The old world order is zeroing in on crypto...
Both EU & US Treasury officials have announced that cryptocurrency regulation will be a "focus" of the next G20 summit to be held in Buenos Aires in November.
Image Credit: ZeroHedge
“The international community is ... preparing an answer to that and I would expect, for instance, the G20 discussion in Buenos Aires in March to focus very much on these issues,” Benoit Coeure, a member of the ECB’s board, said at an event at the World Economic Forum in Davos.
Reuters: G20 to work on 'answer' to Bitcoin risk: ECB's Coeure
Sigal Mandelker, the Treasury undersecretary for terrorism and financial intelligence, said Friday that more needs to be done to prevent money laundering and other criminal activities using such transactions.
ABC News: US Treasury official urges regulation of crypto currencies
Answer Me This
Should this be a concern for crypto investors, or is it much ado about nothing from a toothless global body?
If a regulatory environment is inevitable, what level of regulation and oversight is necessary or preferred?
How will this focus on global regulation impact markets?
Parting Thoughts
My initial reaction is: good luck attempting any meaningful regulation of decentralized, often-anonymous digital currencies. Bitcoin and its many successors were created and developed specifically to function beyond the reach of central government authorities.
And while I do believe some regulation is necessary & helpful, I'd limit that to existing criminal activities, e.g. ponzi schemes, money laundering, etc. Clamping down on shady criminal acts will help the ecosystem mature & encourage new investment. I'd be very skeptical of any level of oversight beyond that, however.
Ultimately, I suspect the G20 will do what they do best: a whole lotta talk, very little action.
|| @bubbleboy ||
