G20 Calling for Cryptocurrency Regulations AKA They're Scared

G20 economic leaders are now calling for regulations on cryptocurrencies changing their tune from not long ago. But, who didn't see this coming? Should crypto be successful, these are the very power-hungry and controlling dirtbags that will feel the consequences of that success.

Tuesday after the G20 meeting of finance ministers in Buenos Aires, Argentina, Central Bank chair Frederico Sturzenegger said member nations present agreed that cryptocurrencies needed to be examined, but that more information was needed before any regulations could be proposed.

However, 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?'"

I recall G20 not long ago saying they didn't want to get involved with cryptocurrencies. But, anyone with a brain should recognize that those in power will come after the coins once it is seen as more of a threat to their traditional institutions. These aren't the types to play fair and they definitely don't want their power challenged by something they cannot control.

The solution to all of this is in us. We need to utilize crypto more. Start buying and selling things in crypto. Build a business that accepts crypto payments. It can't be taxed and regulated if it cannot be traced and isn't converted to fiat. This is why I believe 'privacy coins' are what will win out in the end. Businesses, communities, and economies need to form around cryptocurrency for them to be successful. This won't all happen at once and definitely won't happen without US.

Original article reported by CoinDesk: https://www.coindesk.com/g20-calls-crypto-regulation-recommendations-july/

As always, thanks for reading!
Noly

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