CryptoCurrencies in the agenda of the next G20?
Hello friends, today, I want to share with you some information about the next G20 and how there are some politicians planning to talk crypto in Argentina next March, and maybe converge toward an international consensus to regulate the market.
The British government called last Thursday for a global regulation of bitcoin and all the cryptocurrencies. the matter will be discussed during the next G20 in Argentina March 2018.
Bellow what Philip Anthony Hammond said during his interview at Bloomberg TV
"I think we should be cautious about bitcoin," finance minister Philip Hammond told Bloomberg TV on the sidelines of the World Economic Forum in Davos, Switzerland.
"Possibly we do need to look at the way we regulate this environment before the amount of outstanding bitcoin becomes large enough to be systemically important in the global economy.
"It is not there yet but it could get there soon," added the minister.
Bitcoin is independent of governments and banks and uses blockchain technology, where encrypted digital coins are created by supercomputers.
The virtual currency is not regulated by any central bank but is instead overseen by a community of users who try to guard against counterfeiting.
"What is really important is in regulating the cryptocurrencies we do not inadvertently constrain the potential of the technology that underlies, the blockchain technology, which a wider and more important application," added Hammond on Thursday.
"It needs to be done at the international level and of course it will be on the agenda for the G20 meeting in Argentina" later this year.
It's not the only action of its kind, last month the French government and precisely Bruno Le Maire, French Minister of Economy and Finance said :
"I will propose to the next G20 President, Argentina, that at the summit in April, we all discussed the issue of bitcoin together. There is obviously a risk of speculation. We need to look at this and see with all other G20 members how to regulate bitcoin".
What I think personally,it's that an international consensus is a long slow process so I'm not seeing an agreement in the near future. The Asian market has the big word to say and all those politicians are only playing the buz game, most of them think that cryptocurrencie is bitcoin ignoring all of the blockchain technologies.
Let's watch what will happen, anyway I believe that the communities should be part of the process of regulation if there is a real wish to regulate the market in a fair way ;)
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