Bitcoin Assassination – G20 Crypto Menu for October 2022

G20 at the anti-Bitcoin table– The hates of Bitcoin (BTC), the king of cryptocurrencies, are numerous. Of Bill Gates passes through China, and more recently UK regulation, they are the ones shaping the regulation of the future for cryptocurrencies. that G20 now joins this family.

Bitcoin and cryptocurrencies are soon on the agenda at the G20

G20: Depot for 80% of global GDP

that G20 is an organization that allows international powers to agree on fundamental issues. Its members together make up 80% of GDP global. The United States, Brazil, China, Russia and France are among them.

that FSB (Financial Stability Board) is an organization affiliated with the G20 based in Switzerland. By virtue of its function, the FSB must coordinate and promote international financial stability. It sets in motion the issues addressed by the G20, which in its statement soberly called “FSB Declaration on International Regulation and Monitoring of Crypto-Active Activities”, wants to tackle the regulation of cryptocurrencies. The recent decline in the cryptocurrency market, symbolized byTerra Blockchain collapsemotivates the body.

“Recent turmoil in cryptocurrency markets highlights their inherent volatility, structural vulnerabilities and the issue of their growing interconnection with the traditional financial system.”

FSB statement

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The potential of cryptocurrencies is deliberately ignored

We then have some appetizers to understand how Bitcoin will be tasted. The themes will be: regulatory approaches and monitoring of cryptocurrencies as well as stack coins. However, the treatment of these themes ignores certain topics. Also, the potential of blockchain technology is barely whispered at the end of the statement.

The finance ministers and central bank governors of the G20 member states will receive a report in October 2022. Another public consultation report on the recommendations of the FSB will also be published subsequently.

In what sauce does Bitcoin taste?

The main focus of the statement is still the same – maybe sit down before continuing your reading – the need for one adaptation of decentralized economy to the rules of traditional finance. In other words, according to the FSB, cryptocurrencies must adapt to the rules that already exist:

“There may be spill-over effects on key elements of traditional finance, such as short-term finance markets. An effective regulatory framework must ensure that activities related to cryptocurrencies that pose the same risks as traditional financial activities have the same regulatory results (…).”

In addition, the FSB is also thinking about stablecoins. According to him, there should be an overall global regulation:

“Such a stackcoin must be subject to high standards of regulation and transparency. Reserves that maintain value stability and meet relevant international standards must be maintained at all times.”

L ‘cryptocurrency instability would then be a risk to the world economic order. The FSB therefore wishes to promote the overall coherence of regulatory approaches to cryptocurrencies:

“Crypto – assets and markets must be subject to effective regulation and supervision that are commensurate with the risks they pose, both nationally and internationally. (…) Crypto-assets and markets can perform an economic function similar to that of traditional financial instruments and intermediaries. »

Do not cry wolf! Administration can be slow, especially internationally. that FSB have no more no legislative power. However, he launches the hostilities of a G20 that would attack Bitcoin and cryptocurrencies. Other jurisdictions thus share this vision of regulating Bitcoin. Incidentally, England had recently announced this Cryptocurrencies can be a financial risk.

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