With the year 2017 ending on a high note for the Cryptocurrencies, the year 2018 brought with it a lot of speculation on the rise of these currencies. There was and continue to be more focus on the regulations governing the Cryptocurrencies like Bitcoin and Ether.
Every country has started taking note of these virtual currencies and is trying to come up with the regulations and treatment for them. While few countries have taken them with open hands, the majority of the countries are still not very keen in welcoming them.
With so much caution practiced in approaching the cryptocurrency, it is natural to see the topic featured in the upcoming G20 summit to be held in Buenos Aires, Argentina.
Cryptocurrency in G20:
The Bitcoin and other digital assets have been on the top news for the most of last year and continue to be featured in the top this year for many reasons. While initially, it was on the rise of the Bitcoin prices, where many cryptos faithful rejoiced and then sudden regulatory clampdowns on cryptocurrency across nations which resulted in the value drop and then hackers taking away one of the leading exchanges coin check and more.
The feature that makes Bitcoin more appreciable in the minds of traders is its anonymity which also happens to be the concern for the governments across the world. It is not surprising to see that regulations on Cryptocurrencies will be taken up seriously in a summit featuring leading nations.
French minister for Finance Bruno Le Maire said that he would propose to the host and president nation Argentina include a discussion on Cryptocurrencies for this year G20 summit. The proposal has been jointly sent by French bankers and German central bankers.
They were not the only one though. Steven Mnuchin, the US secretary of state and Theresa May, Prime minister of Britain, also voiced a similar opinion in this regard.
The French finance minister had earlier been entirely welcoming on the blockchain technology and the benefits it can offer to every industry viz., cheaper, safer, transparent and faster trading. As for the host nation Argentina, the country has reaffirmed that there are challenges and opportunities equally to be had when handling the technological advancements.
In the words of the President Mauricio Macri of Argentina, we have to make sure that adopting new technology do not have any adverse side effects on the world economy.
What can we expect?
G20 features leaders and bankers from 19 nations and also the European Union. In the words of Le Maire, the speculative risk is high with the Cryptocurrencies, and with the G20 nations working together they can implement strict and practical regulations on the same.
There may not be an ultimate ban on the use of Cryptocurrencies as such by any nation. If they were to ban, then we might be facing a new problem of stopping black market trading in these virtual currencies.
Also, the challenge will be on how the ban will be imposed. There are those who believe that we are heading towards a crypto world where the fiat currencies will be non-existent.
However, being confident that we are, we expect that the outcome would be on more rules and regulations to improve the visibility on using Cryptocurrencies for legal purposes.
Interested in my previous blogs:
- How To #14 How can blockchain technology improve healthcare?
- Crypto Talk #7 What do you need to know before investing in ICO (Initial Coin Offering)?
- Top Bitcoin wallets for the year 2018
- Crypto World #8 Bitcoin: That's What Crashing the Market of Cryptocurrencies:
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