Essential Regulations for Cryptocurrencies Will Generate Win-Win Situations

Essential Regulations for Cryptocurrencies Will Generate Win-Win Situations

The backdrop Initial Coin Offering on blockchain platforms has painted the world red for tech-startups across the world. A decentralised network that can allocate tokens to the users supporting an idea with money is both revolutionizing and awarding. If you Read more… As the use of cryptocurrencies, like Bitcoin, continues to rise, so do researchers’ interests in the laws and regulations about cryptocurrencies. The G7 finance ministers and central bank governors discussed the need to regulate cryptocurrencies during their latest meeting. German Finance Minister Olaf Scholz raised concerns about Facebook’s upcoming cryptocurrency. G7 Sees the Need to Regulate Crypto U.S. Treasury Secretary Steven … The G7 finance ministers and central bank governors discussed the need to regulate cryptocurrencies during their latest meeting. German Finance Minister Olaf Scholz raised concerns about Facebook&#039 What Everyone Ought To Know About CBD BUSINESS OPPORTUNITIES Recently, Scholz had taken part in yet another meeting between the G7 countries, where they partly discussed crypto regulations.

The backdrop

Profit-spinning Bitcoin turned out to be an ‘asset’ for early investors giving manifold returns in the year 2017. Investors and Cryptocurrency exchanges across the world capitalized on the opportunity spelling enormous returns for themselves leading to ascent of multiple online exchanges. Other cryptocurrencies such as Ethereum, Ripple and other ICOs promised even better results. (Ethereum grew by more than 88 times in 2017!)

While the ICOs landed millions of dollars in the hands of startups within a matter of days, ruling governments initially chose to keep an eye on the fastest fintech development ever that had the potential to raise millions of dollars within a very short period of time.

Countries all across the globe are mulling over to regulate cryptocurrencies

But the regulators turned cautious as the technology and its underlying effects gained popularity as ICOs started mulling funds worth billions of dollars - that too on proposed plans written on whitepapers.

It was in late 2017 that the governments across the world seized the opportunity to intervene. While China banned cryptocurrencies altogether, the SEC (Securities and Exchange Commission) in the US, highlighted risks posed to vulnerable investors and has proposed to treat them as securities.

A recent warning statement from SEC Chairman Jay Clayton released in December cautioned investors mentioning,

“Please also recognize that these markets span national borders and that significant trading may occur on systems and platforms outside the United States. Your invested funds may quickly travel overseas without your knowledge. As a result, risks can be amplified, including the risk that market regulators, such as the SEC, may not be able to effectively pursue bad actors or recover funds.”

In Britain, the FCA (Financial Conduct Authority) in March announced that it has formed a cryptocurrency task force and would take assistance from Bank of England to regulate the cryptocurrency sector.

Different laws, tax structures across nations

Cryptocurrencies majorly are coins or tokens launched on a cryptographic network and can be traded globally. While cryptocurrencies have more or less the same value across the globe, countries with different laws and regulations can render differential returns for investors who might be citizens of different countries.

Different laws for investors from different countries would make calculation of returns a tiring and cumbersome exercise.

This would involve investment of time, resources and strategies causing unnecessary elongation of processes.

Source: www.fridlyckans.com

Author: fridlyckans


Researching Cryptocurrency Laws and Regulations

Researching Cryptocurrency Laws and Regulations

As the use of cryptocurrencies, like Bitcoin, continues to rise, so do researchers’ interests in the laws and regulations about cryptocurrencies. The Law Library of Congress has compiled a list of resources to assist researchers looking for more information: United States Blockchain and Cryptocurrency Resources. This list includes links to the federal agencies that have, so far, been issuing regulatory guidance, including the Internal Revenue Service (IRS), the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC). Also included are links to the National Conference of State Legislatures’ annotated guides to state cryptocurrency legislation and state blockchain legislation as well as links to relevant Congressional Research Service (CRS) Reports.

Looking for more information about cryptocurrencies? The library’s Bloomberg Law computers include access to The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World (Wiley, 2014), The Business Blockchain: Promise, Practice, and Application of the Next Internet Technology (Wiley, 2016), and Taxation of Cryptocurrencies (U.S. Income Portfolio No. 190). Other titles on Bloomberg Law, like The Cyber Risk Handbook (Wiley, 2017), Emerging Payment (Banking Portfolio No. 404), Technology Regulation in the Federal Securities Markets (Privacy & Data Security Portfolio No. 535), and Virtual Banking: A Guide to Innovation and Partnering (Wiley, 2014) may also discuss cryptocurrency. Bloomberg Law is available onsite at Jenkins (make an appointment today!).

Those looking for print resources may want to check out Alternative Finance Summit: Marketplace Lending, Cryptocurrency and Crowdfunding (Practising Law Institute: library has 2018-2020), Blockchain 2.0: Legal & Regulatory Developments (Practising Law Institute: library has 2018-2020), Blockchain for Business Lawyers (American Bar Association, 2018), The Future of Blockchain and Digital Assets: The View of Silicon Valley (Practising Law Institute: library has 2019-2020), and Law’s New ABC’s: Artificial Intelligence, Blockchain & Cryptocurrency (Pennsylvania Bar Institute, 2018). Want to borrow any of these titles? Curbside pickup is available now!

Cryptocurrencies have even made it into law journals. Take a look at the Stanford Journal of Blockchain Law & Policy (available on HeinOnline, a membership database available to most Jenkins members). This title covers “the legal aspects of blockchains and cryptocurrencies, regulatory and policy ramifications, and blockchain governance”. Other law journals may also include articles related to cryptocurrency and Jenkins members can use the Law Journal Library on HeinOnline to find over 90 law journals related to computers and technology.

Have questions about the resources listed above? Ask us!

Source: www.jenkinslaw.org

Author: By Michelle Buhalo •  December 8, 2020


G7 Central Bankers Stress the Need to Regulate Cryptocurrencies at Latest Meeting

G7 Central Bankers Stress the Need to Regulate Cryptocurrencies at Latest Meeting

The G7 finance ministers and central bank governors discussed the need to regulate cryptocurrencies during their latest meeting. German Finance Minister Olaf Scholz raised concerns about Facebook’s upcoming cryptocurrency.

U.S. Treasury Secretary Steven Mnuchin hosted a discussion on Monday with finance ministers and central bank governors from Canada, France, Germany, Italy, Japan, the U.K., the European Commission, and the Eurogroup. The meeting was also attended by the heads of the International Monetary Fund (IMF), the World Bank, and the Financial Stability Board (FSB).

Besides discussing responses to the Covid-19 pandemic and economic recovery measures, the G7 finance ministers and central bank governors “also discussed ongoing responses to the evolving landscape of crypto assets and other digital assets and national authorities’ work to prevent their use for malign purposes and illicit activities,” the Treasury Department detailed, adding:

There is strong support across the G7 on the need to regulate digital currencies.

“Ministers and Governors reiterated support for the G7 joint statement on digital payments issued in October,” the Treasury Department continued.

The G7 countries are in varying stages of implementing cryptocurrency regulation, revising existing laws, and providing more clarity to investors and companies in the space. For example, in the U.S., the top banking regulator recently revealed that new cryptocurrency regulatory measures will be introduced in a matter of weeks that will “work for everybody.” Germany began regulating the crypto industry in January and has been constantly clarifying its rules ever since. Japan, which started regulating the crypto industry back in 2017, has also been revising and adding to its rules.

After the meeting on Monday, German Finance Minister Olaf Scholz issued a statement, raising concerns about authorizing the launch of Facebook’s libra cryptocurrency, which has been renamed diem, in Germany and Europe. He warned:

A wolf in sheep’s clothing is still a wolf. It is clear to me that Germany and Europe cannot and will not accept its entry into the market while the regulatory risks are not adequately addressed. We must do everything possible to make sure the currency monopoly remains in the hands of states.

Scholz has long been concerned about the impact of Facebook’s libra/diem. Recently, the president of the European Central Bank (ECB), Christine Lagarde, downplayed bitcoin’s risk to financial stability but voiced concerns about global stablecoins, like the Facebook-backed cryptocurrency.

The Libra Association, now called the Diem Association, said last month that the Facebook-backed cryptocurrency could launch as soon as January as a single USD stablecoin.

What do you think about the G7 wanting to regulate crypto? Let us know in the comments section below.

The post G7 Central Bankers Stress the Need to Regulate Cryptocurrencies at Latest Meeting appeared first on Bitcoin News.

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Source: https://news.bitcoin.com/g7-central-bankers-regulate-cryptocurrencies/

Source: reginnovate.com

Author: by cryptoregradar


G7 Central Bankers Stress the Need to Regulate Cryptocurrencies at Latest Meeting

G7 Central Bankers Stress the Need to Regulate Cryptocurrencies at Latest Meeting

The G7 finance ministers and central bank governors discussed the need to regulate cryptocurrencies during their latest meeting. German Finance Minister Olaf Scholz raised concerns about Facebook’s upcoming cryptocurrency.

U.S. Treasury Secretary Steven Mnuchin hosted a discussion on Monday with finance ministers and central bank governors from Canada, France, Germany, Italy, Japan, the U.K., the European Commission, and the Eurogroup. The meeting was also attended by the heads of the International Monetary Fund (IMF), the World Bank, and the Financial Stability Board (FSB).

Besides discussing responses to the Covid-19 pandemic and economic recovery measures, the G7 finance ministers and central bank governors “also discussed ongoing responses to the evolving landscape of crypto assets and other digital assets and national authorities’ work to prevent their use for malign purposes and illicit activities,” the Treasury Department detailed, adding:

There is strong support across the G7 on the need to regulate digital currencies.

“Ministers and Governors reiterated support for the G7 joint statement on digital payments issued in October,” the Treasury Department continued.

The G7 countries are in varying stages of implementing cryptocurrency regulation, revising existing laws, and providing more clarity to investors and companies in the space. For example, in the U.S., the top banking regulator recently revealed that new cryptocurrency regulatory measures will be introduced in a matter of weeks that will “work for everybody.” Germany began regulating the crypto industry in January and has been constantly clarifying its rules ever since. Japan, which started regulating the crypto industry back in 2017, has also been revising and adding to its rules.

After the meeting on Monday, German Finance Minister Olaf Scholz issued a statement, raising concerns about authorizing the launch of Facebook’s libra cryptocurrency, which has been renamed diem, in Germany and Europe. He warned:

A wolf in sheep’s clothing is still a wolf. It is clear to me that Germany and Europe cannot and will not accept its entry into the market while the regulatory risks are not adequately addressed. We must do everything possible to make sure the currency monopoly remains in the hands of states.

Scholz has long been concerned about the impact of Facebook’s libra/diem. Recently, the president of the European Central Bank (ECB), Christine Lagarde, downplayed bitcoin’s risk to financial stability but voiced concerns about global stablecoins, like the Facebook-backed cryptocurrency.

The Libra Association, now called the Diem Association, said last month that the Facebook-backed cryptocurrency could launch as soon as January as a single USD stablecoin.

What do you think about the G7 wanting to regulate crypto? Let us know in the comments section below.

The post G7 Central Bankers Stress the Need to Regulate Cryptocurrencies at Latest Meeting appeared first on Bitcoin News.

Source: www.clublaura.com


6 Benefits of Investing in Cryptocurrencies – therisebandb

6 Benefits of Investing in Cryptocurrencies – therisebandb

The birth of bitcoin in 2009 opened doorways to investment opportunities in an entirely new kind of asset class – cryptocurrency. Lots entered the space way early.

Intrigued by the immense potential of these fledgling but promising possessions, they bought cryptos at inexpensive prices. Consequently, the bull work of 2017 saw them turn out to be millionaires/ billionaires. Even those who did not stake much reaped decent income.

Cryptocurrency Has a Shiny Future

According to a report titled Think about 2030, published by Deutsche Bank, credit and debit cards will become obsolete. Smartphones and other electronic devices will substitute them.

Cryptocurrencies will no longer be seen because outcasts but alternatives to existing monetary systems. Their benefits, like security, speed, minimal transaction costs, ease of storage, and relevance in the digital era, will be recognized.

Concrete floor regulatory guidelines would popularize cryptocurrencies, and boost their adoption. The report forecasts that there will be 200 million cryptocurrency wallet users by 2030, and almost 350 million with the year 2035.

Opportunity to be part of a Growing Community

WazirX’s #IndiaWantsCrypto campaign lately completed 600 days. It has turn into a massive movement supporting the ownership of cryptocurrencies and blockchain in India.

Also, the recent Great Court judgment nullifying RBI’s crypto banking ban from 2018 offers instilled a new rush of confidence amongst Indian bitcoin and cryptocurrency investors.

The 2020 Edelman Trust Barometer Report also points out peoples’ rising faith in cryptocurrencies and blockchain technology. As per the findings, 73% of Indians trust cryptocurrencies and blockchain technology. 60% say that the impact of cryptocurrency/blockchain will be positive.

By being a cryptocurrency buyer, you stand to be a part of the thriving and rapidly growing community.

Increased Profit Potential

Diversification is an essential investment thumb rule. Especially, during these times when the majority of the assets have sustained heavy losses due to economic issues spurred by the COVID-19 pandemic.

Whilst investment in bitcoin has given 26% returns from the starting of the year to date, gold has came back 16%. Many other cryptocurrencies have registered three-digit ROI. Stock markets even as we all know have posted dismal performances. Crude oil prices notoriously crashed below 0 in the month of April.

Source: www.therisebandb.com

Author: therisebandb


G7 Seeks Crypto Regulation, German Finance Minister Blasts Libra Yet Again

G7 Seeks Crypto Regulation, German Finance Minister Blasts Libra Yet Again

Olag Scholz, the Finance Minister of German, is a man that has taken a very hardline stance against Libra, the crypto project of Facebook, for some time now.

Recently, Scholz had taken part in yet another meeting between the G7 countries, where they partly discussed crypto regulations. There, Scholz doubled down on his anti-Libra narrative, claiming the currency was a “wolf in sheep’s clothing.”

While Scholz and his anti-Libra arguments are nothing new, there was merit in the G7 meeting: The central banks of the UK, US, Japan, Francy, Italy, Germany, and Canada all agree about one thing: The need to regulate digital assets.

The latest coverage when it comes to the global regulation of cryptocurrencies made it clear that the G7 nations’ central bankers and finance officials are all in agreement with their desire to regulate crypto. The US Treasury Department said as much after the virtual meeting, revealing in a statement that the G7 is showing “strong support” when it comes to the need for crypto regulation at large.

The G7 held unanimous agreement for crypto regulation, primarily thanks to the crypto space gaining popularity to such a degree. With proper regulations in place, the illegal activities done through crypto could be curbed, as well.

The discussions themselves cited various “ongoing responses” to the crypto space. In the discussions, the crypto landscape was described as ever-evolving, including that of the national authorities’ various efforts in preventing their use for malicious, illegal activities.

Of course, when the prospect of crypto regulation came to bear, Scholz took the chance to criticize Libra, something he’s been against since its announcement. Libra has been having quite a time in trying to legitimize itself in the eyes of regulators and central banks, who are none too keen for a private company to hold significant financial power.

As it stands now, Libra was forced to rename itself to Diem to try and distance itself from the massive backlash, but Scholz has yet to let up, and is predictably against launching Diem in Europe, let alone Germany.

In a public statement, he reaffirmed his commitment to keeping Diem out of Europe and German at large, stating that currency monopoly must remain in the hands of the state. Regardless of an individual’s personal views about it, the man is in a position to make Libra’s push into Europe a very uncomfortable experience.

Some productive things did occur in the meeting, however: The G7 all agreed that digital finance is the future, and had mutually agreed to support digital payments, as a result. The US Treasury, in particular, highlighted how digital payments could see to easing the problems faced when using traditional payment systems by lowering costs and reducing inefficiencies.

Source: insidebitcoins.com

Author: FOLLOW ON


Essential Regulations for Cryptocurrencies Will Generate Win-Win Situations


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