at the end of last year, as the interest in Bitcoin and its price reached its peak, suggested that the French Finance Minister, to lead a public discussion on Bitcoin at the G20 summit that ended this week.
At the conclusion of this meeting, it was agreed in relation to crypto-currencies that have a fixed deadline for July is set for recommendations for the global regulation of crypto-currencies.
There was a certain General interest in an approach to this previously unknown and confusing industry. The countries have made up to now, mostly self-steps in the direction of a regulation.
started out As the conference was a brake on the goat soon. Because the Committee for financial stability (FSB) – which coordinates financial regulation for the group of 20 economies – has the Call of some members of the G20 that called for to regulate crypto currencies to the conference.
Instead, many of the member States, but also some notable exceptions, that crypto-currencies would need to be investigated and that we need more information before any regulations can be proposed.
Therefore, were made the first steps in this direction by the G20 countries to be present in the July data and information. Subsequently, recommendations will be made, how could crypto-currencies globally regulate.
Baby steps
This announcement came from Federico Sturzenegger, President of the Argentine Central Bank. He said:
“In July, we need to be very concrete, very specific recommendations on the topic of “What is the data that we need?” and not “What can we regulate?”.
This statement indicates, Essentially, to the fact that at least some of the Nations are in agreement that you need to collect enough tangible data and information. So that you can discuss when they get together again in July, the next steps in the direction of a regulation.
In this Phase, all the steps are only Baby steps and a pure Phase of trial and error. But at least in one direction, and shows that economic powers around the world are taking the crypto currency market seriously.
But there are, as is often the case with a group of different countries with their own Ideals, are already countries that deviate from this first step.
Brazil’s Central Bank President Ilan Goldfajn said that crypto currencies are not regulated in his country. According to a report by the news service El Cronista. Moreover, Goldfajn added that he is not going to follow the G20 recommendations.
Tangible protection
One thing that the G20 leaders agreed to almost all, was that the Task Force for Financial action (FATF) – a state-cross-body for combating money laundering and the financing of terrorism – would apply their Standards to the crypto currency markets in the respective countries.
The G20 said:
“We are committed to the FATF Standards, in relation to a crypto-asset to implement the values, look forward to the Review of these Standards by the FATF and call upon the FATF, the global implementation. We call on international standard-setting bodies (SSBs) to evaluate crypto-assets, and the risks to monitor in accordance with their tasks and multilateral responses to demand.”
In the same draft Declaration was granted a deeper insight into how this financial giant crypto-currencies. The General attitude is that the G20 is “to recognize that technological innovation, including the underlying crypto-assets that have the potential to improve the efficiency and inclusiveness of the financial system and the economy as a whole”
The Conditional is:
“crypto-assets will, however, create problems in terms of consumer and investor protection, market integrity, tax evasion, money laundering and the financing of terrorism.”
In addition, the G20 showed itself to be in relation to crypto currencies concerned because they believe that they are the “key features of state currencies are missing. At some point you could have an impact on financial stability”.
To the old rules> focus instead of making new <p, There were hopes in France and Germany, that Bitcoin is a big topic of conversation would be at the G20 summit and that perhaps formal regulation could be established.
The FSB is not decided, however, to start on the conference with the establishment of a global crypto-currency regulation. Because it wanted to renew a few of the existing business rules and existing regulations focus. FSB Chairman Mark Carney said:
“While the FSB fixes the last of the causes of the financial crisis, it turns increasingly to the development of new policy initiatives to a more dynamic implementation and rigorous evaluation of the impact of the agreed G20 reforms.”
In addition, currencies of the attitude of the FSB against Crypto, that they “pose no risks to global financial stability”.
The bitcoin price reacted pretty well to the news that the financial super powers of the world would not focus on the digital currencies. He managed to get out of a slump to get out, he fell on the weekend of 6,500 Euro.
Due to the positive Statements of the global economic powers are against crypto currencies, it has risen to over 7,300 euros.
Where will you be in July?
It is important to pay close attention to where the G20 countries are, when it comes to cryptocurrency regulation. Here you can see how wide the range of divided opinions – from positive and welcoming to the negative and forbidding.
Brazil has already said that it is not riding, be sure to by the G20 given path, if it is ultimately to develop a global regulatory framework. No doubt others will follow this example, depending on how you have previously dealt with the topic.
Argentina
Argentina is currencies an important South American hub for Crypto, but has never really shown a great interest in the global wave of digital currencies. The number of Bitcoin users in Argentina is very small and falls in the statistics, which track the global use of the currency, is of little weight.
Argentina, however, is in terms of crypto, a pioneer of currencies, since everyday property, plant andvalues buy. They are also currently being used to circumvent the onerous restrictions on the Import of foreign currencies.
But the use of an unregulated currency, to bypass the government policy, cries out for a soon-to-be regulatory pressure will rise when crypto may be a little more popular.
Australia
Australia is one of the few countries that has actively begun its own Cryptocurrency to develop regulations, without conforming to anything. The government, for example, has only Recently introduced a mandatory law or stock exchange regulation.
The Australian government has adopted a law by which the country operated Bitcoin exchanges laundering the Anti-money-to-register authority, the Australian centre for transaction reports and analysis (AUSTRAC).
The step aims to make digital currencies, especially Bitcoin, because of their continuous growth and their application in the Mainstream financial sector limit.
Brazil
Brazil and its government see in the Blockchain a lot of potential. To this end, they have begun to conduct more research and development of new technology.
The Brazilian Central Bank Banco Central do Brasil strengthened its research and development efforts for the Blockchain technology. The Central Bank is experimenting according to Reports, with “as good as any Blockchain-a platform that you can find”.
Canada
Canada is another country that is in a similar Situation as Australia. Because the country has also embarked on the arduous path of a regulation, but does so in a positive and friendly manner. The canadian government has the first Blockchain-based exchange-trade Fund the green light.
The canadian securities exchange (CSE) also announced that it will soon introduce a securities clearing and settlement platform. This will be based on Ethereum (ETH)-Blockchain and companies can obtain this security Token capital.
China
At the other end of the scale, China is. And about China’s Bitcoin attitude was probably already spoken more than enough. The people’s Republic was very strict, since she has introduced a country-wide ban of ICOs .
a prohibition of exchanges with the citizens, it simply should be held to the use of digital currencies, and trade followed. When that didn’t work, was built a massive Firewall to hit the last nail in the Bitcoin coffin in the country.
France
to create As one of the countries that would like to have a dialogue about crypto-currency, is aligned with France’s stance on a regulatory framework. This should work globally for a currency that is used worldwide.
“I’m going to propose to the next G20 President, Argentina, that we lead up to the G20 summit in April, a joint discussion about the Bitcoin question. It’s a speculative risk is quite obvious. We need to examine and investigate and see how we can regulate that with all of the other G20 members Bitcoin,” said the French Finance Minister, Bruno Le Maire.
Germany
Germany is also clearly in favour of a dialogue. Even before the G20 proposal, the country had declared that the only way to control crypto currencies, international cooperation.
“effective regulation of virtual currencies could be achieved only when you work as closely as possible internationally. Because the regulatory power of a single state is obviously limited,” said Joachim Wuermeling, member of the management Board of the Deutsche Bundesbank.
India
India has not banned crypto-currencies, but is not exactly the greatest friend, when it comes to operating in their own country.
Bitcoin exchanges in India are under attack, as many of the largest banks in the country’s stock exchanges-frozen accounts, or their function is severely limited. The Indian state Bank (SBI), Axis Bank, HDFC Bank, ICICI Bank and Yes Bank have taken all measures against crypto stock exchanges, and either of the accounts closed or severely restricted.
Indonesia
another country that showed Bitcoin less impressed than others. The Indonesian Central Bank has continued its campaign against digital currencies, and in October of last year, a prohibition on the use of as a means of payment for the leading virtual currency Bitcoin is arranged.
The Bank says that Bitcoin is neither a legal nor a recognized exchange and means of payment in Indonesia.
Italy
Italy has recently introduced a decree that the use of crypto-currencies in the country are classified, and “service provider to be listed in relation to digital currencies”. This is a clear positive step in terms of Bitcoin. And a step that plays the booming Bitcoin companies, the form of the digital currency in the hands.
Japan
Japan has made a couple of years ago headlines when it was announced that Bitcoin is a legal currency. But the loose approach to regulation became more stringent as more and more problems regulators urged to intervene.
The hack attack on the Japanese crypto exchange Coincheck in January, in which about 435 million euros in NEM were stolen, was the largest of its kind in the crypto world since Mt. Gox.
Now the Japanese stock exchanges seek to self-regulate, to take account of the government the pressure that you got, since you must protect the citizens.
Two trade groups, the Japanese crypto-currency industry have agreed on it to start next month, a yet unnamed Organisation, which will regulate the crypto market. This is supposed to happen according to Reports in connection with the Japanese financial services authority (FSA).
Mexico
Mexico will do the same soon, Canada and Australia, and active in crypto-currencies to regulate.
The Central American country is only a signature, to regulate crypto-currencies. Because a law on the Status of this is come to by the house of Commons.
This draft combines new resolutions in respect of Fintech in General, including Crowdfunding, and various aspects of the crypto-currency business. All he needs now is a signature from President Enrique Peña Nieto in order to become a real law.
Russia
Russia is another large country, its attitude to the crypto-regulation is well documented. The latest from the Land is that the government is trying to regulate digital currencies so strong and controlling that decentralized exchanges were prohibited. There is also an own Coin.
The Russian crypto – currency and Blockchain Association (RACIB) announced that the long-discussed idea of a government of a national crypto-currency, crypto rubble called, is to be introduced in mid-2019.
Saudi-Arabia
The Islamic monarchy of Saudi Arabia has so far had a lot to do with crypto-currencies, what is reported to be great in the media. But the country is strictly against corruption and money laundering. You’d look at Bitcoin, therefore, is very suspicious.
Saudi Arabia arrested last year, the richest Arabs in the world, Prince Alwaleed bin Talal because of corruption allegations. This was set Bitcoin to very hostile.
South Africa
currencies As the epicenter for Crypto in Africa, South Africa is left with very much interest in the technology. The country is trying to understand and to analyze, before it develops a hard and strict regulations.
The Central Bank has opened a Sandbox for the company, in which they can work in a regulatory safe Zone, to be able to the results of the Blockchain and crypto currency solutions, rate.
South Korea
South Korea was also Recently in the news, but for the wrong reasons. Because it was announced that the Land of crypto-currencies in February, intends to prohibit, after the Ministry of justice bekanntgabt alone his plans for a ban on the cryptocurrency trade.
The Ministry did this without the approval of the strategy and the Ministry of justice and other government authorities in the South Korean special forces are involved in the regulation of crypto-currency.
Turkey
The Turkey, and Iran have played with the thought to create their own crypto currency. As the G20 Partner, Russia, and Venezuela with its functioning Petro-Coin.
the United Kingdom
the UK is not yet fully in line with the crypto-currency regulation. The country has rather pronounced warnings of the dangers of investing in cryptocurrencies.
The financial Committee of the British Parliament has launched in February a study of crypto-currencies and their impact on British investors and companies.
the reason for the investigation was on the one hand, the worldwide increase in interest in crypto-currencies, and on the other hand, the current rise and fall of the crypto market since this year.
The United States are in the middle of the process of regulation of Bitcoin. The securities and exchange Commission is very strict when it comes to the Monitoring of the ICO, but the trading Commission on commodity Futures (CFTC) has indicated that there is no reason to hurt crypto-currencies.
“No damage” was the cause no doubt is the correct approach to the development of the Internet. “I also believe that “do no harm” is the right overarching approach for Distributed Ledger technologies,” said J. Christopher Giancarlo, Chairman, and witness to the CFTC, this year before the Senate.
European Union
The EU, like the UK, the exit soon, prefer warnings instead of strict rules. A regulation is actually not very high on the list of things to do.
The Chairman of the Supervisory Board of the European Central Bank (ECB), Daniele Nouy, said that although she had “no idea” whether Europe plan in the future, new regulatory steps for crypto, was the Participation of the ECB regulated banks in this area is “very, very low”.
“We are reviewing the issue from a regulatory perspective, very accurate. We are ready to do something, if it is necessary. But so far, this is not really very high on our list of things to do.”
Wide range of opinions
It should be clear that there is a clear regulatory path can never be in a couple of days hammered. Even on a Forum, on the 20 countries put together and a phenomenon like crypto-currencies, can discuss.
But the foot in the door by was broken the decision of the FSB, to explore, no new regulations. However, even when a dialogue could have taken place, there would have been much disagreement and slow progress. In any case, we wait for further development.
