G20 releases official statement on cryptocurrency

[hugeblack]

The Group of 20 issued its official statement regarding the cryptocurrency, the text of the statement said

Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. Crypto-assets lack the key attributes of sovereign currencies. While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. We welcome updates provided by the FSB and the SSBs and look forward to their further work to monitor the potential risks of crypto-assets, and to assess multilateral responses as needed. We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.

Although the statement did not offer anything new, it seemed promising/open about cryptocurrency as a whole.
Also, there are some countries focused on the regulation of cryptocurrencies.
What do you think?
Source of news ----> https://www.maxcryptonews.com/g20-releases-official-statement-on-cryptocurrency
Read it from ---------> https://g20.org/sites/default/files/media/communique-_fmcbg_july.pdf

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[xIIImaL]

This is really a great information for me mate. I see the investment on bitcoin and other alts has been increased gradually in this marketplace. I really do not know that newbies who have a concern to make their first investment will not be panic by seeing these kind of news has been come to the market.

I suggest you to share this information on press release section. It will be good for the people in this forum who is looking the read the news for the people. Thanks for the understanding.

[LeGaulois]

I hate when "crypto-assets" is used. It makes me think that people deny the fact that cryptos are currencies. What don't they understand in "cryptocurrency"? Crypto + currency: a currency using cryptography and decentralized protocol.

 

to monitor the potential risks of crypto-assets

Hypocrisy
No taxes evasion with fiat? No terrorism with fiat? No money laundering with fiat? In which planEt these guys are living?

[Vs225655]

they understand that nothing to do with cryptography is not in force. Forbidding her people have started to use it even more. So they just have to figure out how to earn them on the cry of the currency) Then I think it and legalize

[ASHLIUSZ]

Among the G20 nation very few might have got objections with cryptocurrency, now a clarification for the usage of cryptocurrency with regulatory compliance might come to implementation. What's been discussed on the meet seems to be something a positive approach towards cryptocurrency.

[Electric4]

I just find it funny that they call it crypto assets. Trying to get away from it being a currency. They seem somewhat open minded. But I imagine that some people here might take exception to them saying things like "consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing."

[wxa7115]

I hate when "crypto-assets" is used. It makes me think that people deny the fact that cryptos are currencies. What don't they understand in "cryptocurrency"? Crypto + currency: a currency using cryptography and decentralized protocol.

 

to monitor the potential risks of crypto-assets

Hypocrisy
No taxes evasion with fiat? No terrorism with fiat? No money laundering with fiat? In which planEt these guys are living?

They have to deny everything, remember that 90% of the time what it comes out of the mouth of a politician are nothing but lies, they cannot accept the fact that cryptocurrencies are a form of money but at the same time they are doing it even if they are doing it in an implicit way, why? Because they are worried about tax evasion, financing terrorism and money laundering, all of those activities can only be done with something that is a form money, also you must understand that most countries are in a very bad shape with sovereign debt they cannot hope to repay except by printing money like crazy and some countries do not even have that option so they are fearing that cryptocurrencies could replace their fiat and the scam it represent.

[juperos]

The Group of 20 issued its official statement regarding the cryptocurrency, the text of the statement said

Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. Crypto-assets lack the key attributes of sovereign currencies. While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. We welcome updates provided by the FSB and the SSBs and look forward to their further work to monitor the potential risks of crypto-assets, and to assess multilateral responses as needed. We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.

Although the statement did not offer anything new, it seemed promising/open about cryptocurrency as a whole.
Also, there are some countries focused on the regulation of cryptocurrencies.
What do you think?
Source of news ----> https://www.maxcryptonews.com/g20-releases-official-statement-on-cryptocurrency
Read it from ---------> https://g20.org/sites/default/files/media/communique-_fmcbg_july.pdf

I think the world is now headed for Cryptocurrency and wants to grow it into a bigger market. In addition, we can rely on the state of the economy to evaluate and predict the future of Bitcoin and Cryptocurrency.
I think it will have a great future but it will be greatly modified in terms of rules.

[nguyenthanhvien]

The information is wonderful. I feel increasingly confident in this potential market. I hope everyone in my country will have a good idea about bitcoin.

[Dimon8]

The Crypto currency is easier to control than the money fiat.Very soon many developed countries will regulate the use of crypto currency and introduce it into mass use.

[Direwolve735]

I`m happy, that the G20 finance ministers expressed optimism about the potential impact of the crypto currency on the world economy. I think the G20 representatives understand that technological innovations, including those underlying the crypto-currency assets, can significantly change and improve the financial system and the world economy. I think very soon we will see positive changes in the crypto-currency sphere.

[Baofeng]

The Group of 20 issued its official statement regarding the cryptocurrency, the text of the statement said

Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. Crypto-assets lack the key attributes of sovereign currencies. While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant. We welcome updates provided by the FSB and the SSBs and look forward to their further work to monitor the potential risks of crypto-assets, and to assess multilateral responses as needed. We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.

Although the statement did not offer anything new, it seemed promising/open about cryptocurrency as a whole.
Also, there are some countries focused on the regulation of cryptocurrencies.
What do you think?
Source of news ----> https://www.maxcryptonews.com/g20-releases-official-statement-on-cryptocurrency
Read it from ---------> https://g20.org/sites/default/files/media/communique-_fmcbg_july.pdf

I think the world is now headed for Cryptocurrency and wants to grow it into a bigger market. In addition, we can rely on the state of the economy to evaluate and predict the future of Bitcoin and Cryptocurrency.
I think it will have a great future but it will be greatly modified in terms of rules.

Of course, they can't really stop crypto that's why its really better not to go against and the member of G20 knows it. Yeah, its really promising that they are open about it because initially we thought that those member nations will be hostile, although there are member nations who are totally for crypto like Japan. So let's wait till the October announcement again, I think it will be another positive news that can really help the price push again to 5 digit mark.

[kryptqnick]

I hate when "crypto-assets" is used. It makes me think that people deny the fact that cryptos are currencies. What don't they understand in "cryptocurrency"? Crypto + currency: a currency using cryptography and decentralized protocol.

 

to monitor the potential risks of crypto-assets

Hypocrisy
No taxes evasion with fiat? No terrorism with fiat? No money laundering with fiat? In which planEt these guys are living?

Well, unfortunately cryptos are mainly traded and invested in rather than used, so even though they can be currencies, they for the most part are not. As for money-laundering, it is also not completely unjustifiable, because buying cryptos or releasing ICOs does allow to 'clean' the money a lot better than fiat methods.
The overall statement, however, seems pretty neutral with a small inclination to positive attitude. But nothing changed after 2 months in their view. They said almost the same thing in May: https://www.youtube.com/watch?v=0kuDy0Kol0s.

[shadyrifles]

The cryptocurrency world is getting prepared to take off now. Many news and positive statements are started coming from this month. Like G20 releases an official positive statement, Facebook and Google unban Coinbase ads. Let wait and watch if these statements make bullish market trend on the crypto world.

[satana_igor666]

They would have decided specifically on the crypto currency is already something, and then their statements only worsen the popularity among the newcomers.

[aoluain]

This statement is more positive than negative but they could decide at any moment to
turn around that statement particulatly when bitcoin and crypto become more powerful
with the inevitability of further global adoption.

It doesnt pose a threat to them at the moment but they cannot control it when it does
They will only be able to control the entry and exit points.

[gosha18]

I consider this to be good news, as they finally all started talking about the Crypto currency.

[RudeeTam]

And now it starts. I'm guessing the next bull run is on the horizon and we should be ready for it. Good news are piling up it seems strategic. And with the low that BTC experienced, it also seems that the whales are poised for it too.

[timerland]

I think that overall, this is a positive evaluation of crypto.

However, a lot of the things mentioned that they specifically put onto cryptocurrencies such as money laundering and tax evasion can be said with all fiat currencies as well. Bitcoin is simply a currency. There are probably more people evading tax using cash compared to use bitcoin, etc. There is no point trying to assign the blame of the issues on crypto.

Also, I don't know what they're referring to as a global financial stability risk. I don't see anything this negative that would come out of bitcoin, at least.

It's only a statement, but it does show that G20 seems to be interested in crypto. Hopefully though, they will be supporting decentralized cryptos and increased exchange regulations, instead of trying to push for stricter KYC/AML measures and centralized blockchains.

[stellaekun]

Their stance is similar to the earlier resolution by the European union that the central banks should approach cryptocurrency regulation with caution, that there are benefit of blockchain that may be worth discussing in future session