Crypto regulation, a topic of discussion in G-7 meeting

[Coyster]

We have for years now talked about how the governs keep making plans to regulate cryptocurrecies, Bitcoin and most digital currencies eliminates the governments involvement, so I can understand their desire to impose some sort of regulations, most of us (myself included) as Bitcoin users totally object to any form of strict regulations from the government, so I'd like to draw your attention to their latest ploy:

World governments agree on importance of crypto regulation at G-7 meeting

Crypto regulation was a topic of discussion in the latest G-7 meeting and it's not surprising that most governments are in support of the move, I don't know how things will develop, but it's scary and in the next couple of years there could actually be severe crypto regulations all over the world. Here is another excerpt:

There is strong support across the G7 on the need to regulate digital currencies. Ministers and Governors reiterated support for the G7 joint statement on digital payments issued in October.”

From the above, it's clear that the support already rests in their midst, so the question now is how are they going to implement this, and that's were this next excerpt is important to see:

Per speculation, the regulation would essentially forbid users from utilizing personal crypto wallets outside of regulated exchanges.

If this will ever be possible, it'll mean taking away control from crypto users which is why majority of us use Bitcoin, do you think this move is going to be possible and by extension successful?

Full source for better understanding: https://cointelegraph.com/news/world-governments-agree-on-importance-of-crypto-regulation-at-g7-meeting

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[BitcoinGirl.Club]

Per speculation, the regulation would essentially forbid users from utilizing personal crypto wallets outside of regulated exchanges.

If this will ever be possible, it'll mean taking away control from crypto users which is why majority of us use Bitcoin, do you think this move is going to be possible and by extension successful?

How about this?



If they really think this will regulation then they will make mistake. Bitcoin has survived 10 years without having them and it can survive in the future without them too. Point is that they know it's something which is challenging them so they are coming up with ideas. Let them come up with their idea until they find a Bitcoin Idea. Until then FORK OFF again.

[milani]

Yes, we all see that there is tendancy all over the world to control and regulate cryptocurrency, wallets and assets. They want a lot, and everyone may want a lot, but technically it will be a bit complicated to fulfill such kind of idea. In my opinion may be some countries will be close to thus, like the US, but totaly all over the world to forbid personal crypto wallets will be impossible. It may stay just their desire and that is all.

[Obi theo]

https://bitcointalk.org/index.php?topic=5297826.msg55773720#msg55773720
 That link above shows the region bitcoin has reach round the world ,
So regulation crypto currency now is really hard because the world is adapting to bitcoin and I mean not gradually but rapidly .
 Any government trying to regulate crypto will really find it difficult unless they ban it

[DoublerHunter]

^ This is what I am afraid of, that if the government will implement such regulations forcefully then crypto enthusiasts will only have two option either become a law-abiding citizen by following to all the government regulations which have to be implemented but the ideology of decentralization and anonymity will be at stake or being free from any law but living as a delinquent in the eye of the majority. The G-7 has a great influence on the global economy and most of the other countries would just follow if the members of G-7 would start implementing such rules in crypto trading. To answer OP's question, it is not so far that it will happen for the government will never let its citizens be free from the government's eye and lose control over their finances.

[Darker45]

Per speculation, the regulation would essentially forbid users from utilizing personal crypto wallets outside of regulated exchanges.

While this is just a speculation at this stage, it already bothers me a bit that this option is actually being considered. I kind of agree with regulation. I guess Bitcoin cannot get away from it if it has to become legally allowed in countries. But these regulations better not be smothering the very essence of Bitcoin or else its supporters would be forced to leave the mainstream usage of Bitcoin and have their own thing underground. Regulations should be properly moderated.

[Lorence.xD]

^ This is what I am afraid of, that if the government will implement such regulations forcefully then crypto enthusiasts will only have two option either become a law-abiding citizen by following to all the government regulations which have to be implemented but the ideology of decentralization and anonymity will be at stake or being free from any law but living as a delinquent in the eye of the majority. The G-7 has a great influence on the global economy and most of the other countries would just follow if the members of G-7 would start implementing such rules in crypto trading. To answer OP's question, it is not so far that it will happen for the government will never let its citizens be free from the government's eye and lose control over their finances.

Is there something wrong with being a law abiding citizen? If the government wants to put a regulation, can you do something about it? If the answer is no, then I think that we shouldn't care that much, although they will be creating this policies to further increase their power, I do not think that they will go full tyrannical on crypto enthusiasts, they will still put some citizens interests in mind because there is still election and it takes only one politician that supports a more lax regulation to topple the person in power. The idea of decentralization only gets vaguer as more companies and cronies chip in to exploit the technology. I do not support government putting regulations on crypto but what can I do as an individual, even if the whole crypto community comes together it will not be enough because we are not yet mainstream. The best thing that can happen is a leader or group of lawmakers that will fight for the individual rights of every crypto enthusiasts and by far it is impossible because of lobbying and bribes from companies and institutions.

[MusaMohamed]

How about this?

I like it.

If they really think this will regulation then they will make mistake. Bitcoin has survived 10 years without having them and it can survive in the future without them too. Point is that they know it's something which is challenging them so they are coming up with ideas. Let them come up with their idea until they find a Bitcoin Idea. Until then FORK OFF again.

I am feeling nausea when I see news are related to SEC, FED, G7 meeting, Chinese government probibitions are used to cook, recook many times. Such news are recooked at right times of the market and from the motives of news usecase and releasing time, it is causing me to judge them as market manipulations. Below is the news relates to G7 meeting that was used in 2019.
European Central Bank Exec: Libra Won’t Launch Until Regulators Are Satisfied

Like that news: China gives $1.4m to locals to test-drive digital currency. China bans bitcoin, cryptocurrency and few years after that China did such a trial. Do you think such a stupid trial is necessary? They can make such trial in silence but they decided to make noise.

[Coyster]

The idea of decentralization only gets vaguer as more companies and cronies chip in to exploit the technology.

This isn't true, institutional corporations are rightly adopting the network, either investing in Bitcoin or making it their reserve asset, but this doesn't impede with the networks decentralized feature, cause notwithstanding the large number of crypto coins this companies are able to purchase, cause they actually buy a lot, it still doesn't and will never make them a centralized body over the network, at the very least they could only manipulate the price if they dump all the coins in their possession.

Like that news: China gives $1.4m to locals to test-drive digital currency. China bans bitcoin, cryptocurrency and few years after that China did such a trial. Do you think such a stupid trial is necessary? They can make such trial in silence but they decided to make noise.

What they banned was dex cryptocurrency, but this test has to do with their own CBDC and it's centralized and controlled by the Chinese central bank and government, they obviously want to launch their own currency as they get to control it, but are striving to impose regulations on dex crypto cause they can't be a third party to it, that's government and their manipulations.

[sunsilk]

There were already news about regulation for stable coin issuers and I think that's the first step. It's on US so basically other countries would also consider that if they see some issuers are starting to build on their jurisdictions. That should be fine if they will only touch the issuers but not entirely the crypto wallets of every individuals.

This is now the time that they're becoming aware of what cryptos can do to the economy. Now that it's beneficial for them, they have to talk about it and make some regulations towards it. They shouldn't touch the ground of individuals but only to issuers, exchanges and other crypto related services that are registered.

[Anonylz]

how do we expect government acceptance of crypto without any form of regulations! if truly the crypto community are yawning for mass adoption by the government then i guess this is the price to pay to have that mass adoption that we so desired otherwise it will still remain an unauthorized part of the economy,  am not surprise to hear this because at the end it was going to be the end result.

[MusaMohamed]

What they banned was dex cryptocurrency, but this test has to do with their own CBDC and it's centralized and controlled by the Chinese central bank and government, they obviously want to launch their own currency as they get to control it, but are striving to impose regulations on dex crypto cause they can't be a third party to it, that's government and their manipulations.

I talked about the rumour and FUDs around China years back, not this year. Such Chinese-originated news were used to create FUDs and had great negativity on bitcoin price and crypto market and it already stopped after the news President Xi in 2019.

I am very surprised to see people feel positive with news on CBDCs. Governments use those currencies to easy their money control and distribution. No cost for paper production, printing process, maintenance process in money printing factories.

CEX, DEX will survive together. Crypto market will survive together with other traditional markets (stocks, bonds, gold, etc.). Cryptocurrency will survive together with fiat currency.

Xi-pump: Bitcoin Price Must Now Break $9.5K to Prove ‘Xi Pump’ Wasn’t a Fluke

[avikz]

This entire drama of discussing crypto regulation has started from 2017 when the crypto prices were sky rocketed because word leaders quickly realized that many people are managing their own money without going through the banking route. So the leaders are worried that it will be harder to control their citizens if their finances are not controlled by the government. So regulation would eventually come! There's no way we can stop it! There will be many governments who will try to ban it before realizing that it is beyond their control and eventually resort to regulation and taxing!

However, one hope is Japan because Japan is the first country to regulate and legalize bitcoin. They have indeed shared a detailed guidelines on how they are regulating it to all G7 leaders back in 2017 or 2018 meeting. So I hope G7 meeting will have some constructive discussion around crypto regulations. I know bitcoin puritans will be resisting it, but regulation is inevitable! I am not bullish about it but that's something we can't really escape!

[Argoo]

how do we expect government acceptance of crypto without any form of regulations! if truly the crypto community are yawning for mass adoption by the government then i guess this is the price to pay to have that mass adoption that we so desired otherwise it will still remain an unauthorized part of the economy,  am not surprise to hear this because at the end it was going to be the end result.

However, we expected reasonable regulation of the circulation of cryptocurrency, and not a complete ban on citizens from owning cryptocurrency wallets.  I don't know who came up with it at all to prohibit people from using cryptocurrency wallets.  It is very bad if a decision on this is made at the next summit of the G7 countries.  Even if this is not feasible on the part of states, however, it is still not good, because state bodies will come up with different ways to implement such a decision.  In fact, such a decision would mean an almost complete ban on the free use of cryptocurrency.

[Walterhank]

It may very well be possible. Governments are always interested in stripping away our rights and they have been doing so for a long time. But I certainly hope that it doesn't happen.

[hd49728]

This entire drama of discussing crypto regulation has started from 2017 when the crypto prices were sky rocketed because word leaders quickly realized that many people are managing their own money without going through the banking route. So the leaders are worried that it will be harder to control their citizens if their finances are not controlled by the government. So regulation would eventually come! There's no way we can stop it! There will be many governments who will try to ban it before realizing that it is beyond their control and eventually resort to regulation and taxing!

However, one hope is Japan because Japan is the first country to regulate and legalize bitcoin. They have indeed shared a detailed guidelines on how they are regulating it to all G7 leaders back in 2017 or 2018 meeting. So I hope G7 meeting will have some constructive discussion around crypto regulations. I know bitcoin puritans will be resisting it, but regulation is inevitable! I am not bullish about it but that's something we can't really escape!

After that time, KYC and AML were applied on crypto market and exchanges. I hope the next G7 Meetings and their decisions won't bring any negative things and regulations to crypto. Governments fear of bitcoin and crypto but they know how and have full power to take advantage of bitcoin exchanges and crypto market for their benefits. First it is tax and second it is their CBDCs. All are for their interests and power.

Support or not, more regulations and consensus from such big meetings will be made. One thing I never want to see is any rule to restrict margin of price change in 24 hours. It is a most interesting characteristic of crypto market and makes it is different than stock markets. There is no circuit-break in crypto.

[Maestro75]

I do not see how regulation will help crypto apart from bringing politics into it. Government is politics and politics is being cunning. Politicians like to be against anything that makes them feel less important and I know that is what the government wants to do with reguation of crypto assets. Once they put a regualation to it at the G-7 meeting, they an now come down hard on Bitcoin and it holders.

[stompix]

This isn't true, institutional corporations are rightly adopting the network, either investing in Bitcoin or making it their reserve asset, but this doesn't impede with the networks decentralized feature, cause notwithstanding the large number of crypto coins this companies are able to purchase, cause they actually buy a lot, it still doesn't and will never make them a centralized body over the network, at the very least they could only manipulate the price if they dump all the coins in their possession.

Decentralization is not only about the protocol or control of it, it is much more.
If you store your coins on coinbase, if you load a web wallet with coins, if you use a visa mastercard to pay with "bitcoins" it simply means your;e using nothing but centralized services, and the proportion of users who are doing so is going up by the day.
Yeah, they don't control the network, but they have your coins and you only have a username a password, and a promise of payment.

Rumors predict that Mnuchin plans on dropping an impactful crypto-related ruling in the next few weeks pertaining to digital-asset wallets. Per speculation, the regulation would essentially forbid users from utilizing personal crypto wallets outside of regulated exchanges.

This guy has to go, and he has to go fast before he does something really stupid!
If this shit comes true it's the worse of the worse, from exchanges to shops to payment processors it's just a step.

[hatshepsut93]

This isn't the first time it is reported that G7 will discuss crypto, so far nothing big came out of it. Maybe this time will be different, or maybe it won't.

Per speculation, the regulation would essentially forbid users from utilizing personal crypto wallets outside of regulated exchanges.

Isn't it strange that after Bitcoin's price skyrocketed, we started hearing more of FUD "rumors" that crypto wallets will be banned/restricted/ I'm pretty sure nothing will come out of it, because it's almost impossible to demand from exchanges to do verification of their user's wallet, and a law that is hard to enforce will only create more headache for everyone, including the government.

[daarul50]

I will only surprised if they hire a figure like gavin andersen or vitalik buterin to formulate the system which it is impossible.
This kind rumor has been here for quite a while, media just not love to blow this up but recently they get bored with covid19 news all this year probably and bring this headline like randomly.
Nothing to worry about , let them work their ass off so hard , the result will always nil. Decentralized means nobody can control over it, period.