The cryptocommunity has kept its collective breathing in anticipation of last week's G20 meeting. However, according to the Financial Stability Board (FSB), there will be no new regulations to regulate the sector.
Despite the demands of representatives from Germany and France in an open letter to the G20 president, the highest level of regulation decided against the request.
Some of the letter said the following:
We believe that the coins and the technologies behind them could open up new possibilities. However, coins can pose significant risks to investors and can be susceptible to financial crime without appropriate measures. Potential financial stability risks could also arise in the longer term.
According to FSB Chairman Mark Carney (also CEO @ Bank of England), the digital currency industry, which represents less than 1% of global GDP at its peak, is not a threat to the global financial system at all.
We must focus on reviewing existing global rules rather than imposing new ones. Bitcoin is apparently not significant enough to regulate it, there is currently no danger of it, Carney said.
After this announcement, that it did not want to additionally regulate the general crypto currencies, the bitcoin rate rose by around 1,000 US dollars on the night of March 18. to 19. From March 18., Bitcoin climbed from $7,500 to $8,400 per Bitcoin by Tuesday, March 20 (8:30 a.m. CET). Ripple climbed around ten percent up and DeepOnion even climbed to almost 20%.
My conclusion:
Crypto currencies do not currently pose any risks to global financial stability! That should slowly become clear to everyone! In addition, they will continue to be very difficult to regulate globally in the future, or is regulation dependent on the respective governments and these may vary. Globally, they will not be able to reach a uniform agreement, as each country naturally has its own advantages and disadvantages, be it problems with money laundering or positive extra revenues through taxation of profits through the crypto trade.
With our TOR-supported anonymous crypto currency "DeepOnion", we are certainly prepared against the future of worldwide regulations. We will continue to determine the development of the coin ourselves and grow to a size in the crypto trade. Visit us at https://deeponion.org and become part of our movement!
- to be continued...
Verified by DeepVault: DiPLr87p1SEkkhzQTfaSXfmGLSh7jQGCCm
To verify this image, please download it from here: https://deeponion.org/community/attachments/g20summit-jpg.137303/
Great post about G20. Very informative and easy to read.
I decided to check your profile just to realize that we seem to share a number of interests :)
In particular that we both share a similar passion towards cryptocurrencies and blockchain technology :)
I also just shared my thoughts about G20 summit and I would love to hear your opinion:
https://steemit.com/cryptocurrency/@crypto.piotr/summit-g20-good-or-bad-for-cryptocurrencies-my-own-little-summary
If you will reply to this message (that would allow me to believe that we may develop mutual engagement and help each other) then I will upvote your post and follow you as well.
Cheers,
Piotr