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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 . 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.