Governments & bodies/organisations etc will eventually have no choice but to accept, support & implement bitcoin into their systems. It’s sink or swim in this world, you move with the times or get left behind.
There are so many huge companies who have gone bust in the last 10-15 years or so who were doing really well becore that. I put a lot of it down to not embracing the world wide web quick enough. For example JJB Sports in the UK were huge, they had loads of physical shops & didn’t work as hard as they should have advertising & selling online.
Mike Ashley CEO of Sports Direct did this & basically took all the custom/sales & destroyed them. There will be similar cases like this all over the world & it’ll happen to those who don’t embrace bitcoin in the future too as it gains worldwide mainstream adoption.
Topic: G20 & Cryptocurrencies (Read 303 times)
Do you think it's the beginning of Cryptocurrencies acceptance in general?
Source: http://www.zeebiz.com/world/news-cryptocurrencies-g20-watchdog-focuses-on-rules-review-holds-fire-on-virtual-currencies-like-bitcoin-39562
In my own opinion, the acceptance is inevitable, considering there are already well known people who are supporting this technology and many business companies are about to join also. Everybody would accept this kind of technology, this means decentralization and everybody wants to get their faith on their hands not on others.
I hope that they introduce regulations to control all the scam coins, and maybe ICOs should go through a listing process rather like new shares. I don't see how they are going to be able to regulate reputable cryptos like Bitcoin though.
Let´s also think that ICOs are international. Each country would have different regulations and ICOs are at risk of becoming too local, like shares in a way.
If ico is regulated by some countries i only see a positive aspect. For investors it will have a reduced risk. And there is nothing stopping new icos to be like they are today, only there will be less capital for them.
Regulation normally means that you need to invest money and effort in compliance. This is usually in favour of well funded projects and can discourage the smaller, yet possibly promising projects, from taking place. Also, as laws are different in different countries, the economic burden of complying in several jurisdictions may be so high that ICOs could be only aiming for local markets.
A practical case, let´s say your ICO is trying to raise 10 million USD and you need to launch it internationally so this figure can be achieved. But for that, you would need to comply with all the regulations in all the countries. Do you see a problem with this? The fact is that the effect of regulation is already happening as many ICOs don´t accept funds from China, US and sometimes Singapore, Korea and others reducing the potential contributors. As more regulation is produced this effect may become unbearable.
I hope that they introduce regulations to control all the scam coins, and maybe ICOs should go through a listing process rather like new shares. I don't see how they are going to be able to regulate reputable cryptos like Bitcoin though.
Let´s also think that ICOs are international. Each country would have different regulations and ICOs are at risk of becoming too local, like shares in a way.
If ico is regulated by some countries i only see a positive aspect. For investors it will have a reduced risk. And there is nothing stopping new icos to be like they are today, only there will be less capital for them.
I hope that they introduce regulations to control all the scam coins, and maybe ICOs should go through a listing process rather like new shares. I don't see how they are going to be able to regulate reputable cryptos like Bitcoin though.
Let´s also think that ICOs are international. Each country would have different regulations and ICOs are at risk of becoming too local, like shares in a way.
I hope that they introduce regulations to control all the scam coins, and maybe ICOs should go through a listing process rather like new shares. I don't see how they are going to be able to regulate reputable cryptos like Bitcoin though.
It's good that the G20 doesn't feel they need to implement heavy regulations on crytocurrencies at this time. Wonder if that had anything to do with the little boost we had in the markets a couple of hours ago.
It will surely make them more palatable for most people and would open the gate for institutional grade investment, but regulation means also the end of the wildlife ecosystem that I love.
The Financial Stability Board (FSB), which coordinates financial regulation for the Group of 20 Economies, also resisted calls from some G20 members to regulate cryptocurrencies like bitcoin. Interest in cryptocurrencies surged last year as prices rocketed only to tumble in recent months, triggering warnings from regulators. But in a sign of too little consensus for radical action, the FSB said more international coordination was needed to plug data gaps in monitoring the rapidly evolving but still tiny sector worth less than 1 percent of global GDP at its peak.[1]
"The FSB`s initial assessment is that crypto-assets do not pose risks to global financial stability at this time," FSB Chair Mark Carney said in a letter to G20 central bankers and finance ministers who will meet in Buenos Aires on Monday and Tuesday. Carney, who stands down next year when his term as governor of the Bank of England ends, signalled that whoever succeeds him would be overseeing a more open watchdog focused on reviewing rules instead of pushing through new standards.[2]
"The FSB`s initial assessment is that crypto-assets do not pose risks to global financial stability at this time," FSB Chair Mark Carney said in a letter to G20 central bankers and finance ministers who will meet in Buenos Aires on Monday and Tuesday. Carney, who stands down next year when his term as governor of the Bank of England ends, signalled that whoever succeeds him would be overseeing a more open watchdog focused on reviewing rules instead of pushing through new standards.[2]
Do you think it's the beginning of Cryptocurrencies acceptance in general?
Source: http://www.zeebiz.com/world/news-cryptocurrencies-g20-watchdog-focuses-on-rules-review-holds-fire-on-virtual-currencies-like-bitcoin-39562
Jump to: