[2019-06-09] G20 Starts Crypto Discussions - A Look at Global Standards

[D1v4c]

G20 Starts Crypto Discussions - A Look at Global Standards

Finance ministers and central bank governors from the G20 countries have gathered this weekend for a two-day meeting ahead of the G20 summit, and cryptocurrency is among the topics of discussion.

Global standard-setting bodies have submitted their policies and provided tools to help the member countries with the regulation of crypto assets in their own jurisdictions.

World leaders will gather in Osaka as Japan hosts its first ever G20 summit on June 28 and 29. Ahead of the summit is a G20 Finance Ministers and Central Bank Governors Meeting which is taking place on June 8 and 9 in the Japanese city of Fukuoka.

[Harlot]

At the end crypto users who favor anonymity with the use of cryptocurrencies won't be happy with the news. It's the way how these industry will move forward towards mass adaption. Privacy and anonymity is something we need to sacrifice for the rest of the governments to accept it together with other investment vehicles already in existences. Plus it will only be fair for this existing markets to see that the crypto industry has more transparency when it comes to profiling their users, all markets even the FOREX has KYC requirements issues by the government.

[buwaytress]

Good point, ETF. Of course, these global standards should meet the needs and agendas of global people too. But oh wait, we're talking about the interests of a few leaders of a few economies. So of course we have to pander to their agendas.

If anyone wants an example of what Lagarde really thinks of anyone daring to step outside the circle, need only refer to her thinly veiled threats against Marshall Islands.

[Carlton Banks]

we're talking about the interests of a few leaders of a few economies. So of course we have to pander to their agendas.

I'm not

At the end crypto users who favor anonymity with the use of cryptocurrencies won't be happy with the news. It's the way how these industry will move forward towards mass adaption.

no-one, not least these international buffoons themselves, has ever answered this question:


what. are. they. going. to. do.


so far, it's a whole load of "nothing". that's because there isn't anything that can be done.


you can't shut filesharing networks down, that software has had the best and brightest minds working on keeping it resilient to attack for 15 years. 3 or 4 multi-billion dollar industries were essentially decimated by that occurrence. Outcome: they gave up fighting They ignored, they ridiculed, they fought, they lost, done

So, I say it again: what are they going to do. Be honest, it's still "nothing", isn't it?

[LeGaulois]

G20 started to debate on cryptos long ago now, it isn't something new in their agenda. Bitcoin can't be regulated by nature. So their only entry point is the banking system. It's all that they can control or monitor. The link between crypto and fiat is the point of failure. As soon you convert to fiat you're traceable.

[timerland]

World leaders will gather in Osaka as Japan hosts its first ever G20 summit on June 28 and 29. Ahead of the summit is a G20 Finance Ministers and Central Bank Governors Meeting which is taking place on June 8 and 9 in the Japanese city of Fukuoka. Besides the G20 countries, there are invited guest countries and international organizations that will be participating including the United Nations, the International Monetary Fund, the World Bank, and the World Trade Organization. Cryptocurrency, regulations, and how users should be protected in the new financial system are being discussed at the conference this weekend, according to local media.

It'll be interesting to see whether the fact that this event being hosted in Japan will have any positive impact - given the fact that Japan is one of the more forward thinking countries when it comes to bitcoin regulation.

More likely than not though, the conclusions that the G20 is going to arrive at is that there needs to be tighter AML/KYC standards, which has been a trend in the past few years, as opposed to a loosening of this.

But at the end of the day, what the G20 discusses is really irrelevant unless this is all written down in each of the country's legislation and regulations. It's more of a reference for policy makers.

[Slow death]

G20:

MAR 20, 2018

G20 Considers Crypto As Assets, Not Currencies, According To Document Draft

DEC 02, 2018

G20 Country Leaders Call for International Cryptocurrency Taxation

DEC 03, 2018

G20 Members Note Crypto Regulation in Recent Declaration on Sustainable Development

DEC 05, 2018

G-20 Summit Results: Crypto Is Important for Global Economy, Needs to Be Regulated and Taxed

APR 07, 2019

G20 to Establish Crypto AML and Counter-Terrorism Financing Regulations in June: Report

What are they really doing in concrete?

[bbc.reporter]

What will the G20 do? Assemble a group of people, make up rules for the cryptospace and then declare them as the rules or else? What about what the users want?

[joniboini]

What about what the users want?

Send them a letter, hopefully, they will read it.

[figmentofmyass]

What are they really doing in concrete?

nothing yet but they are clearly working up to it.

money laundering is increasingly being conflated with terrorist financing at the regulatory level. i am worried they may be planning to apply pressure via the "financial action task force" (FATF).

if countries are under threat of appearing on the FATF blacklist or OECD grey list, they will fall into line very quickly. my biggest concern is that grey market exchanges (bitfinex, binance, bitmex, and similar entities) will become heavily targeted by such guidance and subsequent national regulations.

[Carlton Banks]

What are they really doing in concrete?

nothing yet but they are clearly working up to it.

what are their options, lol


there's one thing that's guaranteed to work, but cannot be done for other reasons: cripple or switch off the internet. But even that can only really work short term, as everyone pissed off by that action will simply build a new internet to route around the bs

Every other possible angle of attack has already been considered and mitigated or neutralized

[bbc.reporter]

What about what the users want?

Send them a letter, hopefully, they will read it.

Hehe it was more of a question to make a statement than a question to make an inquiry. Real decentralized cryptocoins do not need anyone's permission to be developed, to be used or to be supported.