G20 economic leaders are now calling for regulations on cryptocurrencies changing their tune from not long ago. But, who didn't see this coming? Should crypto be successful, these are the very power-hungry and controlling dirtbags that will feel the consequences of that success.
Tuesday after the G20 meeting of finance ministers in Buenos Aires, Argentina, Central Bank chair Frederico Sturzenegger said member nations present agreed that cryptocurrencies needed to be examined, but that more information was needed before any regulations could be proposed.
However, during the press conference, he noted that the members had a firm deadline in July for recommendations, saying:
"In July we have to offer very concrete, very specific recommendations on, not 'what do we regulate?' but 'what is the data we need?'"
I recall G20 not long ago saying they didn't want to get involved with cryptocurrencies. But, anyone with a brain should recognize that those in power will come after the coins once it is seen as more of a threat to their traditional institutions. These aren't the types to play fair and they definitely don't want their power challenged by something they cannot control.
The solution to all of this is in us. We need to utilize crypto more. Start buying and selling things in crypto. Build a business that accepts crypto payments. It can't be taxed and regulated if it cannot be traced and isn't converted to fiat. This is why I believe 'privacy coins' are what will win out in the end. Businesses, communities, and economies need to form around cryptocurrency for them to be successful. This won't all happen at once and definitely won't happen without US.
Original article reported by CoinDesk: https://www.coindesk.com/g20-calls-crypto-regulation-recommendations-july/
As always, thanks for reading!
Noly
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After hearing the press conference, I was disappointed from the constant reference to terrorist financing and money laundering while talking about cryptocurrencies. It is obvious that they countries either know very little of how blockchains and their assets work or that they have a priority to protect their traditional financial systems led by the banks. While I doubt they will stifle innovation, they will surely find ways for their regulatory framework to give preference or benefit traditional financial institutions.
@newageinv They speak of those topics as if traditional currencies and banking aren't used for the very same things. I know my country the USA has been caught red-handed funding middle eastern terrorist groups. Obama even sent 1.5 billion in CASH to the Iranians. How is that not a problem?
These people think we're so stupid.
Also, like I said, they can't regulate anything if we use truely private coins and don't exchange for fiat. You can't monitor what you can't track. :)
Cryptocurrency has come to stay....
We will make crypto work!!
This is just the beginning.
Agreed! It won't be stopped. We just need more people to start using crypto to buy and sell things.
Privacy coins like ZenCash (my favorite and the best in my opinion), Monero, ZCash, Verge, PIVX, etc. will be the ones that become most popular.
Play along with the bounty they want the data to be fed consistently and monitoring the activity.
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Hello @noly!
I have a question, why you flagged my post?
This one.
https://steemit.com/art/@prostosun/steemit-art-gallery-week-20-spring-flowers-my-artwork-step-by-step
If you don't like something, write it in comments, I want to know what so bad in this post .
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@OriginalWorks
It's all good buddy. I knew he'd do it. I want him to waste more of his time and voting power. The guy is a serious loser and mental case. I have another account or two anyway. I'm just tired of his shit. He should not be allowed to get away with what he's doing.