the talks on the technology, not on the biased financial experts. But I don’t think the July deadline will be followed. Regulating bitcoin guidelines can take more years of studies and even they can give documents, it will be just drafts and incomplete. I’m still waiting for a better acceptance from other country and regulation only limited to exchanges, businesses using cryptocurrency, not in every individual investors.

Why regulate individual investors? You are already governed by the tax laws. Now it is enough to create conditions under which you can cash cryptocurrencies only through regulated exchanges, and banks will transfer data in the conclusions to your card to the tax authorities. It's not hard to do. I guess the question left to settle is only the tax rate.

[wwzsocki]

The G20 meetings on Tuesday concluded with the setting of a July deadline for discussions about the regulation of cryptocurrencies as there is currently insufficient data to guide clear decisions.

Source: https://cryptovest.com/news/g20-sets-july-deadline-for-crypto-regulation-talk/

When it comes to making tough decisions,the politics always postpone and wait.Cryptocurrencies exist for about 10 years and they still don`t have sufficient data to make clear decisions.
The worldwide crypto market is under 300 billion USD.It`s like the GDP of some small European country.
Why the G20 should discuss the future of crypto regulations.Because they are afraid,i guess...

I hope you are right because from my experience politics are making sometimes bad decisions when it comes to regulations. I have seen a lot of good ideas stopped or killed by bad regulations. They will say that this is to protect us from being scammed (ICO's) and them from being robbed (taxes). I hope this time would be different.

[izanagi narukami]

Hope G20 members will depend the talks on the technology, not on the biased financial experts. But I don’t think the July deadline will be followed. Regulating bitcoin guidelines can take more years of studies and even they can give documents, it will be just drafts and incomplete. I’m still waiting for a better acceptance from other country and regulation only limited to exchanges, businesses using cryptocurrency, not in every individual investors.

Why regulate individual investors? You are already governed by the tax laws. Now it is enough to create conditions under which you can cash cryptocurrencies only through regulated exchanges, and banks will transfer data in the conclusions to your card to the tax authorities. It's not hard to do. I guess the question left to settle is only the tax rate.

Unfortunately my government still not agree with bitcoin although let say one day G-20 declare to permit bitcoin usage.
But If I think for global purpose, bitcoin has many benefit that usually being need on digital transaction nowadays.
About how much the tax will be apply , I think there will be much controversy for discussing it !