Crypto world for the whole week is following the news from G20 Summit. Some of us has been more sceptical about the decisions of regulations, which can be taken, especially after Google and FB news and some of us have been more realistic, that probably nothing will change.
Public document released prior to the meeting noted that “the technology behind crypto assets has the potential to promote financial inclusion,” but noted that the impact on financial stability and potential uses in tax evasion and illegal activities needed to be understood first. So it has been clearly stated even before G20 start, that there is yet no clear understanding of blockchain technology and crypto world among nations and financial institutions.
This blurry attitude globally has been continuing during the first days of G20 and there hasn’t been common vision from nations regarding crypto assets. For instance on Monday, Brazil Central Bank president Ilan Goldfajn said that cryptocurrencies will not be regulated in his country, according to news service El Cronista. While finance officials from France and Germany said in a joint letter that cryptocurrencies “could pose substantial risks for investors,” U.S. Treasury Secretary Steven Mnuchin and an anonymous Japanese government official expressed concerns about their use in illegal activities.
For the moment the world has remained divided into 3 parts: nations loyal and accepting crypto world, nations having critically negative attitude towards crypto world and neutral nations, who haven’t yet figured out which side to step to.
Is it bad or good? It is normal, normal process of something new and fundamental coming into settled for years and years system.
There will be definetly ups and downs coming in the future, regulations and acceptance. And the most important to remember that it is the normal flow and process.
What comes to G20 future plans and when to expect next news: Argentina Central Bank chair Frederico Sturzenegger said that the member nations present agreed that cryptocurrencies needed to be examined, but that more information was needed before any regulations could be proposed. During the press conference, he noted that the members had a firm deadline in July for recommendations, saying: “In July we have to offer very concrete, very specific recommendations on, not ‘what do we regulate?’ but ‘what is the data we need?’’. Will there be any news in July then? Not clear so far, but we will patiently wait for it and continue our journey in blockchain industry.
Akaiito is looking with unkillable optimism into the future. In the constantly changing world it is extremely important to be open-minded, flexible, commited to the idea and never stop working.