G20 Meet - Always consider Crypto as problem to the monetary world. New update

[Sarah Azhari]

Even though the proposal by the Indian party will pay attention to crypto as a form of economic problem, it will not necessarily be agreed upon by every country. For example, in the country where we live, we are part of the G20 members and have even built partnerships with investors to facilitate crypto assets into the category of protected commodity assets.

India is pretty much the same as Indonesia where crypto is not legal tender. The discrepancy is, in Indonesia the regulations of crypto already exist while India is being considered. So with the G20 event, I hope India is more focused on that, and have an intense discussion with a country where crypto regulation being existed like Indonesia.

Actually, crypto doesn't bother economic countries, instead a growth economic system in that country. In fact happen in Indonesia, where the government got over the targeted tax of 15 Million USD in semester 2 of 2022.

[chrisculanag]

They have noticed that the number of people who enjoy cryptocurrencies is increasing, which really scares every country, so they intend to control it by restricting and implementing laws that can control its users. I just hope that the result of their step will be good.

[justdimin]

It mostly about he control over the macroeconomics which keep those people afraid about the increasing adoption of Bitcoin a and other altcoins. For instance, let us assume that a country has a lot of adoption of Bitcoin and the government wanted to change the number of FIAT in circulation, adjust the interest rates on credit, sell debt, etc. Most of those things would not have the effect they would want it to have because an important percentage of the population would be isolated from whatever the Central Bank or the Treasury of the Stated wanted to do with the National currency.

That alone is enough tho keep bankers up at night.

This is exactly the reason and I believe that we shouldn't really worry about those governments because they are not going to do anything about bitcoin like banning it. Because if you ban bitcoin, there are millions of people in most nations that uses it and you risk not getting their votes, doesn't mean they will vote for the other person, maybe they would but they could just sit at home as well.

That's how most elections are won in the world, if you can make your voters go out and vote you win, if they protest and stay at home then you lose, it is usually not getting the vote of the other side, that doesn't happen too much. So, politicians would be worried that they would upset their own voters and not do anything about bitcoin.

[kryptqnick]

Isn't it a little too late to take 'global' action on cryptos? I mean, she's saying it as if there currently aren't any regulations, and the top countries can come together and started a unified approach. But in fact many countries, including those in the G20, already regulate cryptos in some ways, and these ways aren't the same. Also, there's already an independent country dealing with cryptos, in case the G20 didn't notice, and it's called El Salvador. I hope that in practice, as with many things when it comes to G20, an agreement won't be reached and varied policies will continue.

[so98nn]

That makes us think, crypto is going to next level slowly. If powerful countries are trying to set such high stake infra then it’s somehow ditching them with their economical issues. Could be the fact that they are seeing up surge in the crypto users even though they have one of the complicated taxation system and already levying high charges in it.

It’s remarkable to see, India is levying 30% flat tax and yet they have not stopped using bitcoin. Basically they are trying to earn more to cover the capital + profits + happy 30% tax which will anyway up lift their own CIBIL. Just love how they are passionate.

Could be triggering point for them to levy such strict infrastructure.

[Silberman]

That makes us think, crypto is going to next level slowly. If powerful countries are trying to set such high stake infra then it’s somehow ditching them with their economical issues. Could be the fact that they are seeing up surge in the crypto users even though they have one of the complicated taxation system and already levying high charges in it.

It’s remarkable to see, India is levying 30% flat tax and yet they have not stopped using bitcoin. Basically they are trying to earn more to cover the capital + profits + happy 30% tax which will anyway up lift their own CIBIL. Just love how they are passionate.

Could be triggering point for them to levy such strict infrastructure.

I am doubtful there are many people paying such a high tax, people are willing to pay their taxes even if it goes against their short term interests as long as the taxes are kept as low as possible and they see their government making use of those taxes in an appropriate way, a 30% tax is outright robbery, and many people will simply refuse to pay as they understand such a high tax is being charged just because the government wants to discourage the adoption of bitcoin and other cryptocurrencies on their territory.

[Strongkored]

They have noticed that the number of people who enjoy cryptocurrencies is increasing, which really scares every country, so they intend to control it by restricting and implementing laws that can control its users. I just hope that the result of their step will be good.

The government could start by imposing regulations on cryptocurrencies to control it as they usually do to their people which controls every activity, I just think they are afraid of crypto because they think it will compete with their fiat and also misinformation that crypto cannot be traced so it is used by people to avoid taxes.
Countries that already have regulations on crypto already understand how it works and also know the potential income that will be received by controlling it rather than banning it which is almost 100% impossible to ban it.

[bangjoe]

it's quite funny to see these boomers say that crypto is an asset that is unstable and unsafe to invest in, some even say that this is a fraud .. but on the other hand they seem scared of the increasing number of adopters of crypto and don't want their product (fiat) is losing its users.. if they believe that crypto is an asset that is not fit for adoption, why should they fear that adopters of crypto are increasing??  LMAO

If crypto is so unsafe it is not their problem, it is the investor's problem, why are they feeling concerned when they can't provide a better way for people around the world to get out of poverty and become financially free? These people are satan's general, they know how many people around the world will benefit from crypto that's why they hate it. There is always something about powerful people and the poor, they never want them to rise. Like Kiyosaki used to say "Keep them poor".

I strongly agree with you on this, a lot of income will be evenly distributed to those who can't afford it, but from this we also see concerns that if these crypto assets are released easily, the possibility that the biggest fear is that people will be deceived so that citizens the country they manage will suffer losses that can shake the country's economy, crypto-related matters must be limited to avoid that which is supported by proper regulations to maintain the continuity of this industry so that it is safe for its citizens.
Yes, even though the problem of risk is the problem of each individual who invests, but try to imagine if 200 million people from the total population of citizens in a country, and say 50% of that amount invest in crypto against coins like luna whose price drops to 99% which makes the 50% citizens lose and stress or other coins that don't give price returns so they sell at a loss, do you think that will affect the country's economy? if the number of investors is very massive.

[Kakmakr]

The simple reason why governments do not want to embrace Crypto currencies are the following :

1. Bitcoin undermine the Banks and the governments protect the Banks.
2. Governments and Banks cannot "hide" transactions when it is on a public Blockchain.
3. The most money laundering are done through Banks and Fiat currencies, so they are protecting their tool to do that.
4. Governments control and manipulate Fiat currencies (Supply and it's value) ...so they do not want to relinquish that control.
5. Governments use Banks to control people (Monitoring the flow and ownership of wealth) for tax purposes.

So why would any government support or allow an alternative currency or technology that gives them all of these benefits?

[slapper]

Wow, it's like a huge crypto party, and everyone's on the guest list! India's Finance Minister, Nirmala Sitharaman, wants global teamwork to tackle the crypto chaos, like bitcoin. Crypto's like a wild bronco that needs to be roped in. Yee-haw!

The G20 and members agree that a single country can't handle crypto alone. They're fast to face the crypto challenge, and it's fantastic! During India's G20 presidency, they'll tackle a "synthesis paper" on crypto-related matters.

Let's unite and create a solid strategy to manage crypto assets. It's like a superhero alliance, but instead of battling bad guys, they're battling crypto! Can't wait to see the outcome. Trust me, it'll be huge!

[Flexystar]

Wow, it's like a huge crypto party, and everyone's on the guest list! India's Finance Minister, Nirmala Sitharaman, wants global teamwork to tackle the crypto chaos, like bitcoin. Crypto's like a wild bronco that needs to be roped in. Yee-haw!

The G20 and members agree that a single country can't handle crypto alone. They're fast to face the crypto challenge, and it's fantastic! During India's G20 presidency, they'll tackle a "synthesis paper" on crypto-related matters.

Let's unite and create a solid strategy to manage crypto assets. It's like a superhero alliance, but instead of battling bad guys, they're battling crypto! Can't wait to see the outcome. Trust me, it'll be huge!

They are actually negative about the whole thing. Nirmala does not want it to be regulated in a smooth way but the harder way possible. The only purpose it seems from her speeches and articles, she wants to put an end to the crypto era right away so that their economic balance can be shifted back to the traditional economy purely.

This can also be proven by the actions they did during their country's budget finalization. The TDS, Taxation, and complicated system of buy/sell tracking already give me the idea that she does not want it regulated for the general USER but needs to be regulated for the Government itself.

The outcome that we may receive could be devastating. Imagine, USA is already on the same page, and if somehow G20 forms any alliance with them, then it's done. The strictest infra would be in place for sure.

[avikz]

In the recent news interview India Finance Minister Mrs. Nirmala Sitharaman, clearly stated that all the 20 nations should also involve rest of the world on deciding new framework of the crypto. She thinks that crypto poses various threat to the economy and it is not the issue of one nation or 20 but it's an issue related to the entire global economy.

This lady doesn't have the credibility to hold power like the finance minister. She is just a puppet to the government. I mean that's how Modi wants it because he usually takes the decision and all ministers speak his language. Indian bureaucratic system is good for nothing. It is corrupted to the core and has a mentality of serving its own ego rather than serving the public. So the such system will never accept cryptocurrency getting mixed with the mainstream economy. I am sure a lot of developed countries have laughed at this statement and continued their preparation to welcome cryptocurrency by regulating it. While Indian crypto community is gearing up to pay 30% tax on the income. Sad but true!

[jaberwock]

The simple reason why governments do not want to embrace Crypto currencies are the following :

1. Bitcoin undermine the Banks and the governments protect the Banks.
2. Governments and Banks cannot "hide" transactions when it is on a public Blockchain.
3. The most money laundering are done through Banks and Fiat currencies, so they are protecting their tool to do that.
4. Governments control and manipulate Fiat currencies (Supply and it's value) ...so they do not want to relinquish that control.
5. Governments use Banks to control people (Monitoring the flow and ownership of wealth) for tax purposes.

So why would any government support or allow an alternative currency or technology that gives them all of these benefits?

I think some of them are right, well most of them are right but I disagree on you with one of them; Government uses banks to control people. I feel like Banks control the government and not vice versa, which means that Banks as a whole could be more powerful than the governments at certain times, they can strong arm governments into submission.

Well, one bank may not have that much power, and it can even bankrupt, but when you talk about all banks together, and sometimes they do get together, they could just tell the government "if I go out, everyone's money goes out, economy crashes, and you will not get votes, help me so I don't destroy you" and that blackmail did worked in multiple nations so far without a doubt.

[chrisculanag]

They have noticed that the number of people who enjoy cryptocurrencies is increasing, which really scares every country, so they intend to control it by restricting and implementing laws that can control its users. I just hope that the result of their step will be good.

The government could start by imposing regulations on cryptocurrencies to control it as they usually do to their people which controls every activity, I just think they are afraid of crypto because they think it will compete with their fiat and also misinformation that crypto cannot be traced so it is used by people to avoid taxes.
Countries that already have regulations on crypto already understand how it works and also know the potential income that will be received by controlling it rather than banning it which is almost 100% impossible to ban it.

Thats true,through the patronage of various countries in the use of cryptocurrencies, it is spreading and increasing. The good things it brings give the country a good reputation while there are also negative news that affect in some do not fully understand the importance of using it. But if they accept the importance as you say, they will benefit a lot from it. That's just how they can control it, we know that different countries have ways of getting tax from those who use it. Will they do the same?

[Darker45]

Here they are again with their superior complex, trying to come up with an erroneous and absurd policy among themselves and impose the same on everybody else. They have to wake up. This isn't the age of colonialism anymore. Why shouldn't countries make their own independent and thorough study and craft policies based on it? Why are these conceited countries want everything they think of to be implemented globally?

This Nirmala and the entire G20 should realize that they don't have the monopoly of righteousness, wisdom, and capacity to come up with sound policies. Why shouldn't they study El Salvador? Instead of ganging up on a small sovereign country, why can't they start to understand where it is coming from?

[Similificator]

Despite their efforts, I already sense that this thing they are pushing will not work as what they envision it to be. This is simply because each country and its citizens view Bitcoins or the whole crypto currency industry as a whole differently from each other. Not to mention the fact that each country has different economic status and problems which makes it even more difficult to have mutual decisions on how to deal with crypto currencies. To some countries, crypto is advantageous while to others, detrimental. How can we expect unison with such differences? Not unless these countries agree on a compromise that does not give too much benefit or loss to any of them which is too unlikely if not entirely impossible due to personal interests fueled by greed or deluded principles.

[ancafe]

Policies in the field of economics and world political issues are very much discussed at the G20, who knows what they will discuss for interglobal cooperation. In essence, they are trying to push for regulation collectively for all participating countries, even though this issue has long been discussed outside the G20 itself. But what confuses us a bit is that some countries have different views on crypto in general, in my country crypto is legal as a commodity asset traded on an exchange which is supervised by the government.

But since the payment option using crypto in general is still being debated and not allowed, then the policies they take will be a bit stricter in this area, maybe on the other hand in other countries there are different approaches to crypto and prohibitions like that, so have a Global Framework for crypto and having collective rules and regulations is something that is hard to achieve globally. I guess so?

[doomloop]

Wow, it's like a huge crypto party, and everyone's on the guest list! India's Finance Minister, Nirmala Sitharaman, wants global teamwork to tackle the crypto chaos, like bitcoin. Crypto's like a wild bronco that needs to be roped in. Yee-haw!

The G20 and members agree that a single country can't handle crypto alone. They're fast to face the crypto challenge, and it's fantastic! During India's G20 presidency, they'll tackle a "synthesis paper" on crypto-related matters.

Let's unite and create a solid strategy to manage crypto assets. It's like a superhero alliance, but instead of battling bad guys, they're battling crypto! Can't wait to see the outcome. Trust me, it'll be huge!

I don't consider this as a crypto party because they said that crypto is always a problem. A true crypto party is when all people or country that are involved are into cryptos. Also, not all are invited on this happening but it's said, there is only 20 countries. I don't get it, why you seem to be happy there when they are going to tackle crypto? Are you out of your mind already? LoL.

A single country can ban cryptos but other countries who legalize it can still use it. Maybe they are jealous with that fact and want's that country to join them on their plans about banning crypto for good but I don't think other countries will agree on that when they know that they can benefit with cryptos greatly.

[darkangel11]

Despite their efforts, I already sense that this thing they are pushing will not work as what they envision it to be. This is simply because each country and its citizens view Bitcoins or the whole crypto currency industry as a whole differently from each other. Not to mention the fact that each country has different economic status and problems which makes it even more difficult to have mutual decisions on how to deal with crypto currencies. To some countries, crypto is advantageous while to others, detrimental. How can we expect unison with such differences? Not unless these countries agree on a compromise that does not give too much benefit or loss to any of them which is too unlikely if not entirely impossible due to personal interests fueled by greed or deluded principles.

They can't even make the same regulation for firearms and cannabis and they want to have the same laws around the world considering cryptocurrencies. This cannot work and will never work.
Here's the best part. It's G20, so there's China and Russia there.
China banned cryptocurrencies because they want total control.
Russia is having a hard time deciding if it wants to ban them, or not, but the whole EU and the US has banned Russia from most of the business deals and trades.
How are they supposed to work on a consensus here if they still don't even know who blew up the gas pipes between Russia and Germany

[umbara ardian]

India's decision on cryptocurrency and its approach may be supported or abandoned by other countries. Each country may have its own economic views and goals, and as such, they may have different responses to cryptocurrencies. Some countries may benefit from accepting cryptocurrencies as a means of payment and investment, while others may see cryptocurrencies as a driver of their economy. So India's decision on cryptocurrencies cannot be accepted and implemented in all countries.