Framework Offered For G20
Hey people of steem,
So later this month there will be a meeting to decide what global regulations should be taken when it comes to crypto. It will be a big day for crypto and you might see some big price swings when the day comes. But for what we have some info no how it might go. The FSB have determined that cryptocurrency is not a threat to "global financial stability" at this time but the do need to be monitored as they are a fast growing section.
This is positive in my opinion. Regulations are inevitable and will do a lot to bring trust to new investors. If done properly it can help protect the investors while encouraging growth for the field. Personally I want to see something like France's policies adopted world-wide. They have an 8% tax for crypto. Japan is also another country who is pushing the space forward.
With a majority of the G20 open to crypto we should get a fair response this month. But I think it will still be early and will be closer to strategies to watch then solid rules. But we will see.
Here is the link for more info:
http://www.france24.com/en/20180716-regulator-unveils-plan-monitor-cryptocurrency-threat
The concept that regulation is inevitable is kind of strange to me.
The goal of crypto is to take the control of the money supply away from nation states.
Letting them regulate it and playing in their arena will not change anything.
We need to change the laws to allow taxes to be paid in crypto not let them change crypto into another part of their corrupt banking system.
Regulation is inevitable is a very scare way to look at the future.
Just my 2 cents. Take it for what you will.
It's a bold statement from the FSB, it's taking other countries like Venezuela too long to recognise that cryptocurrency is revolutionary and it's inevitable it will blossom
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Last G20 meeting was end without any Clear decision but this time we all crypto lovers are hoping for good news From G20 countries.
And every country will take a clear decision about regulations of cryptoes..
And every country should monitored deeply and should step up about taxation rules on crypto earning
Sooner or later, cryptos will achieve world wide adoption.
The countries who understand this will have a lot to earn as opposed to countries which only think about bans and unfavourable legislation for cryptocurrencies.
I hope this meeting will have a positive effect for us.
Great to know about French authorities getting their act together.
Regulations are bound to happen. I'd rather see them happen sooner than later because mainstream/big money won't come in until that happens. I think that the countries that are getting on with the regulations without delaying them would be the ones to beat in the future.
Booyah! Just in time for a little bull run to draw some more investment in!
It will be nice to see more adoption even if it is the large institutions getting in on the action. I just wish I had amassed more!
I still think they are in over their heads for trying to regulate the wold west but the time has come to jump in and try.
They have to find a way to embrace blockchain and cryptocurrency or risk losing the innovation and efficiency it brings to their economy. Whoever embraces it first, will have an advantage and the talent and capital behind it.
So far this is the best steps done by the government. Hand Cranking... I am excited to see the price of BTC increase again... Hope I can recover from losing BTC before.
Sorry but France is not taxing at 8%.
You are taxed like on stock : 19% for selling movable property (if the value is more than 5000 €) plus 17,2% for social levies.
Final tax : 36,2%
And, for every 2 years of holding (except the first two), the tax on your benefice is decreased of few percents.
https://www.numerama.com/business/351151-fiscalite-impots-bitcoin-ce-quimplique-la-decision-du-conseil-detat-pour-les-cryptomonnaies.html
Keep posting i like your content !