G7 Finance Ministers "Strongly Support" Regulation Of Cryptocurrencies

[huesca123 946]

Hi all,

 

Heres a good article about how now the G7, are getting involved trying to figure out how to regulate cryptocurrencies. In my opinion, after reading the article, they are now starting to wake up that Cryptocurrencies might be a threat to the banking industry & Governments. Fiat currencies are being threatened by BTC & other coins / forms of payment. The Money Mafias ( Big Banks ) are finally getting scared that maybe they are losing their monopoly on currency controls.

 

The article was published on Zero hedge.

 

G7 Finance Ministers "Strongly Support" Regulation Of Cryptocurrencies

 

https://www.zerohedge.com/markets/g7-finance-ministers-strongly-support-regulation-digital-currencies

[reta213 766]

I woke up late, my friend, because these currencies are growing and developing and giving a strong noise in large countries, so these currencies must be regulated so as not to cause problems that no one will be satisfied with.

[Braulio Eurea 720]

The G7 finance ministers support the regularization of cryptocurrencies. These ministers represent the fiat currencies that their central banks issue. These regulations or wishes to make them, constitute a disposition of senior officials to involve the government in cryptographic activities, this would be the acceptance as legal of cryptocurrencies in the countries that make up the G7.

[Froshk 1828]

Most of our leaders prefer to go with what works for them, and as a nation it's better to go with what works for the ast majority of the people, cryptocurrencies have proven to be more innovative, faster than the fiat currency. Now why is the call for regulation being preached?! 

[Frodler 943]

1 hour ago, Froshk said:

Most of our leaders prefer to go with what works for them, and as a nation it's better to go with what works for the ast majority of the people, cryptocurrencies have proven to be more innovative, faster than the fiat currency. Now why is the call for regulation being preached?! 

I totally agree with you @FroshkBut I think they most have discovered holes that needed to be filled and as we all know some spoilers are using the boom of cryptocurrencies in an illegal way and these needs to be fixed. 

[Syedbesharat 5423]

G7 countries habe now taken serious Crypto and make the right decision to make move at crypto legalization they will make policies for crypto and bring crypto through baking system to replace fiat in the country like Germany did. They gave permission to banks to regulate crypto in banks where customers can use crypto as custodian for themselves. 

[pablomarwan 3082]

Cryptocurrencies are considered a threat to central banks, because here they cannot deal with them or control them. But recently, financial institutions have become cryptocurrencies and are trying to integrate them with other currencies. Now we start relying on local digital currencies, such as the digital dollar or digital euro. This strategy was carried out in order to allow them to search more about cryptocurrencies and find a solution in order to eliminate the problem of not controlling it.

[1qDan 478]

I think that specifically the big bankers did not think that they could lose their investment, on the contrary they surely began to consider the fact of adapting, for something we have seen an increase in anonymous buyers or individuals who buy thousands and thousands of btcs, the current banking system does not it will disappear simply evolve.

[cryptovlek 2597]

By regulation they mean KYC, control on the exchanges and wallets and restrictions. This is what the g7 plan to do and it is not acceptable. Money should be unrestricted and not under the control of the governments, there is needed a separation of money and the state to allow commerce to help the world rise and reduce inequalities.

[zhoutong 2188]

On one hand we have privacy and how we should be allowed to control our finances, without any government or anyone intervening. On the other hand we have some warmongering authoritarian regimes run by cruel dictators that have secured their places for decades and are ignoring the world calls for humanitarian and democratic change, while becoming a big threat for global and regional peace.

 

When you see countries being involved in wars and use cryptocurrencies for illegal weapon supplies from black markets, it makes you think again that some regulations are required. I don't give any example directly as there can be people that might be misinformed and think that I am allying with one side or another. This is not political but something to consider about cryptocurrencies and how some regulations are not avoidable.

[percare 3192]

I don't think that banks got scared, they have solutions and risk management for all that can happen. They have found that the people will pay for the mistakes of bankers and taxation will save them again. They weren't scared of crypto but they found that there are billions to be made in fees so they will be involved too next.

[Sykkuno 2887]

After undermining cryptocurrencies for years the G7 finally decided to take a better look and find some common ground, it took high volumes and rising prices as well as banks and companies being involved, however the bad news are that these regulations will be against innovations and restrict the freedom cryptocurrenicies are offering.

Our hopes are for loose regulations that promote adoption and technologies but I have many reservations on the ideals G7 have and all their decisions so far have been bad for crypto.

[bogdanoff 3173]

Bitcoin was been ignored in previous G7 meetings, now they discuss cryptocurrencies under a different situation, one that has possibility to create damage in macro scale for economies and currencies. Bitcoin is a strong asset that survives easily anything because it has the fixed supply and a huge network of miners.

[tienda 8776]

I think the battle gained by Bitcoin. I don't see anybody who can stop or perturb the Bitcoin evolution, now all those who before ignored cryptocurrency will retake their decision. G7 on of those who ignored Bitcoin, now they are on the way to talk about the cryptocurrency regulation!

[yonkii 3205]

Since Bitcoin can't be stopped by governments, and people like cryptocurrencies, regulations are also needed. They should be helping the cryptocurrency technology advance and not put them in a cage, as was done with other technologies that were stalled for decades before being adopted.

[MonaAhmad 146]

Today, many of the world have become dependent on cryptocurrencies in managing their business for the ease of converting and trading in them, unlike national paper currencies that are subject to banks and banks and for this reason the ministers of these countries want to limit the control of cryptocurrencies

[huesca123 946]

On 12/20/2020 at 2:26 PM, cryptovlek said:

Money should be unrestricted and not under the control of the governments, there is needed a separation of money and the state to allow commerce

You have made a very good in what I quoted you. But governments & politicians think that our money is their money. To tax, steal & spend how they see fit. They usually spend it on crap or give it to corrupt governments. The banks think the same way. Ask a bank for 10,000 euro loan & they charge you 7 - 11 % interest. Plus charges. Deposit 10,000 euros & they give you 1 - 3 % interest. Governments & banks are scams.

[Jack764 1841]

Cryptocurrencies are a new field and we need a good time for this matter to be adopted well and plans are drawn up by many countries and companies to regulate this field, but it is difficult, especially since the field is decentralized.

[RoyalHouse01 9]

if there will be the use of the cryptocurrency on the big scale there will be huge money in the cryptocurrency which will be used for the wrong way and that is the biggest problem we will face.

[khan22 3478]

When the ministers will talk about the crypto market its mean that they like it and i hope soon in 2021 in so many countries the crypto market is legal and peoples will start to use the crypto market in their daily life when it is legal.