Topic: G20 Calls for Crypto Regulation Recommendations By July - page 2. (Read 267 times)

I am still confused with them making the regulation of crtocurrency what will they set because the existing system in crypto is no body that set up a pure interconnected system with blockchain technology? will there be a limit for everyone?

countries remit/jurisdictions are their money(legal tender)/business laws. so they can regulate business and the exchange gateways. but not the peer-to-peer part.
EG send funds on blockchain, fine..
deposit funds into an exchange registered in america or swaps bitcoin for dollar.. expect the american laws to apply
deposit funds into an exchange registered in europe or swaps bitcoin for euro.. expect the european laws to apply
deposit funds into an exchange registered in japan and swaps bitcoin for dollar.. expect the american AND japanese laws to apply (ie MTGOX)

anyway regulations are stupid and dont offer proper consumer protections..
consumer protections and regulations are not the same thing.

i personally do not see a single reason anyone should advocate for regulations. but, if they instead went the route of advocating consumer protections. then that would be a good start. but still.. kep the consumer protections at the gateway/fringe/edge of the ecosystem. much like cash notes/coins doesnt need fingerprint/eye retina/ID but depositing cash/withdrawing cash using cash to buy something from a business does need the business to be legit

Can this really be regulated?  The distributed nature and cross border characteristic of the cybercurrency will make it difficult.

i believe your confusing the general term 'currency' (the umbrealla term for everything)
with FOREX(money) currency market (the sub category)

Their decisions and actions seem to bring freedom, to ensure public opinion at a stable level of psychology. But there are also many signals blessed by the positive when the market value is then followed by the majority of the coin. Hopefully next time is the good growth of the crypto market.

I'd say the definition they defined at the G20 was pretty accurate. Most cryptocurrencies at this stage are not currency they are assets, they are largely being bought to have access to certain services or uses and for investment.

to correct you:

its not MONEY
but is a currency

there is a difference
no government can decide what currency is. cigarettes in prison can be a currency, sexual favours/beer/cigars/pizza between friends in exchange for other favours can be a currency

governments can only decide what is or isnt MONEY

currency is a umbrella term which pretty much anything, which everything then fits into sub categories below the umbrella term. for instance
assets are investment holdings currency(gold, art.antiques,bitcoin)
commodity currencies are raw produce used to make secondary products (beef, wheat, gold, oil)

yes gold fits into 2 different markets..
but dont confuse the raw material utility of gold to produce jewellery/circuits(commodity) with golds separate asset holding market utility
to think that because gold asset is like bitcoin asset, that bitcoin also belongs in a commodity category.. bitcoin is not a raw material so is not a commodity

mortgage/credit agreements/insurance policies(the contracts/promissory notes themselves) are a currency but not money they are asset currencies (banks privately trade these behind the scenes)

money is legal tender of a country and authorised by law of the nominated/named country to be used to buy things and by law pay taxes/court fines/pay minimum wage

in short
crypto assets are a currency but are not money

Regulations of G20 will just justify the legality of bitcoin and other cryptocurrencies. We might be treated unjust but at the end of the day we will win the war for lay people will not see us anymore as a scam or a bubble in that matter. We just need to wait a little more, for patience is the key in this kind of business if you are short sighted kind of person this venture is not for you. Hope G20 will make a fair regulation and not just for the banks to take advantage of the scenario.

G20 conclusions: They say crypto is not currency. It is an asset. It does not harm at this moment. !
We will grow in the future. I believe so. 2018 will be the boom year for crytpo  BTCBTCBTCBTCBTCBTCBTC

Although it seems that they will not make too friendly decisions on Bitcoin, at least they acknowledge the legitimacy of Bitcoin as an investment. This point is still worth our happy.

i believe what is going to happen is this:
1. businesses handling FIAT(legal tender) will be subject to MONEY Service business regulations even if the part of the transaction involves cryptocurruncies.
meaning crypto assets will be treated as a currency asset as oppose to a retail product

2. ICO's where an obvious founding team can be identified, will have their asset treated like a security/company shares.
meaning the teams website would have to disclose a real location address and register itself legitimately to be able to offer "pre-sale"/premined assets
this will kill off all the scammy ico's that say "gimme money now and in 6 months we give you 10billion coins"

solutions to not have regulation headaches
1a. dont sell coins for fiat. instead have exchanges 'price' a coin against bread/bottled water(a cost of living index)
1b. wallet developers should develop wallets that grab fresh UTXO sets of certain main coins. to then use as a lit wallet of multiple coins to then allow coin swaps decentralised away from central website/exchanges

2a. dont offer/do premines
2b. dont do pre-payment/pre-orders
2c. dont set prices before a coin is mined. just release the sourcecode and let the community find its way. like bitcoin 2009-2010 did

then users can freely choose if they want to use centralised(regulated) services for convenience/security/speed

They need to hurry up.

Either do it or don’t. Let us know what we’re working with.

The world's economic leaders have set a July deadline for the first step toward unified regulation of cryptocurrency.

Speaking Tuesday after the G20 meeting of finance ministers in Buenos Aires, Argentina Central Bank chair Frederico Sturzenegger said the member nations present agreed that cryptocurrencies needed to be examined, but that more information was needed before any regulations could be proposed.

"In July we have to offer very concrete, very specific recommendations on, not 'what do we regulate?' but 'what is the data we need?'"

https://www.coindesk.com/g20-calls-crypto-regulation-recommendations-july/