This people knee that if crypto become more popular than expected my citizens will be independent of their rulership and control. They never want that to happen so they keep bring one issue or the other and tag it to be a threat to economy. Before bitcoin is there no threats to economy, my president said he doesn't want the youths to fall victim of losing money as if he gave us a dime in the first place.
Bitcoin still the light up, with them or not, bitcoin keeps getting stronger and better.
Topic: G20 Meet - Always consider Crypto as problem to the monetary world. New update - page 3. (Read 361 times)
April 14, 2023, 10:51:55 AM
April 14, 2023, 09:25:46 AM
it's quite funny to see these boomers say that crypto is an asset that is unstable and unsafe to invest in, some even say that this is a fraud .. but on the other hand they seem scared of the increasing number of adopters of crypto and don't want their product (fiat) is losing its users.. if they believe that crypto is an asset that is not fit for adoption, why should they fear that adopters of crypto are increasing?? LMAO
It mostly about he control over the macroeconomics which keep those people afraid about the increasing adoption of Bitcoin a and other altcoins. For instance, let us assume that a country has a lot of adoption of Bitcoin and the government wanted to change the number of FIAT in circulation, adjust the interest rates on credit, sell debt, etc. Most of those things would not have the effect they would want it to have because an important percentage of the population would be isolated from whatever the Central Bank or the Treasury of the Stated wanted to do with the National currency.
That alone is enough tho keep bankers up at night.
April 14, 2023, 08:53:12 AM
it's quite funny to see these boomers say that crypto is an asset that is unstable and unsafe to invest in, some even say that this is a fraud .. but on the other hand they seem scared of the increasing number of adopters of crypto and don't want their product (fiat) is losing its users.. if they believe that crypto is an asset that is not fit for adoption, why should they fear that adopters of crypto are increasing?? LMAO
April 14, 2023, 07:18:51 AM
Even though the proposal by the Indian party will pay attention to crypto as a form of economic problem, it will not necessarily be agreed upon by every country. For example, in the country where we live, we are part of the G20 members and have even built partnerships with investors to facilitate crypto assets into the category of protected commodity assets.
In 2023 India is hosting the Summit and they have the right to pass laws because the cases they have had with crypto have been deemed quite severe. It would be very natural with India's population size, unstable economy, encouraging every individual not to depend on state finances or facilities that they cannot enjoy. As a result, the people of India are looking to sectors that are broader, more productive and at the same time challenging the government's economy. Let's say they make millions of Dollars from crypto then cash it out in fiat which forces huge amount of money to be printed, resulting in inflation but Indian government can't cut taxes from crypto proceeds.
In essence, at the G20 event later, India needs to make decisions and the support of other countries does not mean that they can be ratified and implemented in their respective countries. Each country will present its problems which are definitely different from what India is facing.
In 2023 India is hosting the Summit and they have the right to pass laws because the cases they have had with crypto have been deemed quite severe. It would be very natural with India's population size, unstable economy, encouraging every individual not to depend on state finances or facilities that they cannot enjoy. As a result, the people of India are looking to sectors that are broader, more productive and at the same time challenging the government's economy. Let's say they make millions of Dollars from crypto then cash it out in fiat which forces huge amount of money to be printed, resulting in inflation but Indian government can't cut taxes from crypto proceeds.
In essence, at the G20 event later, India needs to make decisions and the support of other countries does not mean that they can be ratified and implemented in their respective countries. Each country will present its problems which are definitely different from what India is facing.
April 14, 2023, 06:57:37 AM
As we all know G20 happened, and all the 20 countries gathered to discuss various agenda's about current and past schemes that are underway in terms of national and international developments. G20 houses one of the highly developing/developed countries and with classic economic status. So what they discuss and what they propose does matter to the world in some way or the other.
In the recent news interview India Finance Minister Mrs. Nirmala Sitharaman, clearly stated that all the 20 nations should also involve rest of the world on deciding new framework of the crypto. She thinks that crypto poses various threat to the economy and it is not the issue of one nation or 20 but it's an issue related to the entire global economy.
Speaking of which, she added it's far better to have Global Framework for the crypto and we should have collective rules and regulations for the same.
Day by day, they are getting stringent about Crypto usage.
Need global coordination to regulate crypto assets: FM Nirmala Sitharaman
In the recent news interview India Finance Minister Mrs. Nirmala Sitharaman, clearly stated that all the 20 nations should also involve rest of the world on deciding new framework of the crypto. She thinks that crypto poses various threat to the economy and it is not the issue of one nation or 20 but it's an issue related to the entire global economy.
Speaking of which, she added it's far better to have Global Framework for the crypto and we should have collective rules and regulations for the same.
Day by day, they are getting stringent about Crypto usage.
Quote
India's Finance Minister Nirmala Sitharaman participates in a news conference at the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S.(REUTERS)
"I am glad to say that there is a greater acceptance among all G20 members, that any action on crypto assets will have to be global. The G20, I think, has responded fairly with alacrity (on the crypto challenge)," Sitharaman told reporters at a news conference after a meeting of G20 finance ministers and central bank governors.
"The G20 and its members agree that it's not going to be possible to have an independent, standalone country dealing with the crypto assets," the minister added.
Sitharaman told reporters that the group has willingly responded to the issue. A "synthesis paper" would be taken up on matters related to crypto assets during India's G20 presidency.
India has maintained it wants a collective global effort to deal with problems posed by cryptocurrencies such as bitcoin, and the finance ministry back in February said it had held a seminar for G20 member states to discuss how to come up with a common framework.
Earlier in February, Sitharaman had said, "We are going through the study process so that there can be informed discussion. International Monetary Fund (IMF) and also the Financial Stability Board (FSB) have been doing their own little work on the crypto matter and progressing on their own. We've now asked them to do the papers and give it to us and the rapidity with which these papers have been already from IMF given and from FSB which will be given in time for the July meeting. I feel that we are progressing in this direction. So something should develop."
She made the remarks while responding to a question regarding a consensus among the G20 nations on crypto assets during India's Presidency.
"Recognising the risks attached to the private virtual assets, G20 nations moved a step closer to developing a coordinated and comprehensive policy approach to deal with the crypto assets by considering macroeconomic and regulatory perspectives," she said.
"I am glad to say that there is a greater acceptance among all G20 members, that any action on crypto assets will have to be global. The G20, I think, has responded fairly with alacrity (on the crypto challenge)," Sitharaman told reporters at a news conference after a meeting of G20 finance ministers and central bank governors.
"The G20 and its members agree that it's not going to be possible to have an independent, standalone country dealing with the crypto assets," the minister added.
Sitharaman told reporters that the group has willingly responded to the issue. A "synthesis paper" would be taken up on matters related to crypto assets during India's G20 presidency.
India has maintained it wants a collective global effort to deal with problems posed by cryptocurrencies such as bitcoin, and the finance ministry back in February said it had held a seminar for G20 member states to discuss how to come up with a common framework.
Earlier in February, Sitharaman had said, "We are going through the study process so that there can be informed discussion. International Monetary Fund (IMF) and also the Financial Stability Board (FSB) have been doing their own little work on the crypto matter and progressing on their own. We've now asked them to do the papers and give it to us and the rapidity with which these papers have been already from IMF given and from FSB which will be given in time for the July meeting. I feel that we are progressing in this direction. So something should develop."
She made the remarks while responding to a question regarding a consensus among the G20 nations on crypto assets during India's Presidency.
"Recognising the risks attached to the private virtual assets, G20 nations moved a step closer to developing a coordinated and comprehensive policy approach to deal with the crypto assets by considering macroeconomic and regulatory perspectives," she said.
Need global coordination to regulate crypto assets: FM Nirmala Sitharaman
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