G20 exploring cryptocurrency regulation

ololajulo

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Quote from: Ozero on March 15, 2023, 11:21:45 AM

Quote from: krishnaverma on February 11, 2023, 09:53:42 AM

Link to news
https://www.reuters.com/world/india/g20-exploring-cryptocurrency-regulation-indias-finance-minister-says-2023-02-11/

So, they are looking to make some collective decision with other countries for regulation related to crypto. It is a welcome step in my opinion as it will open the doors of crypto to people i countries where government is not much in favor of crypto at present. In current time of globalization, it is not possible for one country to effectively implement these regulations and thus this decision for collective effort might work better according to me.

I don’t think that the G20 countries will make any decision that will oblige states to legalize cryptocurrency. They will adopt general recommendations for those countries that have already legalized it in order to develop a certain common approach to its regulation. At the same time, the G20 countries will always proceed from an assessment of the threat from the cryptocurrency to security for global financial stability. But for citizens of some countries whose governments are hesitant to legalize cryptocurrencies, there may be some benefit.

Among the reasons why the G20 is unlikely to impose such an obligation is that the legal framework for cryptocurrency varies widely from country to country. There are some countries that have already legalized and regulated cryptocurrency, and there are others that have banned it altogether. Considering these divergent legal approaches, imposing a uniform policy on all countries would be difficult

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https://bitcointalksearch.org/topic/g20-exploring-cryptocurrency-regulation-5439467

Quote from: Maxre on March 21, 2023, 11:54:15 AM

Of course this is one of the best and good decision by countries to regulate and adopt crypto for good. And I have heard that this inaugurated by INDIA.
I think that this step will Be very beneficial for the Next Bull run if that bull run may happen in 2024 to 2025 cycle because at that time it could be Revolution in Bitcoin history. And it would be much bigger than the Binance revolution that happened in 2021.

From your own understanding, cryptocurrency regulation is the best beneficial concept for the goodness of the crypto market?
Could explain how it will be beneficial to the crypto enthusiasts, not the government?
Honestly, we need to understand the true intentions of the government and don't be naive to their silly political strategy which they are using to scam and surveil us at the same time.

Maxre

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Quote from: krishnaverma on February 11, 2023, 09:53:42 AM

Link to news
https://www.reuters.com/world/india/g20-exploring-cryptocurrency-regulation-indias-finance-minister-says-2023-02-11/

So, they are looking to make some collective decision with other countries for regulation related to crypto. It is a welcome step in my opinion as it will open the doors of crypto to people i countries where government is not much in favor of crypto at present. In current time of globalization, it is not possible for one country to effectively implement these regulations and thus this decision for collective effort might work better according to me.

Of course this is one of the best and good decision by countries to regulate and adopt crypto for good. And I have heard that this inaugurated by INDIA.
I think that this step will Be very beneficial for the Next Bull run if that bull run may happen in 2024 to 2025 cycle because at that time it could be Revolution in Bitcoin history. And it would be much bigger than the Binance revolution that happened in 2021.

Dave1

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It's not the first time that we have heard that this collective countries are talking about crypto regulations, even like every year, G7 countries also calls for a regulations on crypto assets and CBCD's.

So no surprises here, whichever countries are going to lead G20, whenever from some draconian countries like India.

Crypto regulations will be here no matter what specially now that we have seen banking system collapsing.

Flexystar

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G20 is happening but the leader of this meeting that is Nirmala Sitaraman is something out of the box. No hard feelings but they could be a little off track during this meeting and may bend rules which we don't like or may not like once it is over. Nonetheless, it will have an impact on a global scale because together these countries contribute a large chunk of Crypto Users. Let us assume that they form a treaty that is in favor of the cryptocurrency then we are all set and there would be a nice movement towards crypto buy and sell, which could skyrocket the volume as well.

Quote from: eaLiTy on February 11, 2023, 10:15:38 AM

Quote from: krishnaverma on February 11, 2023, 09:53:42 AM

~
In the current time of globalization, it is not possible for one country to effectively implement these regulations and thus this decision for collective effort might work better according to me.

The event is headed by India which has draconian taxations implemented on cryptocurrency users and all they plan on doing is to have a collective draconian rule elsewhere so that people will not have the freedom to trade cryptocurrencies. BTCitcoin is a global currency with freedom and the government wants to take away that freedom in the form of regulation.

Yes, this is another frightening fact about it. India has as much as 30% taxation on the crypto transaction + they are charging 1% TDS. That is the commercial taxation rate for an individual which is really hard to digest, to be honest.

That's why I mentioned either it is gonna be a global changer meet-up or it could destroy the dreams of millions.

Jabari Wiza

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In my opinion, this is a welcome step for the world of cryptocurrency. With a collective decision, we can ensure that regulations are implemented fairly and consistently across countries.

That is especially important for countries that currently have restrictions or limitations on crypto, as it could open up opportunities for people to participate in the crypto market.

I think it's important to keep in mind that globalization has made it difficult for one country to effectively implement these regulations alone.

So, I'm optimistic about the potential outcome of this initiative. I think the G20's exploration of this issue is a step in the right direction.

ololajulo

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Quote from: eaLiTy on February 11, 2023, 10:15:38 AM

Quote from: krishnaverma on February 11, 2023, 09:53:42 AM

~
In current time of globalization, it is not possible for one country to effectively implement these regulations and thus this decision for collective effort might work better according to me.

The event is headed by India which has draconian taxations implemented on cryptocurrency users and all they plan on doing is to have a collective draconian rule elsewhere so that people will not have the freedom to trade cryptocurrencies. BTCitcoin is a global currency with freedom and the government want to take away that freedom in the form of regulation .

Several times in the past, we have been in this spot of regulation, and I feel another script is coming. Other than an outright ban, I don't see any regulation that can stop bitcoin at the moment. Indians cannot lead the G20 in this decision-making, and I have learned more and more people in G5 are benefiting from bitcoin, and they can't let the space die

mv1986

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Quote from: Ozero on March 15, 2023, 11:21:45 AM

Quote from: krishnaverma on February 11, 2023, 09:53:42 AM

Link to news
https://www.reuters.com/world/india/g20-exploring-cryptocurrency-regulation-indias-finance-minister-says-2023-02-11/

So, they are looking to make some collective decision with other countries for regulation related to crypto. It is a welcome step in my opinion as it will open the doors of crypto to people i countries where government is not much in favor of crypto at present. In current time of globalization, it is not possible for one country to effectively implement these regulations and thus this decision for collective effort might work better according to me.

I don’t think that the G20 countries will make any decision that will oblige states to legalize cryptocurrency. They will adopt general recommendations for those countries that have already legalized it in order to develop a certain common approach to its regulation. At the same time, the G20 countries will always proceed from an assessment of the threat from the cryptocurrency to security for global financial stability. But for citizens of some countries whose governments are hesitant to legalize cryptocurrencies, there may be some benefit.

It is not so much about legalizing it, it is about criminalizing it. Legalizing cryptocurrencies takes away options from governments to crack down on crypto later down the road. They have a careful stance and leave the door open to attack Bitcoin whenever they want. Leaving it in the greyzone leaves the investors and users at risk. That is what they want. Criminalizing it would require them to take action and that would be too big of a task for them. It is just not possible as we have seen in a couple of other countries now. India tried it and China tried it countless times, but how are you even going to enforce that? Put people into jail for 15 years when they own some crypto or mined DOGE with their graphics card?

Other regulations are more painful, like the one that states that you might soon have to KYC every single wallet you ever use to send crypto to an exit point / exchange. That would be quite the hassle for many people and also destroy any effort you put into privacy.

Ozero

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Quote from: krishnaverma on February 11, 2023, 09:53:42 AM

Link to news
https://www.reuters.com/world/india/g20-exploring-cryptocurrency-regulation-indias-finance-minister-says-2023-02-11/

So, they are looking to make some collective decision with other countries for regulation related to crypto. It is a welcome step in my opinion as it will open the doors of crypto to people i countries where government is not much in favor of crypto at present. In current time of globalization, it is not possible for one country to effectively implement these regulations and thus this decision for collective effort might work better according to me.

I don’t think that the G20 countries will make any decision that will oblige states to legalize cryptocurrency. They will adopt general recommendations for those countries that have already legalized it in order to develop a certain common approach to its regulation. At the same time, the G20 countries will always proceed from an assessment of the threat from the cryptocurrency to security for global financial stability. But for citizens of some countries whose governments are hesitant to legalize cryptocurrencies, there may be some benefit.

dansus021

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Whatever the decision is gonna make it will very impactful if they all agreed since The G20 members represent around 85% of the global GDP, over 75% of the global trade, and about two-thirds of the world population.

It's beyond CPI News or other US regulation that impact crypto market, and I hope the decision is support crypto at least they agreed with to not ban the crypto

kryptqnick

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AFAIK, it's very hard to reach consensus in G20 due to the nature of the list of the countries and that some are very different from others there. So when they do get to make a joint resolution, it tends to be mild to appease all these countries with varying policies. Also, I'm not sure, but I don't think their decisions are legally binding to anyone, it's more of a declaration of the general stance. I hope, actually, that they won't manage to come up with a unified regulatory framework because even India isn't exactly pro-crypto, and a few others in G20 aren't very friendly either.

so98nn

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Quote

We are talking to all nations, that if it requires regulation, then one country alone cannot do anything," Sitharaman told reporters after meeting the central bank's directors in New Delhi.

"We are talking with all nations, if we can make some standard operating procedure which is followed by everyone to make a regulatory framework, and if it can be effective.

Well before the G20, the finance minister is already talking about regulatory framework so that they can have proper Standard Operating Procedure on usage of crypto currencies. I believe this is already putting bitcoin into threat zone because once the regulatory framework comes it will become hard for all those involved countries to adopt it freely. It’s already made very hard though, but with such Official meet ups and statement it would become more evident for peeps to be afraid of investing more into the crypto. But only if pees become that much weak about it.

bbigtart

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Quote from: bittraffic on February 11, 2023, 10:46:23 AM

Quote from: tbct_mt2 on February 11, 2023, 10:20:47 AM

G20 discussed about Bitcoin, crytocurrency, stable coins, years ago.

Their 2020 Meeting Press release

Quote

We reiterate our statement in October 2019 regarding the so-called 'global stablecoins' and other similar arrangements that such risks need to be evaluated and appropriately addressed before they commence operation, and support the FSB's efforts to develop regulatory recommendations with respect to these arrangements.

Sooner in 2019, they made a declaration on cryptocurrency too. G20 Meeting in Japan

I believe that governments, global finance ministers and central bank governors will discuss more about cryptocurrency because they will be accepted more globally so that they need to make more and better regulations.

Global stablecoin will make them disagree to each other when its just something the same as digital USD. They'd be divided since there is already a collapse of trust to each other as its happening already when one central bank can print as much as of this stablecoin.

The CBDC are more acceptable for government and this is exactly what they are up to. More dystopian though but they have a way to regulate it.

The funny thing is that Central banks make rules so that they don't lose competitiveness with decentralized crypto currency. After the complicating rules were enforced, all central banks created their own crypto currency called CBDC. All the same, the global elite likes to make rules for their own benefit.

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Quote from: eaLiTy on February 11, 2023, 10:15:38 AM

Quote from: krishnaverma on February 11, 2023, 09:53:42 AM

~
In current time of globalization, it is not possible for one country to effectively implement these regulations and thus this decision for collective effort might work better according to me.

The event is headed by India which has draconian taxations implemented on cryptocurrency users and all they plan on doing is to have a collective draconian rule elsewhere so that people will not have the freedom to trade cryptocurrencies. BTCitcoin is a global currency with freedom and the government want to take away that freedom in the form of regulation .

If we want cryptocurrency to be widely available and used around the world then regulation is inevitable. This world is under government control, they wouldn't be stupid enough to let bitcoin be widely used in their territory without them enjoying any benefits. I would rather accept unpopular bitcoin to not be controlled by the government.

bittraffic

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Quote from: tbct_mt2 on February 11, 2023, 10:20:47 AM

G20 discussed about Bitcoin, crytocurrency, stable coins, years ago.

Their 2020 Meeting Press release

Quote

We reiterate our statement in October 2019 regarding the so-called 'global stablecoins' and other similar arrangements that such risks need to be evaluated and appropriately addressed before they commence operation, and support the FSB's efforts to develop regulatory recommendations with respect to these arrangements.

Sooner in 2019, they made a declaration on cryptocurrency too. G20 Meeting in Japan

I believe that governments, global finance ministers and central bank governors will discuss more about cryptocurrency because they will be accepted more globally so that they need to make more and better regulations.

Global stablecoin will make them disagree to each other when its just something the same as digital USD. They'd be divided since there is already a collapse of trust to each other as its happening already when one central bank can print as much as of this stablecoin.

The CBDC are more acceptable for government and this is exactly what they are up to. More dystopian though but they have a way to regulate it.

Wiwo

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Quote from: m2017 on February 11, 2023, 10:26:57 AM

Crypto-community has somehow survived until today without their participation and I don't think that it needs their collective discussions.

Yes, there is not much to celebrate from the G20 discussion and it will have nothing positive for the cryptocurrency community as I stated earlier, the highest the government will try to do is to tax cryptocurrencies to generate more funding for their selfish and ill-purported programs.
-The question is, for the governments/countries that have tried that in the past how long does it take before their main intention of oppression and extortion was discovered by the public?
-How well is the CBDC program have been in providing a competitor to decentralized cryptocurrency, just as you said, the community have survived pretty well without the government and nothing will change if they're regulate whatever they want to.

m2017

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Quote from: krishnaverma on February 11, 2023, 09:53:42 AM

Link to news
https://www.reuters.com/world/india/g20-exploring-cryptocurrency-regulation-indias-finance-minister-says-2023-02-11/

So, they are looking to make some collective decision with other countries for regulation related to crypto. It is a welcome step in my opinion as it will open the doors of crypto to people i countries where government is not much in favor of crypto at present. In current time of globalization, it is not possible for one country to effectively implement these regulations and thus this decision for collective effort might work better according to me.

You rejoice at this event early, without even knowing what decision they want to make. I doubt that they will open exactly the doors that people need.

Quote from: eaLiTy on February 11, 2023, 10:15:38 AM

Quote from: krishnaverma on February 11, 2023, 09:53:42 AM

~
In current time of globalization, it is not possible for one country to effectively implement these regulations and thus this decision for collective effort might work better according to me.

The event is headed by India which has draconian taxations implemented on cryptocurrency users and all they plan on doing is to have a collective draconian rule elsewhere so that people will not have the freedom to trade cryptocurrencies. BTCitcoin is a global currency with freedom and the government want to take away that freedom in the form of regulation .

I wouldn't be at all surprised if that's the case. They all have one thing on their minds: how to rip off more taxes and how to regulate everything more strongly.

Quote from: Wiwo on February 11, 2023, 10:16:13 AM

Quote from: krishnaverma on February 11, 2023, 09:53:42 AM

It is a welcome step in my opinion as it will open the doors of crypto to people i countries where government is not much in favor of crypto at present. In the current time of globalization, it is not possible for one country to effectively implement these regulations and thus this decision for collective effort might work better according to me.

For cryptocurrency adoption, this is a good development but also be aware that this regulation will usher in more centralization of the industry.
- I believe that their regulatory framework will include and regulates altcoins such as CBDC development and the rest and I am sure decentralized coins like Bitcoin etc will not be included in their policy framework.
-so in the end the government to will only do what will favour them and not the citizens.

Governments have always done only what is beneficial to them. This time, too, there will be no exception.

Crypto-community has somehow survived until today without their participation and I don't think that it really needs their collective discussions.

virasog

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Quote from: eaLiTy on February 11, 2023, 10:15:38 AM

Quote from: krishnaverma on February 11, 2023, 09:53:42 AM

~
In current time of globalization, it is not possible for one country to effectively implement these regulations and thus this decision for collective effort might work better according to me.

The event is headed by India which has draconian taxations implemented on cryptocurrency users and all they plan on doing is to have a collective draconian rule elsewhere so that people will not have the freedom to trade cryptocurrencies. BTCitcoin is a global currency with freedom and the government want to take away that freedom in the form of regulation .

When you see top countries collectively exploring crypto regulation, we don't expect anything good from them to the general public.
They will make crypto legal but put too many taxes or impose too many things / bans which will only result is slow adoption of crypto.
Maybe some people think this is a bullish news for crypto but for me, it will create more problems for people, and they will be indirectly penalized to use crypto.
Time will tell how things turn up, and how will these government accepts bitcoin which is against their favor.

tbct_mt2

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G20 discussed about Bitcoin, crytocurrency, stable coins, years ago.

Their 2020 Meeting Press release

Quote

We reiterate our statement in October 2019 regarding the so-called 'global stablecoins' and other similar arrangements that such risks need to be evaluated and appropriately addressed before they commence operation, and support the FSB's efforts to develop regulatory recommendations with respect to these arrangements.

Sooner in 2019, they made a declaration on cryptocurrency too. G20 Meeting in Japan

I believe that governments, global finance ministers and central bank governors will discuss more about cryptocurrency because they will be accepted more globally so that they need to make more and better regulations.

Wiwo

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Quote from: krishnaverma on February 11, 2023, 09:53:42 AM

It is a welcome step in my opinion as it will open the doors of crypto to people i countries where government is not much in favor of crypto at present. In the current time of globalization, it is not possible for one country to effectively implement these regulations and thus this decision for collective effort might work better according to me.

For cryptocurrency adoption, this is a good development but also be aware that this regulation will usher in more centralization of the industry.
- I believe that their regulatory framework will include and regulates altcoins such as CBDC development and the rest and I am sure decentralized coins like Bitcoin etc will not be included in their policy framework.
-so in the end the government to will only do what will favour them and not the citizens.

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