The expert community is constantly discussing the issue of creating global regulation of cryptosphere, which will help governments keep control of the emerging digital financial system. Supporters of the crypts believe that cryptome and international regulation (and local too) are in principle incompatible. Of the experts who is right, knows Bitnewstoday.In which countries is allowed cryptocurrency
Supporters of the crypts believe that society will never see global regulation of cryptosphere. It is not only technically impossible, but against the foundations on which to build cryptomgr.
Jeff Koyen, the representative of the company “360 Blockchain,” says: “If we viewed the crypt as new Internet, you may notice a few important details. Despite the fact that over the last 20 years have seen a massive consolidation of ISPs and gateways that were unimaginable to the pioneers of the Internet, now the Internet is not regulated globally. In most countries it is technically possible to run a website, regardless of what she thinks the government this or the neighbouring States”.
The same opinion and Kristoffer Nelson, co-founder and COO SRAX. The expert believes that is unlikely to be created a global system of cryptocephalinae, as there are currently no global safety standards. “Some specific organization that can provide regulation, will not be created. However, it is possible that some countries will create a Union, the type of “Big twenty”, which will produce a coordinated policy in the development plan cryptosphere”, – said the expert.
Louis Adimando, co-founder and chief strategy Praetorian Group (PAX), suggests that formal leadership cryptosphere may be formed within the framework of the upcoming summit of “Big twenty”, one of the sessions which will be devoted to the cryptocurrency. However, the global structure, which will play the role of “watchdog” of the industry, according to experts, is unlikely to be created. “All countries will follow the regulatory approach of the USA in terms of regulation cryptosphere, as the United States are leaders in the sphere of regulation of financial markets”, – said the expert.
The Ministry of Finance of Germany Bitnewstoday said that the theme of “cryptotokens” included in the agenda of the “Big twenty” thanks to the joint initiative of France and Germany in April 2018. The G20 called on international bodies to establish standards (SSB) to continue the monitoring of scriptactive and risks in accordance with their mandates and, if necessary, to assess multilateral responses. The financial stability Board (FSB) has asked the G20 to report in July, 2018 on the results of its market research cryptotoken. The G20 is working together with other SSB, including CPMI, IOSCO and the FATF.
Nick Spanos, founder of Bitcoin Center NYC, believes that governments don’t even need to try to create a world system of regulation of cryptosphere. In any case, with the development of blockchain technology and cryptosphere they (the government) will lose part of their powers, whether they like it or not.
Specialists from the real economy have a somewhat different point of view and believe that cryptosphere, like any other market, needs to be regulated. According to them, the cryptosphere is just one of the issues related to the digital economy and the digitization of business, which should be resolved at the international level.
Loretta Joseph, member of the presidential group of advisers of the Organization for economic cooperation and development, Shyft chief adviser and Chairman of the Australian Digital Commerce Association (ADCA), believes that cryptosphere should be regulated globally. The expert said: “If we now establish a regulatory system in several regions simultaneously, we will be able to develop a single standard. Bermuda, Malta and Mauritius are already working in this direction. Based on the experience of these countries in the future can be created by a single standard, which will be able to learn from other jurisdictions”.
Denis Filippov, head of payment systems Department Bank of Latvia believes that the establishment of General regulatory guidance in cryptosphere is a matter of time. According to the expert, the regulation of the crypto system must be innovative and flexible enough to mitigate the risks. As cryptosphere grows rapidly, and traditional management tools may be ineffective. “Technical standards, guidelines and best practices can be the basis for innovative approaches to regulation applied to activities in cryptosphere. To create a world system of regulation must be the General political and economic agreement on the interpretation of scriptactive and other CryptoStream. The number of international organizations such as the OECD, have included this subject in its agenda”, – said the expert.
Can the government curb cryptosphere, time will tell. In any case, the world will get a new experience of interaction between decentralized and centralized systems. Bitnewstoday will continue to monitor developments and will inform its readers about the outcome of the session of the G20 summit devoted to the topic of cryptocurrencies.