G20 News, Wild West forever? The good, the bad, the ugly in my review.

Market is going up on today news. Too many people were afraid of government regulation. And especially afraid of centralized measures from G20. Market was waiting for bad news, but it seems we are not getting any actual regulation this year. So let’s deep into it.

In a surprise move, The G20 group’s financial regulator the Financial Stability Board (FSB) has rejected member countries’ requests for tighter controls on cryptocurrency trading — for now. FSB president Mark Carney said in a letter to finance ministers that “currently, these crypto-assets do not pose a risk to global financial security.” See more here. 

The Good 

The market is growing today. Why people are so positive about it? Obviously people in crypto don’t really like banks, governments, taxes and other centralized staff. We enjoined unregulated market a lot. Things that are possible here are mostly illegal everywhere else.  

Regulation will come eventually in future, and this is way better then now. So why it is good to postpone the regulation? Take a look at all regulation attempts so far. Governments try something, see it doesn’t work, go another way. Remember what news were coming from South Korea? This proves that we are not ready for regulation yet. Cryptocurrency are too young. Governments just don’t have experience in the field yet. They will gather more data in the future and at some point of time regulation will be for good.  

The Bad 

There is always the other side of the medal. Wild West continues. Some people will like it eventually, some will fall victims of price manipulations. Pumps and Dumps, insight trading are no good for the market. Lack of a legal status closes some doors for cryptocurrencies. How can we achieve mass adoption without it? Also without a centralized approach from G20 countries will continue doing mistake in own regulation. Some of us will eventually suffer from it. 

The Ugly 

There will be no regulation this year because crypto-assets do not pose a risk to global financial security. In other words cryptomarket is too small to be noted by G20. So it seems central banks still don’t take cryptocurrency serious. Do you like it? I don’t. All I can think about is Mahatma Gandhi words:  

First they ignore you. Then they ridicule you. And then they attack you and want to burn you. And then they build monuments to you. 

Disclaimer 

I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose. 

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