Which G20 countries oppose bitcoin
bitcoin lacks stability, so it doesn't have "inherent value", it's just a virtual proct. If we recognize its legitimacy, it will have a significant adverse impact on the banks of all countries, and even can replace the currencies of all countries. Finally, a few people will manipulate the world's monetary system, which is a very dangerous existence. It's not money. Whether it's legal or not depends entirely on whether a country recognizes it as legal or not< At present, the United States, China and South Korea all think it is not a currency. Among the big countries, bitcoin is only recognized as the "unit of account" by the German Ministry of finance, but it is only a unit of account, which does not mean that it is mainly a currency.
at the end of June 2013, after the German parliament decided that bitcoin would be tax-free if it was held for more than one year, bitcoin was recognized as a "unit of account" by the German Ministry of finance, which means that bitcoin has been regarded as a legal currency in Germany and can be used to pay taxes and engage in trade activities< In August 2013, judge Amos mazant of Texas District Court ruled in a case of bitcoin virtual hedge fund that bitcoin is a kind of currency and should be included in the scope of financial regulation
legal status
bitcoin can still be considered as legal at present. In the world, bitcoin can be regarded as a virtual commodity and protected by law; If bitcoin cannot be officially recognized as a kind of currency by law, it may bring inconvenience to the businesses and indivials who accept bitcoin in tax declaration, because the businesses who accept bitcoin will be regarded as barter transactions, and such transactions are more troublesome than ordinary transactions in tax declaration
at the same time, bitcoin, as a commodity highly similar to currency, needs to meet the demand of anti money laundering. Bitcoin needs to be included in the personal property declaration, banking anti money laundering system, anti insider trading, anti market manipulation and other systems in terms of transaction and possession. Bitcoin exchanges and storage institutions may also need government supervision and licensing. Some fast-growing bitcoin exchanges and payment service providers are actively exploring cooperation with regulatory agencies to bring bitcoin payment into the regulatory framework of anti money laundering and anti-terrorism financing by applying for licenses and actively communicating with regulatory authorities
in Europe, the European Central Bank published a report on "virtual currency architecture", and the French bitcoin trading platform obtained the PSP qualification. On December 6, 2012, the central bank wrote in the report: "this report is the first attempt to provide a basis for discussing the virtual currency system. While these systems may play an active role in financial innovation and in providing consumers with alternative means of payment, they also clearly create risks. " "Because of the small size of virtual currency systems, these risks do not affect anyone other than the users of these systems," the report added The report reviews the history of bitcoin and reviews its basic features, including currency and technical operation.
bitcoin lacks stability, so it doesn't have "inherent value", it's just a virtual proct. If we recognize its legitimacy, it will have a significant adverse impact on the banks of all countries, and even can replace the currencies of all countries. Finally, a few people will manipulate the world's monetary system, which is a very dangerous existence. It's not money. Whether it's legal or not depends entirely on whether a country recognizes it as legal or not< At present, the United States, China and South Korea all think it is not a currency. Among the big countries, bitcoin is only recognized as the "unit of account" by the German Ministry of finance, but it is only a unit of account, which does not mean that it is mainly a currency.
At the G20 meeting, different countries held different views on digital currency, some strongly resisted it, and some actively supervised it. Now let's take a look at the attitudes of the G20 countries towards digital currency
In a statement, the Canadian Securities Regulatory Agency (CSA) said that considering the whole process of ICO issuance, many ICO tokens meet the definition of securities and require them to comply with the securities law. In addition, the CSA noted that ICOS may also be derivatives, subject to derivatives laws passed by Canadian securities regulators, including trade reporting rules. Regulators said they welcome companies that are about to conct ICO to enter the "regulatory sandbox" to test new financial procts in a limited environmentIndia
the securities and Exchange Commission of India is planning guidelines for the regulation of the bitcoin market in India. In addition, the securities and Exchange Commission of India set up a financial regulatory commission and held meetings with Reserve Bank of India (RBI) officials. The SEC also plans to regulate whether bitcoin derivatives and other cryptocurrencies are used to raise funds illegally
Eth is Ethereum, an open source public blockchain platform with smart contract function. It provides decentralized virtual machine (called "ether virtual machine") to process point-to-point contract through its special cryptocurrency, ether (also known as "ether virtual machine")
can be traded in many foreign exchange markets of cryptocurrency, and it is also the medium used to pay transaction fees and computing services on Ethereum
extended data
compared with most other cryptocurrency or blockchain technologies, the characteristics of Ethereum include:
1. Smart contract: the program stored in the blockchain is run by each node, and the person who needs to run the program pays the handling fee to the miners or equity holders of the node
2. TERT block: merge the short block chain which is not received by the parent chain in time e to its slow speed
Proof of rights and interests: compared with proof of workload, it can save a lot of computer resources wasted in mining and avoid network centralization caused by special application of integrated circuit Not yet implemented)4. Lightning network: it can improve the transaction speed, rece the burden of blockchain, and improve the scalability Not yet implemented)
5. The development community is stable, growing, and brave in using hard forks
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union
Background of G20 establishment:the establishment of G20 was initially proposed by the finance ministers of Seven instrialized countries, including the United States, in Cologne, Germany in June 1999. The purpose is to prevent the recurrence of similar Asian financial turmoil and allow relevant countries to hold informal dialogue on international economy and monetary policy, so as to facilitate the stability of the international financial and monetary system
At that time, the G20 meeting was only attended by finance ministers and central bank governors of all countries. Since the global financial crisis triggered by the United States in 2008, the financial system has become the focus of the world. The G20 summit was held to expand the voice of all countries, replacing the previous G8 summit or G20 finance ministers meetingaccording to convention, the IMF and the world bank attend its meetings as nonvoting delegates. The total GDP of the G20 accounts for about 90% of the world, with a population of about 4 billion
The Pittsburgh Summit held in September 2009 identified the G20 as the main forum for international economic cooperation In June 1999, in Cologne, Germany, the finance ministers of eight instrial countries, namely, the United States, Japan, Germany, France, Britain, Italy and Russia, proposed that in order to prevent the recurrence of similar Asian financial turmoil, more countries should hold regular dialogues on international economic and monetary policies, so as to promote the stability of the global financial and monetary system In September 1999, the finance ministers of the group of eight in Washington announced the establishment of the G20 forum, which is composed of the European Union, the Bretton Woods institutions and the finance ministers of the 19 countries In December 1999, the group of eight (the United States, Japan, Germany, France, Britain, Italy and Russia) co founded the informal G20 Forum on international economic cooperation with finance ministers and central bank governors of the European Union, Asia, Africa, Latin America and Oceania in Berlin, Germany(the International Monetary Fund and the world bank attend the G20 forum as nonvoting delegates) the meeting aims to promote constructive and open dialogue between instrial countries and emerging market countries on important issues of international economy, monetary policy and financial system. Through dialogue, we will lay a broad foundation for discussion and consultation on relevant substantive issues, seek cooperation, promote the reform of the international financial system and strengthen the construction of its framework
after the outbreak of the international financial crisis, under the initiative of the United States, the G20 was promoted to the summit of leaders. The Pittsburgh summit in September 2009 identified the G20 as a major forum for international economic cooperation, marking important progress in the reform of global economic governance. At present, the G20 mechanism has formed a "al track mechanism" with the summit as the guide, the coordinator and financial channels as the support, and the ministerial meeting and working group as the auxiliary framework