G20 & CRYPTOCURRENCIES | Bitcointalksearch.org

hugeblack

legendary

Activity: 2702

Merit: 4002

I got enough replies on this side, some people say that what is happening is just "more talk ... talk" is not true, I think things are changing but slowly, there is an understanding of this technology. More shitcoins is what makes acceptance difficult.
I would like to focus on some relevant responses.

Quote from: 1Referee on December 02, 2018, 04:57:36 PM

I don't think it's fair to expect governments to totally understand what crypto is about, especially because of how the far majority of the people here aren't even sure of what they are dealing with.

Quote from: stompix on December 03, 2018, 03:16:22 PM

The G7, G20 are just fancy names for meetings where they talk ...and talk...and talk
It's nothing like an EU or UN meeting where a vote can impose something on a member it's more of a preliminary talk about what we should do in the next decade...if lucky.

Quote from: o_e_l_e_o on December 03, 2018, 07:48:45 PM

It was revealed just last week that Deutsche Bank, and potentially JP Morgan and Bank of America, are caught up in the Danske Bank money laundering scheme, this one worth around €200 billion ($227 billion).

Quote from: butka on December 02, 2018, 05:17:38 PM

This is a joke. Key attributes of sovereign currencies? If they mean the ability to print money out of thin air, then yes, the best cryptocurrencies lack such attributes.

I will lock this topic, please PM me if you have a reply

eminemcookie

full member

Activity: 364

Merit: 123

Quote from: Kriptopsina on December 02, 2018, 01:22:14 PM

Quote from: eminemcookie on December 02, 2018, 10:58:50 AM

For now they are only speaking of regulation but that may not last if they find that they cannot create regulation that achieves their goals. Then they may move to more stringent measures and that means prohibition. I hope that never becomes the case and I also feel if it did it would be counterproductive as it would only push legitimate investment and development from crypto but leave the laundering and corruption etc.

The wording is very soft. I am glad that a categorical ban was not announced. This is good news. And I agree with you that governments simply do not know how to prohibit cryptocurrency. They will have to ban the Internet, but this is unrealistic.
[/quote]

The wording is soft because they do not want to be commital at this stage, they do not have a clear idea of how to proceed and so are basically buying themselves time to see how things unfold. Also the fact that they know a ban will only prohibit the benefits of crypto but not the negatives.

Quote from: Vektrum on December 02, 2018, 02:17:59 PM

While the world states take a more wait and see attitude. Most likely, they still do not know what to do with it, since it is no secret that the state as a whole is not interested in circulation of cryptocurrency. They can allow her to walk, but they will not actively support her. Therefore, the report does not even indicate its intention to use it, but only about its regulation so that the cryptocurrency does not cause harm and the lack of its overall possible danger. Therefore, the study and regulation of cryptocurrency they delay for many years.

Precisely, the G20 know little of crypto and so much remains to be seen. They won't invest much time and energy in to crypto until they know it is even going to be relevant beyond the next few years.

davis196

hero member

Activity: 3164

Merit: 937

It's the same old shit regarding crypto.Anyway,I don't think that the G20 leaders are so focused on crypto right now.They are focused on things such as the USA/China tariff war and conflict in Ukraine.
I do believe that the crypto world deserves proper government regulation,but the politicians and clerks will invent something stupid as usual.

exstasie

legendary

Activity: 1806

Merit: 1521

Quote from: butka on December 02, 2018, 05:17:38 PM

Quote from: hugeblack on December 02, 2018, 09:57:32 AM

“Crypto-assets lack the key attributes of sovereign currencies.”

This is a joke. Key attributes of sovereign currencies? If they mean the ability to print money out of thin air, then yes, the best cryptocurrencies lack such attributes.

That, plus the ability to control the movement of money much more easily. The banking system is much easier for them to control through surveillance, account freezes and seizures, etc.

Quote from: stompix on December 03, 2018, 03:16:22 PM

Quote

an update in 2019 and a final report in 2020.

Expect a draft on possible measures in 2025 and a report on the impact of those measures in 2030 with a final general report in 2035. Grin

Yeah, they just talk and talk.....and talk. They don't seem particularly threatened by cryptocurrency right now. Maybe by then, they will be.

shinharu10282016

full member

Activity: 700

Merit: 100

Quote from: hugeblack on December 02, 2018, 09:57:32 AM

Quote from: https://i.redd.it/dr3cnivcqu121.jpg

We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed.

Again, it has been defined as "crypto-assets", but the good thing is that there is an openness to getting to know this technology, although I doubt that there will be any control unless trading in the central platforms is often on the total number of currencies as well as the difficulty of mining.

Quote from: https://i.redd.it/dr3cnivcqu121.jpg

We will continue to work together to seek a consensus-based solution to address the impacts of the digitization of the economy on the international tax system with an update in 2019 and a final report in 2020.

Perhaps this date has a constructive meaning, as I mentioned above [difficulty of mining].

and finally

Quote from: https://bitcoinist.com/g20-regulate-cryptocurrencies-fatf/

“Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering, and terrorist financing,” the report read. “Crypto-assets lack the key attributes of sovereign currencies. While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant.”

What are your ideas?

Well, what I think is that they are actually correct especially on the terrorist financing. Cointelegraph has his article on this.

LINK: https://cointelegraph.com/news/crypto-is-a-poor-form-of-money-for-terrorists-congressional-hearing-concludes (dated 9/2018)

Quote

However, while al-Qaeda, the Islamic State, and other terrorist groups have all attempted to raise funds through crypto, they have not had great success, as Congress concluded in the meeting.

Tax evasion is a big sin for every citizen especially if you're making lots of income and you don't pay the price for that and you don't help your country at all.

LINK: https://www.coininsider.com/cryptocurrency-tax-evasion/ ( dated 4/2018)

Quote

Earlier this month one Reddit user found himself in the position of needing to pay more in tax than he had made through trading. He wrote, “I owe the IRS $50k that I don’t have, because I traded in cryptos. Am I fucked?”

And lastly - protection of investors. We all know how many people are scammed with some big ICOs that occurred with great hype and went away with all the money they collected. They call it exit scams right?

LINKS : https://bitcoinist.com/100m-stolen-cryptocurrency-exit-scams/
https://cointelegraph.com/news/dont-believe-the-hype-the-five-largest-ico-exit-scams-expert-take

o_e_l_e_o

legendary

Activity: 2268

Merit: 18748

Quote from: hugeblack on December 02, 2018, 09:57:32 AM

Quote from: https://i.redd.it/dr3cnivcqu121.jpg

We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed.

What a joke.

It was revealed just last week that Deutsche Bank, and potentially JP Morgan and Bank of America, are caught up in the Danske Bank money laundering scheme, this one worth around €200 billion ($227 billion). When a single money laundering scheme by the banks (and God knows how many there have been) has around double the value of the entire crypto market-cap, it's hard to take this nonsense seriously. 18 out of 20 of Europe's largest banks have been found to be involved in money laundering. UK banks alone launder an estimated £150 billion a year.

The vast majority of money laundering is performed by these banks, most of which have direct ties and links to the politicians of the G20. Statements like this are dressed up to be for the "common good", but it is entirely these self serving politicians looking out for their own interests.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: hugeblack on December 02, 2018, 09:57:32 AM

What are your ideas?

Same as almost one year ago...

Quote from: stompix on March 15, 2018, 11:56:59 AM

But the G20 is kind of meaningless because it has absolutely no way to enforce rules on a member state.
So, it's more talk than action.

The G7, G20 are just fancy names for meetings where they talk ...and talk...and talk

It's nothing like an EU or UN meeting where a vote can impose something on a member it's more of a preliminary talk about what we should do in the next decade...if lucky.

And as I was saying, they are working on a report(!) for 2020.

Quote

an update in 2019 and a final report in 2020.

Expect a draft on possible measures in 2025 and a report on the impact of those measures in 2030 with a final general report in 2035. Grin

vixcious

full member

Activity: 560

Merit: 100

right. They really need time to come up with the most reasonable solution to decide whether the crypto market will be good or bad. I think we should give them some time to come up with a crypto market management policy. I hate rogue and we need protection.

Indrawan77

hero member

Activity: 1274

Merit: 516

At least the governments still consider to adopt or doing a more detail research about crypto, nothing new or any conclusion about the decision, we only can wait what will happen with crypto, but at least they want to make a clear decision about crypto, from what I sense is the government want to adopt crypto but still hesitate because they can't handle some of crypto features that can be used for illegal things

Youghoor

sr. member

Activity: 1036

Merit: 275

In fact, cryptocurrencies are far away from bringing good things to a country economy, so please, stop spreading shit because that is a nonsense.

It is obvious that they want to regulate it as much as possible, and i agree with them unless that they start putting ridiculous taxes over us.

Quote from: indrakusumaindra on December 02, 2018, 01:07:13 PM

I think G20 started to think there is something good that cryptocurrency could bring in financial system. I do think they concern about the regulations is a positive things and it could encourage more people to invest in cryptocurrency. Regulations is important and it will help build trust and also act as a protections for investors.

damberg

full member

Activity: 658

Merit: 108

These quotes don't say anything (I'm not blaming you for choosing them, it is G20 leaders don't have anything new to say on cryptocurrencies).
It looks to me like they are still strugling with difference between crypocurrency and blockchain technology since some of them use these terms interchangably. I also think nodoby of them wants to break the regulatory vacuum around crypto assets.

butka

full member

Activity: 434

Merit: 246

Quote from: hugeblack on December 02, 2018, 09:57:32 AM

“Crypto-assets lack the key attributes of sovereign currencies.”

This is a joke. Key attributes of sovereign currencies? If they mean the ability to print money out of thin air, then yes, the best cryptocurrencies lack such attributes.

Quote from: hugeblack on December 02, 2018, 09:57:32 AM

“While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant.”

This says a lot. If they have to remain vigilant, they must be aware that cryptocurrencies pose a risk to their paper money. How else should one understand this?

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: Vektrum on December 02, 2018, 02:17:59 PM

While the world states take a more wait and see attitude. Most likely, they still do not know what to do with it, since it is no secret that the state as a whole is not interested in circulation of cryptocurrency.

I don't think it's fair to expect governments to totally understand what crypto is about, especially because of how the far majority of the people here aren't even sure of what they are dealing with. If people "using" and trading crypto don't know what they are here for or what they pump their money in, how can we expect governments to know?

In the end, it's an advantage that governments don't consider Bitcoin to be a currency, because the less their own currencies are at risk of being challenged, the less incentive there is for them to take action against Bitcoin.

jojohamasa

member

Activity: 392

Merit: 21

Quote from: hugeblack on December 02, 2018, 09:57:32 AM

Quote from: https://i.redd.it/dr3cnivcqu121.jpg

We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed.

Again, it has been defined as "crypto-assets", but the good thing is that there is an openness to getting to know this technology, although I doubt that there will be any control unless trading in the central platforms is often on the total number of currencies as well as the difficulty of mining.

Quote from: https://i.redd.it/dr3cnivcqu121.jpg

We will continue to work together to seek a consensus-based solution to address the impacts of the digitization of the economy on the international tax system with an update in 2019 and a final report in 2020.

Perhaps this date has a constructive meaning, as I mentioned above [difficulty of mining].

and finally

Quote from: https://bitcoinist.com/g20-regulate-cryptocurrencies-fatf/

“Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering, and terrorist financing,” the report read. “Crypto-assets lack the key attributes of sovereign currencies. While crypto-assets do not at this point pose a global financial stability risk, we remain vigilant.”

What are your ideas?

We are at the moment
If it is suitable without bad news, this is a good day
Such a big meeting, and looking at crypto in a balanced way, is good

I'm afraid only of the organization they're talking about
I am afraid to clash with excessive centrality.

aoluain

legendary

Activity: 2436

Merit: 1362

Quote from: Rustamm on December 02, 2018, 10:26:28 AM

All the same general phrases and nothing concrete. It is already good that the G-20 countries are not going to prohibit cryptocurrency, but only to regulate, and the report mentions that the danger of cryptocurrency is not. I hope that the report implies the protection of the rights of users and investors, including the regulation of the activities of ICO, which has long been overdue.

Yes i think they may move harder to try and introduce some form of regulation
at the entry and exit points, i.e bank accounts.

At the moment there is nothing concrete but by 2020 there probably will be
something in order to collect their share of taxes in the name of consumer
protection and illegal activity.

Vektrum

member

Activity: 420

Merit: 14

Quote from: eminemcookie on December 02, 2018, 10:58:50 AM

Quote from: Rustamm on December 02, 2018, 10:26:28 AM

All the same general phrases and nothing concrete. It is already good that the G-20 countries are not going to prohibit cryptocurrency, but only to regulate, and the report mentions that the danger of cryptocurrency is not. I hope that the report implies the protection of the rights of users and investors, including the regulation of the activities of ICO, which has long been overdue.

For now they are only speaking of regulation but that may not last if they find that they cannot create regulation that achieves their goals. Then they may move to more stringent measures and that means prohibition. I hope that never becomes the case and I also feel if it did it would be counterproductive as it would only push legitimate investment and development from crypto but leave the laundering and corruption etc.

While the world states take a more wait and see attitude. Most likely, they still do not know what to do with it, since it is no secret that the state as a whole is not interested in circulation of cryptocurrency. They can allow her to walk, but they will not actively support her. Therefore, the report does not even indicate its intention to use it, but only about its regulation so that the cryptocurrency does not cause harm and the lack of its overall possible danger. Therefore, the study and regulation of cryptocurrency they delay for many years.

Kriptopsina

full member

Activity: 462

Merit: 145

Quote from: eminemcookie on December 02, 2018, 10:58:50 AM

Quote from: Rustamm on December 02, 2018, 10:26:28 AM

All the same general phrases and nothing concrete. It is already good that the G-20 countries are not going to prohibit cryptocurrency, but only to regulate, and the report mentions that the danger of cryptocurrency is not. I hope that the report implies the protection of the rights of users and investors, including the regulation of the activities of ICO, which has long been overdue.

For now they are only speaking of regulation but that may not last if they find that they cannot create regulation that achieves their goals. Then they may move to more stringent measures and that means prohibition. I hope that never becomes the case and I also feel if it did it would be counterproductive as it would only push legitimate investment and development from crypto but leave the laundering and corruption etc.

The wording is very soft. I am glad that a categorical ban was not announced. This is good news. And I agree with you that governments simply do not know how to prohibit cryptocurrency. They will have to ban the Internet, but this is unrealistic.

indrakusumaindra

full member

Activity: 728

Merit: 101

The Standard Protocol - Solving Inflation

I think G20 started to think there is something good that cryptocurrency could bring in financial system. I do think they concern about the regulations is a positive things and it could encourage more people to invest in cryptocurrency. Regulations is important and it will help build trust and also act as a protections for investors.

eminemcookie

full member

Activity: 364

Merit: 123

Quote from: Rustamm on December 02, 2018, 10:26:28 AM

All the same general phrases and nothing concrete. It is already good that the G-20 countries are not going to prohibit cryptocurrency, but only to regulate, and the report mentions that the danger of cryptocurrency is not. I hope that the report implies the protection of the rights of users and investors, including the regulation of the activities of ICO, which has long been overdue.

For now they are only speaking of regulation but that may not last if they find that they cannot create regulation that achieves their goals. Then they may move to more stringent measures and that means prohibition. I hope that never becomes the case and I also feel if it did it would be counterproductive as it would only push legitimate investment and development from crypto but leave the laundering and corruption etc.

MULTIK888

jr. member

Activity: 123

Merit: 8

Nothing surprising and nothing new was said.. Yes we support, but....
Laws have not been adopted, regulation is not all do not want to make specific decisions in this area and may be because they are interested in it themselves, as it is possible to earn much more on unregulated exchanges... Once again, we are waiting for further developments..

Topic: G20 & CRYPTOCURRENCIES (Read 411 times)