Bitcoin Pioneer Charlie Shrem Wants to Disrupt Money | Freethink Coded
- G20 leaders ready to embrace digital yuan and Libra
- The industry is waiting for regulation
- Ukraine – for, Russia – against
Cryptocurrency industry wants to be regulated, B20 meets halfway
G20 countries are ready to accept cryptocurrency
New cryptocurrency control policy will be presented in November
Stablecoins pose a threat to fiat currencies
Representatives of the G20 countries announced their readiness to develop a regulatory framework for organizing digital payments. Cryptocurrency industry representatives spoke in favor of.
G20 leaders ready to embrace digital yuan and Libra
At the last summit of the G20 leaders, much attention was paid to the issue of control over the circulation of cryptocurrency, which is becoming more and more popular in the world. It is no longer possible to deny the fact of its effectiveness and distribution, so the finance ministers of the G-20 countries decided to develop legislative acts that would allow centralized control of the circulation of digital currencies. Ready-made solutions should be presented already for the next G20 summit, which will be held in the capital of Saudi Arabia, Riyadh in November this year.
According to the Japanese edition of Kyodo, G20 officials accelerated the process of developing a policy on the circulation of cryptocurrency in response to China’s progress in creating the digital yuan and the expected launch of the Libra stablecoin.In June 2019, Facebook announced preparations for the release of the digital currency Libra. The social networking project immediately attracted attention … More.
As a reminder, during the 2019 G20 Osaka Summit, leaders stated that cryptocurrencies pose no threat to the stability of monetary policy and that technological innovation can bring significant benefits to the economy. However, in October, participants noted that stablecoins pose a significant risk to government policy and financial regulation..
The industry is waiting for regulation
Industry officials have long argued that clear rules of the game are needed. They will accelerate the development of the cryptocurrency industry, increase trust and attract large players from traditional finance. In particular, Ksenia Oshurko in an exclusive interview for BeInCrypto noted that the increased interest in industry regulation is a good sign.
Ted Kwek, CTO of Broctagon Fintech Group, holds the same position. He believes that a unified approach to the formation of a regulatory concept and legal framework for the use of digital assets is necessary at this stage of the industry’s development. Commenting on the plans of the G20, he noted:
“Starting in 2019, discussions around the digital yuan and the invented Facebook have not stopped in the cryptocurrency environment. In June 2019, Facebook announced preparations for the release of the digital currency Libra. The social networking project immediately caught the eye … More Libra coin. In anticipation of the launch of these digital assets, the traditional finance industry is trying to determine the benefits of them. In addition, it is clear that a clear regulatory framework is needed to trade safely and use new instruments, so we welcome the G20’s steps in this direction. At this stage, governments and regulators around the world do not have a single approach to regulating the cryptocurrency industry, but we urge governments to actively seek common solutions, since large players and traditional investors are already entering the ecosystem. “.
Ukraine – for, Russia – against
While the G20 leaders are preparing to meet and discuss cryptocurrency regulation, the CIS countries are developing their own regulatory framework for digital payment assets. The Ministry of Digital Information of Ukraine has already developed a bill that is designed to legalize the circulation of crypto coins in the country. The proposed bill classifies virtual assets as property and divides them into two categories: cryptocurrencies and backed tokens. In addition, the article separately spelled out the status of a financially secured stablecoin – a digital asset backed by fiat money or traditional financial instruments..
According to the document, the owner of a cryptocurrency asset is the one who has a private key, while it is believed that virtual assets are located on the territory of Ukraine.
The document also states that cryptocurrency service providers are required to register with the Ministry of Digital Information. These companies include custodial services, cryptocurrency exchangers and cryptocurrency exchanges..
At the same time, Russian officials are preparing to ban the circulation of cryptocurrency. Deputies of the Russian State Duma have developed a new bill that provides for administrative and criminal liability for violations of the use of digital currency, which includes crypto coins., digital financial assets and digital rights. It is assumed that the fines will reach 2 million rubles.
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