G20 releases official statement on cryptocurrency

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: BitHodler on August 01, 2018, 05:44:58 PM

Bitcoin offers you the ability to hedge their overall reach, which is the only thing that matters for me. People are afraid of governments, but we shouldn't forget that governments are more afraid of Bitcoin.

The last thing they want to do is push people away from them, so they have no other choice but to embrace it or at least tolerate its existence in a way that it isn't limiting people too much.

The only thing I hope for is that they take the time to understand what this whole industry is about, because maintaining a healthy relationship with regulators is a great benefit instead of a disadvantage.

Governments and banks have a big problem in one hand it is obvious they do not like something like bitcoin to be around since they have a monopoly in the creation of the currency that they will like to maintain, they also control the whole financial system and they can do basically as they please.

Bitcoin offers and alternative to all of that and if you look at history you will never find a monopoly that is happy to get competition that he cannot destroy, in the other hand they have no grounds to ban bitcoin and in a democracy people are very sensitive to this if they ban it people are going to wonder why that is the case since bitcoin in itself does not damage anyone.

So governments have no option but to tolerate bitcoin for the time being even if they are uncomfortable with it.

bungutko

newbie

Activity: 280

Merit: 0

I think that it is wonderful to know that G20 had consider crytpocurrency as part of their agenda during the said summit. Moreover, this has been a great news to the crypto worl as G20 is in favor of the adoptation of cryptocurrency. However, I am seeing government regulation on cryptocurrency once a certain country has open it's door to the cryptocurrency business.

0t3p0t

sr. member

Activity: 1736

Merit: 357

Peace be with you!

Quote from: LeGaulois on July 23, 2018, 11:58:04 AM

I hate when "crypto-assets" is used. It makes me think that people deny the fact that cryptos are currencies. What don't they understand in "cryptocurrency"? Crypto + currency: a currency using cryptography and decentralized protocol.

Quote

to monitor the potential risks of crypto-assets

Hypocrisy
No taxes evasion with fiat? No terrorism with fiat? No money laundering with fiat? In which planEt these guys are living?

I totally agree with your opinion mate. All these digital money are called cryptocurrency and we can only call fiat, stocks, precious stones and metals as assets. And regarding the potential risks I think they are just blind enough to cover up what had fiat do to the society and the economy like to be used in any illegal activities such as money laundering, terrorist funding and tax evasion. The fact is that it was used hundreds of thousands of years ago and until now and what is the sad reality is that they can't even control it.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: GabrielPontello on August 01, 2018, 05:29:47 PM

Generally, I don't trust these people, no matter what they say.

Bitcoin offers you the ability to hedge their overall reach, which is the only thing that matters for me. People are afraid of governments, but we shouldn't forget that governments are more afraid of Bitcoin.

The last thing they want to do is push people away from them, so they have no other choice but to embrace it or at least tolerate its existence in a way that it isn't limiting people too much.

The only thing I hope for is that they take the time to understand what this whole industry is about, because maintaining a healthy relationship with regulators is a great benefit instead of a disadvantage.

GabrielPontello

jr. member

Activity: 63

Merit: 1

Quote from: hugeblack on July 23, 2018, 10:20:03 AM

The Group of 20 issued its official statement regarding the cryptocurrency, the text of the statement said

Quote from: https://www.maxcryptonews.com/g20-releases-official-statement-on-cryptocurrency

Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. 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. We welcome updates provided by the FSB and the SSBs and look forward to their further work to monitor the potential risks of crypto-assets, and to assess multilateral responses as needed. We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.

Although the statement did not offer anything new, it seemed promising/open about cryptocurrency as a whole.
Also, there are some countries focused on the regulation of cryptocurrencies.
What do you think?
Source of news ----> https://www.maxcryptonews.com/g20-releases-official-statement-on-cryptocurrency
Read it from ---------> https://g20.org/sites/default/files/media/communique-_fmcbg_july.pdf

Generally speaking it seems to be a good news, even though we still have no guarantee that this will lead to anything concretly positive. Generally, I don't trust these people, no matter what they say.

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: Hydrogen on July 31, 2018, 06:35:22 AM

People tend to forget G20 summits are composed of computer illiterate elderly people who don't understand the difference between a harddrive and RAM. There isn't a single politician in the G20 who has the faintest idea what a crypto currency is, much less whether it should be supported.

I think the underlying message here is bankers feared crypto and their immediate kneejerk response was to condemn it. Eventually they realized they can centralize the large majority of crypto markets inside of an institution like coinbase and buy other exchanges with pocket money, thus giving them a great deal of control over crypto markets. Then they had no reason to fear bitcoin or crypto currencies as much as they probably own many of the major exchanges.

And the exchanges which bankers do not own, they can simply have banned via regulation in countries where they do not wish an independent presence to exist. An example of this could be how americans are banned from using bitmex and many other exchanges(perhaps they are banned from using the ones bankers do not own or control).

I suspect the message in the G20 press release reflects these shifting realities. But who can say. Maybe I'm 100% wrong on everything.

You are not wrong on your reading of the situation, which is why decentralized exchanges are critical to the survival of the market, but like always the weak link will be the conversion of cryptocurrencies to fiat since a decentralized exchange wanting to offer that to their customers will have to comply with the rules imposed by governments.

But I think that we can buy time with decentralized exchanges, after that the only thing we can do is to wait for the people around the world to wake up to the scam that is going on and that we take the next step on the evolution of this market, exchanging cryptocurrencies directly for physical products and services without using fiat at all, when it happens the market will be impossible to regulate.

magneto

hero member

Activity: 1666

Merit: 753

It's nice to see that bitcoin's (or, just cryptos' in general) benefits are being acknowldeged by an organisation as large as the G20.

However, an acknowledgement isn't really needed and at the end of the day. An official statement from the G20 doesn't really mean much in terms of tangible regulations or government attitude towards crypto regulation. We're still yet to see how some individual countries go with crypto regulation, whether they will reverse certain restrictions or go along with it.

Also, they still seem to see crypto and bitcoin as some sort of threat instead of actively exploring its full potential. Sure, there are tons of ICO scams around, but that is not representative of bitcoin itself. They're just completely unrelated.

Bezobraznike

sr. member

Activity: 1274

Merit: 261

★Bitvest.io★ Play Plinko or Invest!

Quote from: audaciousbeing on August 01, 2018, 07:07:38 AM

Quote from: hugeblack on July 23, 2018, 10:20:03 AM

The Group of 20 issued its official statement regarding the cryptocurrency, the text of the statement said

Quote from: https://www.maxcryptonews.com/g20-releases-official-statement-on-cryptocurrency

Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. 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. We welcome updates provided by the FSB and the SSBs and look forward to their further work to monitor the potential risks of crypto-assets, and to assess multilateral responses as needed. We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.

Although the statement did not offer anything new, it seemed promising/open about cryptocurrency as a whole.
Also, there are some countries focused on the regulation of cryptocurrencies.
What do you think?
Source of news ----> https://www.maxcryptonews.com/g20-releases-official-statement-on-cryptocurrency
Read it from ---------> https://g20.org/sites/default/files/media/communique-_fmcbg_july.pdf

It indeed looks promising because it shows some openness to discussion rather than outright taking a negative position and it also worthy to be commended because the people who made the release are sure to not be in this generation and its hard to see the seniors open to such ideas that negates virtually everything they have come to believe in all their life. Personally, I think the process of adoption is in phases as the phase of acknowledgement has been done, the current I feel is the fear which focus more on the disadvantages highlighted in the extract of the report and the moment that can be handled with various reviews going on having indicate intention to wait for standards, the next would be acceptance with prejudice before moving to full acceptance as rejection won't be an option.

We all know that crypto-currencies "can deliver significant benefits to the financial system and the broader economy." That`s is the reason why we
spend time here and invest in crypto-currencies. We all know that here, but world is yet to find out about all that.
Slowly crypto-currencies are getting more popular. Bitcoin, Ethereum, Litecoin more than others but each current project will find a path to people
when crypto-currencies become globally accepted. I believe in that outcome, and that`s why this news is not a surprise to me. It`s going in good
direction, and I believe soon more regions will follow.

audaciousbeing

hero member

Activity: 1330

Merit: 569

Quote from: hugeblack on July 23, 2018, 10:20:03 AM

The Group of 20 issued its official statement regarding the cryptocurrency, the text of the statement said

Quote from: https://www.maxcryptonews.com/g20-releases-official-statement-on-cryptocurrency

Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. 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. We welcome updates provided by the FSB and the SSBs and look forward to their further work to monitor the potential risks of crypto-assets, and to assess multilateral responses as needed. We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.

Although the statement did not offer anything new, it seemed promising/open about cryptocurrency as a whole.
Also, there are some countries focused on the regulation of cryptocurrencies.
What do you think?
Source of news ----> https://www.maxcryptonews.com/g20-releases-official-statement-on-cryptocurrency
Read it from ---------> https://g20.org/sites/default/files/media/communique-_fmcbg_july.pdf

It indeed looks promising because it shows some openness to discussion rather than outright taking a negative position and it also worthy to be commended because the people who made the release are sure to not be in this generation and its hard to see the seniors open to such ideas that negates virtually everything they have come to believe in all their life. Personally, I think the process of adoption is in phases as the phase of acknowledgement has been done, the current I feel is the fear which focus more on the disadvantages highlighted in the extract of the report and the moment that can be handled with various reviews going on having indicate intention to wait for standards, the next would be acceptance with prejudice before moving to full acceptance as rejection won't be an option.

taiwww

sr. member

Activity: 588

Merit: 257

What to say about the meeting which did not even move the crypto assets by a dollar when it came out with the results a few months ago. It was all positive about it but to be honest crypto world did not move because of it. This year there were more bad occurrences of crypto hacks, dumps and stuff like that and thus rest of the news like the G20 summit agreement did not do much. I guess this happened at wrong time at right place. Now that the news has come out in proper timing then we can just expect for some more agreements and crypto investment but for that also we cant guarantee anything.

Hydrogen

legendary

Activity: 2562

Merit: 1441

People tend to forget G20 summits are composed of computer illiterate elderly people who don't understand the difference between a harddrive and RAM. There isn't a single politician in the G20 who has the faintest idea what a crypto currency is, much less whether it should be supported.

I think the underlying message here is bankers feared crypto and their immediate kneejerk response was to condemn it. Eventually they realized they can centralize the large majority of crypto markets inside of an institution like coinbase and buy other exchanges with pocket money, thus giving them a great deal of control over crypto markets. Then they had no reason to fear bitcoin or crypto currencies as much as they probably own many of the major exchanges.

And the exchanges which bankers do not own, they can simply have banned via regulation in countries where they do not wish an independent presence to exist. An example of this could be how americans are banned from using bitmex and many other exchanges(perhaps they are banned from using the ones bankers do not own or control).

I suspect the message in the G20 press release reflects these shifting realities. But who can say. Maybe I'm 100% wrong on everything.

JakenBake

member

Activity: 150

Merit: 11

Amazing news from the G20. I think the world leaders want crypto. I think the negative news that springs up in scripted. They are constantly going back and forth. When something is threatening your monetary strangle hold you don't get wishy-washy unless you know what your doing.

Kcryptonite

newbie

Activity: 77

Merit: 0

That's great news. Crypto is definitely the future. I think it will even get better. But as everything else, it has its time to come. But its nice to see this news.

TheClownSong

sr. member

Activity: 1428

Merit: 251

Its good news for cryptocurrency community. If G20 country member regulate cryptocurrency, I am believe many investor will come in on market and make cryptocurrency market cap rising. With regulation from government and from advance country, investor will more confident with this market

stellaekun

newbie

Activity: 234

Merit: 0

Quote from: satana_igor666 on July 29, 2018, 04:58:23 AM

They would have decided specifically on the crypto currency is already something, and then their statements only worsen the popularity among the newcomers.

They wont for a couple of years to come, because such a move will really be a defining moment for big banks and major economies. the blockchain is disruptive

stellaekun

newbie

Activity: 234

Merit: 0

Their stance is similar to the earlier resolution by the European union that the central banks should approach cryptocurrency regulation with caution, that there are benefit of blockchain that may be worth discussing in future session

timerland

hero member

Activity: 1526

Merit: 596

I think that overall, this is a positive evaluation of crypto.

However, a lot of the things mentioned that they specifically put onto cryptocurrencies such as money laundering and tax evasion can be said with all fiat currencies as well. Bitcoin is simply a currency. There are probably more people evading tax using cash compared to use bitcoin, etc. There is no point trying to assign the blame of the issues on crypto.

Also, I don't know what they're referring to as a global financial stability risk. I don't see anything this negative that would come out of bitcoin, at least.

It's only a statement, but it does show that G20 seems to be interested in crypto. Hopefully though, they will be supporting decentralized cryptos and increased exchange regulations, instead of trying to push for stricter KYC/AML measures and centralized blockchains.

RudeeTam

member

Activity: 299

Merit: 11

And now it starts. I'm guessing the next bull run is on the horizon and we should be ready for it. Good news are piling up it seems strategic. And with the low that BTC experienced, it also seems that the whales are poised for it too.

gosha18

newbie

Activity: 47

Merit: 0

I consider this to be good news, as they finally all started talking about the Crypto currency.

aoluain

legendary

Activity: 2436

Merit: 1362

This statement is more positive than negative but they could decide at any moment to
turn around that statement particulatly when bitcoin and crypto become more powerful
with the inevitability of further global adoption.

It doesnt pose a threat to them at the moment but they cannot control it when it does
They will only be able to control the entry and exit points.

satana_igor666

newbie

Activity: 112

Merit: 0

They would have decided specifically on the crypto currency is already something, and then their statements only worsen the popularity among the newcomers.

shadyrifles

full member

Activity: 518

Merit: 101

The cryptocurrency world is getting prepared to take off now. Many news and positive statements are started coming from this month. Like G20 releases an official positive statement, Facebook and Google unban Coinbase ads. Let wait and watch if these statements make bullish market trend on the crypto world.

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

Quote from: LeGaulois on July 23, 2018, 11:58:04 AM

I hate when "crypto-assets" is used. It makes me think that people deny the fact that cryptos are currencies. What don't they understand in "cryptocurrency"? Crypto + currency: a currency using cryptography and decentralized protocol.

Quote

to monitor the potential risks of crypto-assets

Hypocrisy
No taxes evasion with fiat? No terrorism with fiat? No money laundering with fiat? In which planEt these guys are living?

Well, unfortunately cryptos are mainly traded and invested in rather than used, so even though they can be currencies, they for the most part are not. As for money-laundering, it is also not completely unjustifiable, because buying cryptos or releasing ICOs does allow to 'clean' the money a lot better than fiat methods.
The overall statement, however, seems pretty neutral with a small inclination to positive attitude. But nothing changed after 2 months in their view. They said almost the same thing in May: https://www.youtube.com/watch?v=0kuDy0Kol0s.

Baofeng

legendary

Activity: 2576

Merit: 1655

Quote from: juperos on July 28, 2018, 12:21:13 PM

Quote from: hugeblack on July 23, 2018, 10:20:03 AM

The Group of 20 issued its official statement regarding the cryptocurrency, the text of the statement said

Quote from: https://www.maxcryptonews.com/g20-releases-official-statement-on-cryptocurrency

Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. 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. We welcome updates provided by the FSB and the SSBs and look forward to their further work to monitor the potential risks of crypto-assets, and to assess multilateral responses as needed. We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.

Although the statement did not offer anything new, it seemed promising/open about cryptocurrency as a whole.
Also, there are some countries focused on the regulation of cryptocurrencies.
What do you think?
Source of news ----> https://www.maxcryptonews.com/g20-releases-official-statement-on-cryptocurrency
Read it from ---------> https://g20.org/sites/default/files/media/communique-_fmcbg_july.pdf

I think the world is now headed for Cryptocurrency and wants to grow it into a bigger market. In addition, we can rely on the state of the economy to evaluate and predict the future of Bitcoin and Cryptocurrency.
I think it will have a great future but it will be greatly modified in terms of rules.

Of course, they can't really stop crypto that's why its really better not to go against and the member of G20 knows it. Yeah, its really promising that they are open about it because initially we thought that those member nations will be hostile, although there are member nations who are totally for crypto like Japan. So let's wait till the October announcement again, I think it will be another positive news that can really help the price push again to 5 digit mark.

Direwolve735

full member

Activity: 448

Merit: 232

I`m happy, that the G20 finance ministers expressed optimism about the potential impact of the crypto currency on the world economy. I think the G20 representatives understand that technological innovations, including those underlying the crypto-currency assets, can significantly change and improve the financial system and the world economy. I think very soon we will see positive changes in the crypto-currency sphere.

Dimon8

jr. member

Activity: 420

Merit: 1

The Crypto currency is easier to control than the money fiat.Very soon many developed countries will regulate the use of crypto currency and introduce it into mass use.

nguyenthanhvien

newbie

Activity: 148

Merit: 0

The information is wonderful. I feel increasingly confident in this potential market. I hope everyone in my country will have a good idea about bitcoin.

juperos

member

Activity: 459

Merit: 10

Quote from: hugeblack on July 23, 2018, 10:20:03 AM

The Group of 20 issued its official statement regarding the cryptocurrency, the text of the statement said

Quote from: https://www.maxcryptonews.com/g20-releases-official-statement-on-cryptocurrency

Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. 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. We welcome updates provided by the FSB and the SSBs and look forward to their further work to monitor the potential risks of crypto-assets, and to assess multilateral responses as needed. We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.

Although the statement did not offer anything new, it seemed promising/open about cryptocurrency as a whole.
Also, there are some countries focused on the regulation of cryptocurrencies.
What do you think?
Source of news ----> https://www.maxcryptonews.com/g20-releases-official-statement-on-cryptocurrency
Read it from ---------> https://g20.org/sites/default/files/media/communique-_fmcbg_july.pdf

I think the world is now headed for Cryptocurrency and wants to grow it into a bigger market. In addition, we can rely on the state of the economy to evaluate and predict the future of Bitcoin and Cryptocurrency.
I think it will have a great future but it will be greatly modified in terms of rules.

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: LeGaulois on July 23, 2018, 11:58:04 AM

I hate when "crypto-assets" is used. It makes me think that people deny the fact that cryptos are currencies. What don't they understand in "cryptocurrency"? Crypto + currency: a currency using cryptography and decentralized protocol.

Quote

to monitor the potential risks of crypto-assets

Hypocrisy
No taxes evasion with fiat? No terrorism with fiat? No money laundering with fiat? In which planEt these guys are living?

They have to deny everything, remember that 90% of the time what it comes out of the mouth of a politician are nothing but lies, they cannot accept the fact that cryptocurrencies are a form of money but at the same time they are doing it even if they are doing it in an implicit way, why? Because they are worried about tax evasion, financing terrorism and money laundering, all of those activities can only be done with something that is a form money, also you must understand that most countries are in a very bad shape with sovereign debt they cannot hope to repay except by printing money like crazy and some countries do not even have that option so they are fearing that cryptocurrencies could replace their fiat and the scam it represent.

Electric4

newbie

Activity: 52

Merit: 0

I just find it funny that they call it crypto assets. Trying to get away from it being a currency. They seem somewhat open minded. But I imagine that some people here might take exception to them saying things like "consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing."

ASHLIUSZ

hero member

Activity: 994

Merit: 502

Among the G20 nation very few might have got objections with cryptocurrency, now a clarification for the usage of cryptocurrency with regulatory compliance might come to implementation. What's been discussed on the meet seems to be something a positive approach towards cryptocurrency.

Vs225655

member

Activity: 182

Merit: 16

they understand that nothing to do with cryptography is not in force. Forbidding her people have started to use it even more. So they just have to figure out how to earn them on the cry of the currency) Then I think it and legalize

LeGaulois

copper member

Activity: 2940

Merit: 4101

Top Crypto Casino

I hate when "crypto-assets" is used. It makes me think that people deny the fact that cryptos are currencies. What don't they understand in "cryptocurrency"? Crypto + currency: a currency using cryptography and decentralized protocol.

Quote

to monitor the potential risks of crypto-assets

Hypocrisy
No taxes evasion with fiat? No terrorism with fiat? No money laundering with fiat? In which planEt these guys are living?

xIIImaL

legendary

Activity: 1372

Merit: 1005

This is really a great information for me mate. I see the investment on bitcoin and other alts has been increased gradually in this marketplace. I really do not know that newbies who have a concern to make their first investment will not be panic by seeing these kind of news has been come to the market.

I suggest you to share this information on press release section. It will be good for the people in this forum who is looking the read the news for the people. Thanks for the understanding.

hugeblack

legendary

Activity: 2702

Merit: 4002

The Group of 20 issued its official statement regarding the cryptocurrency, the text of the statement said

Quote from: https://www.maxcryptonews.com/g20-releases-official-statement-on-cryptocurrency

Technological innovations, including those underlying crypto-assets, can deliver significant benefits to the financial system and the broader economy. Crypto-assets do, however, raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. 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. We welcome updates provided by the FSB and the SSBs and look forward to their further work to monitor the potential risks of crypto-assets, and to assess multilateral responses as needed. We reiterate our March commitments related to the implementation of the FATF standards and we ask the FATF to clarify in October 2018 how its standards apply to crypto-assets.

Although the statement did not offer anything new, it seemed promising/open about cryptocurrency as a whole.
Also, there are some countries focused on the regulation of cryptocurrencies.
What do you think?
Source of news ----> https://www.maxcryptonews.com/g20-releases-official-statement-on-cryptocurrency
Read it from ---------> https://g20.org/sites/default/files/media/communique-_fmcbg_july.pdf

Topic: G20 releases official statement on cryptocurrency (Read 351 times)