EU & US Officials: Crypto Regulation will be Focus of G20
The old world order is zeroing in on crypto...
Both EU & US Treasury officials have announced that cryptocurrency regulation will be a "focus" of the next G20 summit to be held in Buenos Aires in November.
Image Credit: ZeroHedge
“The international community is ... preparing an answer to that and I would expect, for instance, the G20 discussion in Buenos Aires in March to focus very much on these issues,” Benoit Coeure, a member of the ECB’s board, said at an event at the World Economic Forum in Davos.
Reuters: G20 to work on 'answer' to Bitcoin risk: ECB's Coeure
Sigal Mandelker, the Treasury undersecretary for terrorism and financial intelligence, said Friday that more needs to be done to prevent money laundering and other criminal activities using such transactions.
ABC News: US Treasury official urges regulation of crypto currencies
Answer Me This
Should this be a concern for crypto investors, or is it much ado about nothing from a toothless global body?
If a regulatory environment is inevitable, what level of regulation and oversight is necessary or preferred?
How will this focus on global regulation impact markets?
Parting Thoughts
My initial reaction is: good luck attempting any meaningful regulation of decentralized, often-anonymous digital currencies. Bitcoin and its many successors were created and developed specifically to function beyond the reach of central government authorities.
And while I do believe some regulation is necessary & helpful, I'd limit that to existing criminal activities, e.g. ponzi schemes, money laundering, etc. Clamping down on shady criminal acts will help the ecosystem mature & encourage new investment. I'd be very skeptical of any level of oversight beyond that, however.
Ultimately, I suspect the G20 will do what they do best: a whole lotta talk, very little action.
|| @bubbleboy ||
Be interesting to hear the ideas they have to try and regulate other than to close down exchanges.
Absolutely. And while going after centralized exchanges may be doable, it looks like decentralized exchanges are the future. So good luck with that.
The Big Brothers are closing in on crytocurrency, i always say that anonymity of crypto will not last forever, maybe we should brace up!!
I sure hope not, but we certainly need to keep a close eye on the authorities. And I'm sure they largely see crypto as a threat, but I suspect the most successful governments will be the ones who embrace the technology. Perhaps that's wishful thinking...
Yeah, it is wishful thinking.
Governments feels like they are no more in control, this is unimaginable to them.
@bubbleboy,
Thanks for the info.
Hope they don't totally screw things up at the meeting because of ignorance...
Upvoted and calling on @originalworks and @steem-untalented upvotes for your post. (Please be patient. Sometimes it takes awhile for them to respond.)
May you and yours be well and love life today.
Namaste,
JaiChai
Awesome, thank you @jaichai!
Government, Banking and large corporate world are sitting up and starting to take attention of the new technology, will have to wait and see what washes out at the end of the day @bubbleboy
Hmm, it will be interesting to see what happens come November!
I always think if the government is beginning to really get interested, it's because we are all onto something pretty big and they are just starting to figure it out!! Hopefully we/crypto will stay 2 steps ahead and they'll never be able to catch up :)
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Prime Minister Theresa may and Secretary of the Treasury Steven Mnuchin believe that the regulation of cryptocurrencies need to act together. Politician John Kerry said that the technology has a certain value, so the interest to it in the future will only grow.