G20 releases official statement on cryptocurrency

[stellaekun]

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

They wont for a couple of years to  come, because such a move will really be a defining moment for big banks and major economies. the blockchain is disruptive

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[TheClownSong]

Its good news for cryptocurrency community. If G20 country member regulate cryptocurrency, I am believe many investor will come in on market and make cryptocurrency market cap rising. With regulation from government and from advance country, investor will more confident with this market

[Kcryptonite]

That's great news. Crypto is definitely the future. I think it will even get better. But as everything else, it has its time to come. But its nice to see this news.

[JakenBake]

Amazing news from the G20.  I think the world leaders want crypto.  I think the negative news that springs up in scripted.  They are constantly going back and forth.  When something is threatening your monetary strangle hold you don't get wishy-washy unless you know what your doing. 

[Hydrogen]

People tend to forget G20 summits are composed of computer illiterate elderly people who don't understand the difference between a harddrive and RAM. There isn't a single politician in the G20 who has the faintest idea what a crypto currency is, much less whether it should be supported.

I think the underlying message here is bankers feared crypto and their immediate kneejerk response was to condemn it. Eventually they realized they can centralize the large majority of crypto markets inside of an institution like coinbase and buy other exchanges with pocket money, thus giving them a great deal of control over crypto markets. Then they had no reason to fear bitcoin or crypto currencies as much as they probably own many of the major exchanges.

And the exchanges which bankers do not own, they can simply have banned via regulation in countries where they do not wish an independent presence to exist. An example of this could be how americans are banned from using bitmex and many other exchanges(perhaps they are banned from using the ones bankers do not own or control).

I suspect the message in the G20 press release reflects these shifting realities. But who can say. Maybe I'm 100% wrong on everything.  

[taiwww]

What to say about the meeting which did not even move the crypto assets by a dollar when it came out with the results a few months ago. It was all positive about it but to be honest crypto world did not move because of it. This year there were more bad occurrences of crypto hacks, dumps and stuff like that and thus rest of the news like the G20 summit agreement did not do much. I guess this happened at wrong time at right place. Now that the news has come out in proper timing then we can just expect for some more agreements and crypto investment but for that also we cant guarantee anything.

[audaciousbeing]

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

It indeed looks promising because it shows some openness to discussion rather than outright taking a negative position and it also worthy to be commended because the people who made the release are sure to not be in this generation and its hard to see the seniors open to such ideas that negates virtually everything they have come to believe in all their life. Personally, I think the process of adoption is in phases as the phase of acknowledgement has been done, the current I feel is the fear which focus more on the disadvantages highlighted in the extract of the report and the moment that can be handled with various reviews going on having indicate intention to wait for standards, the next would be acceptance with prejudice before moving to full acceptance as rejection won't be an option.

[Bezobraznike]

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

It indeed looks promising because it shows some openness to discussion rather than outright taking a negative position and it also worthy to be commended because the people who made the release are sure to not be in this generation and its hard to see the seniors open to such ideas that negates virtually everything they have come to believe in all their life. Personally, I think the process of adoption is in phases as the phase of acknowledgement has been done, the current I feel is the fear which focus more on the disadvantages highlighted in the extract of the report and the moment that can be handled with various reviews going on having indicate intention to wait for standards, the next would be acceptance with prejudice before moving to full acceptance as rejection won't be an option.

   We all know that crypto-currencies  "can deliver significant benefits to the financial system and the broader economy." That`s is the reason why we
spend time here and invest in crypto-currencies. We all know that here, but world is yet to find out about all that.
   Slowly crypto-currencies are getting more popular. Bitcoin, Ethereum, Litecoin more than others but each current project will find a path to people
when crypto-currencies become globally accepted. I believe in that outcome, and that`s why this news is not a surprise to me. It`s going in good
direction, and I believe soon more regions will follow.

[magneto]

It's nice to see that bitcoin's (or, just cryptos' in general) benefits are being acknowldeged by an organisation as large as the G20.

However, an acknowledgement isn't really needed and at the end of the day. An official statement from the G20 doesn't really mean much in terms of tangible regulations or government attitude towards crypto regulation. We're still yet to see how some individual countries go with crypto regulation, whether they will reverse certain restrictions or go along with it.

Also, they still seem to see crypto and bitcoin as some sort of threat instead of actively exploring its full potential. Sure, there are tons of ICO scams around, but that is not representative of bitcoin itself. They're just completely unrelated.

[wxa7115]

People tend to forget G20 summits are composed of computer illiterate elderly people who don't understand the difference between a harddrive and RAM. There isn't a single politician in the G20 who has the faintest idea what a crypto currency is, much less whether it should be supported.

I think the underlying message here is bankers feared crypto and their immediate kneejerk response was to condemn it. Eventually they realized they can centralize the large majority of crypto markets inside of an institution like coinbase and buy other exchanges with pocket money, thus giving them a great deal of control over crypto markets. Then they had no reason to fear bitcoin or crypto currencies as much as they probably own many of the major exchanges.

And the exchanges which bankers do not own, they can simply have banned via regulation in countries where they do not wish an independent presence to exist. An example of this could be how americans are banned from using bitmex and many other exchanges(perhaps they are banned from using the ones bankers do not own or control).

I suspect the message in the G20 press release reflects these shifting realities. But who can say. Maybe I'm 100% wrong on everything.  

You are not wrong on your reading of the situation, which is why decentralized exchanges are critical to the survival of the market, but like always the weak link will be the conversion of cryptocurrencies to fiat since a decentralized exchange wanting to offer that to their customers will have to comply with the rules imposed by governments.

But I think that we can buy time with decentralized exchanges, after that the only thing we can do is to wait for the people around the world to wake up to the scam that is going on and that we take the next step on the evolution of this market, exchanging cryptocurrencies directly for physical products and services without using fiat at all, when it happens the market will be impossible to regulate.

[GabrielPontello]

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

Generally speaking it seems to be a good news, even though we still have no guarantee that this will lead to anything concretly positive. Generally, I don't trust these people, no matter what they say.

[BitHodler]

Generally, I don't trust these people, no matter what they say.

Bitcoin offers you the ability to hedge their overall reach, which is the only thing that matters for me. People are afraid of governments, but we shouldn't forget that governments are more afraid of Bitcoin.

The last thing they want to do is push people away from them, so they have no other choice but to embrace it or at least tolerate its existence in a way that it isn't limiting people too much.

The only thing I hope for is that they take the time to understand what this whole industry is about, because maintaining a healthy relationship with regulators is a great benefit instead of a disadvantage.

[0t3p0t]

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?

I totally agree with your opinion mate. All these digital money are called cryptocurrency and we can only call fiat, stocks, precious stones and metals as assets. And regarding the potential risks I think they are just blind enough to cover up what had fiat do to the society and the economy like to be used in any illegal activities such as money laundering, terrorist funding and tax evasion. The fact is that it was used hundreds of  thousands of years ago and until now and what is the sad reality is that they can't even control it.

[bungutko]

I think that it is wonderful to know that G20 had consider crytpocurrency as part of their agenda during the said summit. Moreover, this has been a great news to the crypto worl as G20 is in favor of the adoptation of cryptocurrency. However, I am seeing government regulation on cryptocurrency once a certain country has open it's door to the cryptocurrency business.

[wxa7115]

Bitcoin offers you the ability to hedge their overall reach, which is the only thing that matters for me. People are afraid of governments, but we shouldn't forget that governments are more afraid of Bitcoin.

The last thing they want to do is push people away from them, so they have no other choice but to embrace it or at least tolerate its existence in a way that it isn't limiting people too much.

The only thing I hope for is that they take the time to understand what this whole industry is about, because maintaining a healthy relationship with regulators is a great benefit instead of a disadvantage.

Governments and banks have a big problem in one hand it is obvious they do not like something like bitcoin to be around since they have a monopoly in the creation of the currency that they will like to maintain, they also control the whole financial system and they can do basically as they please.

Bitcoin offers and alternative to all of that and if you look at history you will never find a monopoly that is happy to get competition that he cannot destroy, in the other hand they have no grounds to ban bitcoin and in a democracy people are very sensitive to this if they ban it people are going to wonder why that is the case since bitcoin in itself does not damage anyone.

So governments have no option but to tolerate bitcoin for the time being even if they are uncomfortable with it.