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G7 to push for tighter cryptocurrency regulations

21 Comments

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21 Comments
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The real risks to the global financial system are not posed by crypto assets, they are posed by the entire conventional banking system and modern monetary theory.

6 ( +15 / -9 )

Only thing being regulated in America,is how American spend their money,their are restricted laws,that regulates how you withdraw your money and how much you withdraw Google Bank Secrecy Act

-4 ( +3 / -7 )

Anything about finance and people wealth will be regulated tighter than before, just check when ordinary foreigners just want to send money in Japanese bank, look what will happen.

1 ( +7 / -6 )

They do not want competition to their own central bank issued digital currencies which are going to be introduced in the coming years. These currencies will progressively by replace cash and we will loose all privacy and freedom. There will be some resistance to the introduction of such currencies in the west but in japan by offering discount if you use it people will willlfuly move from cash to these currencies. Frightening future.

6 ( +13 / -7 )

Cryptocurrencies will never replace the existing sovereign currencies. No governments will accept cryptos when you pay tax.

1 ( +7 / -6 )

Mei ,Crypto is a Ponzi schemes, Madoffs playing ground

-8 ( +5 / -13 )

Thats like saying, products offered in a hedge fund are a Ponzi scheme.

If someone scams you involving Yen, does it make Yen a Ponzi scheme?

Its the individual or organization that creates a Ponzi scheme, not the product.

10 ( +12 / -2 )

Tona,I invest in the lottery,they got billion in the bank,what I learned about the FDIC would cause a massive bank run

-1 ( +1 / -2 )

The elites are worried the plebs will have control of their own money.

7 ( +11 / -4 )

If you transact a lot of money,a teller has the discretion to report you to Fed,for know apparently reason,

0 ( +1 / -1 )

If people want to speculate in things, let them.

Gonna start regulating tulip trading too?

I don’t want my taxes to go to pay government types who want to regulate what other people do.

If government regulator types want to do that, they should at least do it with their own money. Not tax payer money.

The good thing I do see in cryptocurrency assets is that they can offer an escape route to people when their governments debauch their official currency.

Of course, things like gold and silver have been used for that for thousands of years, but if people find cryptocurrency convenient to escape debauched currency, I have no problem with that at all.

5 ( +9 / -4 )

There will be some resistance to the introduction of such currencies in the west but in japan by offering discount if you use it people will willlfuly move from cash to these currencies. 

Just the opposite I think. For years, I have been reading in these very comments about how far behind Japanese are because they use cash rather than credit cards or electronic transfers. Why would they suddenly change? They bitterly resisted the equivalent of a social security number until a few years ago. Consistent with that, many Japanese I know are very wary of any central bank digital currency.

7 ( +9 / -2 )

"The G7 will promote tougher regulations... aiming to increase business transparency and consumer protections."

But this is great news!

Thanks a lot G7

-3 ( +1 / -4 )

Regulation is good. It can give institutions the confidence to enter the market. Japan is actually one of the most progressive countries when it comes to cryptocurrency regulation. Japan might have also been the first to legalize crypto but im not 100% on that.

For anyone worried about the Japanese economy, you should welcome this new industry, it could open up a lot of new opportunities for Japan.

-2 ( +2 / -4 )

Crooks hate competition, so they will try to crack down on crypto once they think their own infrastructure can do what they need it to do. Then all bets are off as to what the G7 crooks will do, but their pattern of behaviour suggests they'll use it like a social credit system to varying extents. What Trudeau did to the truckers in Canada was a warm-up.

So CBDCs as the sole form of national currency must be resisted. Stock up on cash, various denominations of precious metals, your cryptos of choice, and whatever else you think is useful. Governments, central banks and their friends are completely out of control and need to be brought into line one way or another. But first, peaceful non-compliance/civil disobedience.

4 ( +8 / -4 )

@commanter

i used to share your opinion before Covid. But since then the use of cash fell dramatically. For small amount people now use their credit cards or electronic money like Suica. For big amounts (rents…etc) this days most people younger than 70 transfer money online. It used to be very different even only 5 years ago.

In Japan things take a lot of time to change but when they finally do changes can be extremely quick.

I also know many people who used to say they will never get their my number cards … until the government and local municipalities offered 15,000 jpy if you get one. This is why I think that with the right incentives (points…etc) the acceptance of bank digital currency will be faster in Japan.

Of course I hope I am wrong but I am pretty concerned when I see the recent evolution.

1 ( +2 / -1 )

Of course I hope I am wrong but I am pretty concerned when I see the recent evolution.

I hope you are wrong, too:)

Again, nothing against central bank digital currencies, as they are an obvious move forward for government-issued currencies. The problem would be the lack of any alternative, which this crypto crackdown seems aimed at. The clear goal is total surveillance, followed by restrictions on who may spend and what they may spend it on. Other wonderful features could be automatic seizures and expiration dates put on funds to ensure they are spent and not saved. This is exactly the opposite of consumer protection.

5 ( +5 / -0 )

Again G7 making their territories less and less appealing at every meeting and the pathetic attempts to blame crypto for their incompetent Ponzi-broken bank system, like blaming the war for their print-them-all banknotes inflation.

2 ( +4 / -2 )

For many crypto is like a cult. They " believe", have their own cult words and follow "gurus". Fiat is their Devil.

-2 ( +1 / -3 )

G7 are failing systems, their banks are crashing again, cryptos is the future because they are free from the central bank crooks

1 ( +2 / -1 )

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