Attitudes of countries around the world towards Bitcoin

1. Should governments declare Bitcoin illegal?

It is legal. Italy, Germany and Canada are all legal. Tonight in the US hearing, the US will also declare it legal

2. What are the attitudes of various countries towards blockchain assets?

From a global perspective, governments of various countries have The attitudes of blockchain assets vary, but overall they are still in the exploratory period.
European and American countries actively supervise. Germany is the first country to recognize digital assets such as Bitcoin as private property. The U.S. CFTC (Commodity Futures Commission) characterizes Bitcoin as a commodity. New York State currently issues 3 BitLicenses.
The situation in Asia is different. Japan actively supports it. In April, Japan implemented the Payment Services Act, officially recognizing Bitcoin as a legal payment method.
South Korea actively regulates. In July, South Korea’s “Bitcoin Supervision Act” came out, setting an investor entry threshold of 500 million won.
China is strictly regulated. In September, seven ministries and commissions including the People’s Bank of China jointly issued the “Announcement on Preventing Token Issuance and Financing Risks”, stipulating that in China, trading platforms shall not engage in the exchange business between fiat currency and “virtual currency”.

3. Countries have introduced regulatory policies to “encircle and suppress” Bitcoin, will Bitcoin cool down?

Recently, there is a news that “Countries have introduced regulatory policies to “encircle and suppress” Bitcoin” , which aroused heated discussions among the majority of netizens, and caused uproar on the Internet. So, will Bitcoin really be cool? What policies have my country launched to encircle and suppress it? Will Bitcoin Continue to Fall? First, will Bitcoin cool down? I don’t think Bitcoin will be cool or not. It’s hard to say. Bitcoin should have two paths, one is cool and the other is regulation. Second, what policy has my country introduced to encircle and suppress it? my country is the three major associations to jointly boycott virtual currency. Including the establishment of reporting mining agencies, etc. Will Bitcoin Still Fall? I think this mainly depends on how the policies of various countries towards Bitcoin follow, whether it is a strong ban or a way of supervision. So what is the specific situation? I’m here to share my opinion with you.

1. Will Bitcoin be cool?

I think Bitcoin may be cool to a certain extent, and the main directions should be two. One is to set up a regulatory agency in various countries to supervise it, and the other is to be blocked. If it is the second choice, then it will slowly cool down, and Bitcoin may also withdraw from the stage of history.

The above is my opinion on this issue, which is purely personal and for reference only. If you have any different views, you can leave a message in the comment area, and let’s discuss together.

4. What will happen if all countries in the world do not recognize Bitcoin

I want to rationally ask everyone to see clearly, why has Bitcoin ever been recognized by all countries?
The birth of Bit is a protest against financial hegemony. Today, the United States prints 500 billion and the world has to pay the bill. The establishment of Bit is to create a new currency in circulation through the consensus and trust of people. It is the price set by all members, and the price is determined by the free mechanism of the market, and his production cost is the equipment invested and the electricity cost of mining.
No one is forcing anyone to join the currency circle, but the third Bitcoin halving in May 2020 will be a milestone moment. I don’t know if he will be unattended as you said, but there are One thing is certain, that is, no matter how many non-currency people question him as a pyramid scheme, or if he has no actual value, it is impossible to destroy Bit, because his value belongs to all consensus holders who hold and trust it. If everyone has doubts, just watch him quietly, and let time prove the rest.

5. What are the attitudes of G20 countries towards digital currency

At the G20 meeting, countries have different views on digital currency, some strongly resist, some actively supervise , the following is an inventory of the attitudes of the G20 countries towards digital currency.

Canada

The Canadian Securities Supervisory Authority (CSA) issued a statement saying that, considering the entire ICO issuance process, many ICO tokens meet the definition of securities, and require them to comply with securities laws. In addition, the CSA noted that ICOs may also be derivatives, subject to derivatives laws passed by Canada’s securities regulator, including trade reporting rules. The regulator said businesses with upcoming ICOs are welcome to enter a “regulatory sandbox” to test new financial products in a limited environment.

India

The Securities and Exchange Board of India is working on guidelines to regulate the Indian bitcoin market. Separately, the Securities and Exchange Board of India set up the Financial Regulatory Commission and held a meeting with officials from the Reserve Bank of India (RBI). SEC also plans to regulate BitcoinWhether commodities and other cryptocurrencies are being used to raise funds illegally.

6. Why the world does not recognize the development of Bitcoin, but recognizes the blockchain technology

Bitcoin:

It is an open source The electronic currency, digital currency, generated by P2P software is a kind of network virtual currency. Bitcoin is also paraphrased as “bit gold”.

Bitcoin is not issued by a specific currency institution. It is generated by a large amount of calculation of a specific algorithm. The Bitcoin economy uses a distributed database composed of many nodes in the entire P2P network to confirm and record all transaction behaviors. The decentralized nature of P2P and the algorithm itself can ensure that the value of the currency cannot be artificially manipulated by mass-producing Bitcoin. Since Bitcoin is born with an algorithm, Bitcoin has stipulated that all Bitcoins that exist in the world will not exceed 21 million Bitcoins at the beginning of its appearance. Since Bitcoin is not regulated by the government, it is not subject to inflation constraints and external manipulation.

People unlock new bitcoins by “mining” using the computing power of CPU and CPG. To use an image metaphor: Bitcoin is equivalent to a gold mine created by man-made computers. The settings of this gold mine are limited. The upper limit is 21 million bitcoins. Coins are mined one by one.

The principle of Bitcoin, as well as the distributed characteristics of P2P and the design of no central management mechanism ensure that it is impossible for any institution to manipulate the value of Bitcoin or create inflation. Decentralization makes it a seemingly safer, value-preserving “virtual currency”.

But in fact, netizens, as well as bitcoin traders and investors, have not seen one of the biggest drawbacks of bitcoin: bitcoin is not unique!

What does it mean? We artificially believe that Bitcoin is the only one, with only an upper limit of 21 million, which seems to have the function of preserving value. But Bitcoin’s algorithmic principles don’t just apply to “bitcoins,” a currency from Japan. Every computer engineer can develop the corresponding algorithm, create an artificial gold mine, and control its upper limit. In this way, every country, every region, and every person can develop countless algorithms, and the market will be flooded with “Bitcoin A”, “Bitcoin B”, “Bitcoin C”, “Bitcoin C”, and “Bitcoin”. Coin D”, etc., etc. At that time, who are you an investor planning to invest in? You can create your own currency yourself!

This hidden danger is not a fool’s dream, in fact, it has already begun, you log on to the official Chinese website of Bitcoin. You will find that in addition to Bitcoin, there is now something called “Yuanbao Coin”, which is an algorithm similar to Bitcoin developed by a development team in China, and it also has the same upper limit. , the same artificial uncontrollable, through the “mining” form to mine Yuanbaohui.

If they can do this, I believe that many computer workers can also write their own “Yuanbao Coin”, “Gold and Silver Coin”, “China Bitcoin” and “Shanghai Bitcoin”. And Bitcoin, the first code to appear, does not have the credit support of any national central bank, and has value only due to the scarcity of 21 million. And this scarcity does not actually exist, because everyone can develop virtual currency code and then mine it by people all over the world, so what is Bitcoin worth? The variety of metals on Earth is limited, so each metal has a different value depending on its quantity and scarcity. But the Bitcoin-like code in the online world is unlimited. As long as people want, people can create unlimited kinds of Bitcoin-like code. Tell me, is Bitcoin still valuable?

Blockchain technology:

The main function of the blockchain is to store information. Any information that needs to be saved can be written to and read from the blockchain, so it is a database.

The essence of blockchain is to realize the purpose of decentralization and removal of middlemen through a new generation of data technology, and to transfer value more transparently and efficiently. This goes beyond the traditional and conventional information verification paradigm that needs to rely on the center, and reduces the cost of establishing “credit”. This point-to-point verification will produce a new network “basic protocol” that is different from TCP/IP in the Internet era.

Blockchain shows us a world where all assets will be digitized, and on an Internet of value, the transfer of assets will be as fast, convenient and cheap as the transfer of information today.

The significance of blockchain is not the richness of digital currency, but the value transfer of its technology itself. Therefore, Jack Ma has repeatedly separated the blockchain from the digital currency, and emphasized that the blockchain technology will change the world beyond human beings.their imagination.

Difference:

Blockchain is a technology, based on blockchain technology, it can have many applications

Bitcoin: is one of the most Fire, one of the most well-known applications

The content is for reference only, only represents personal opinion, and does not make any suggestions!

7. What are the current views of various countries on the central bank’s digital currency

What are the current views of various countries on the central bank’s digital currency? The currency is the currency, and it is very inflated now

8. How do central bankers around the world view Bitcoin

According to foreign media reports, as the popularity of Bitcoin continues to expand, the world Central bankers have also expressed their views on the digital currency.

U.S. Federal Reserve Bank

At the U.S. Federal Reserve Bank’s monetary policy meeting in December last year, Federal Reserve Chair Janet Yellen was asked to her opinion on Bitcoin.

Yellen called the digital currency a “highly speculative asset” that “cannot be legal tender.” She also added that it played a “minimal role in the payment system” and that it was “not a stable store of value.”

“The Federal Reserve Bank will not have any policy on Bitcoin, instead we will only ensure that the banking institutions we oversee pay close attention to the digital currency and properly manage their interactions with traders in this market . And we will monitor whether these banks are fulfilling their responsibilities to combat money laundering and ensure bank security,” Yellen said.

At the end of November last year, Jerome Powell, who will succeed Yellen as Federal Reserve chairman in February this year, also expressed his views on cryptocurrencies. Cryptocurrencies “are not important right now,” he said, because “they’re not big enough.”

Powell said the financial risks that digital currencies bring to financial markets are minimal. “They’re not big enough to matter right now,” he said.

ECB

In October last year, European Central Bank President Mario Draghi said that cryptocurrencies are not yet “mature” enough Let the central bank to regulate management.

“There is always anticipation and uncertainty about anything new. Right now, in terms of bitcoin and other cryptocurrencies, we don’t think they are mature enough for us to consider The extent to which regulatory management is carried out,” he said.

Draghi pointed out that there are pros and cons to a tool like Bitcoin that we need to weigh carefully.

“One of the lessons of the Great Financial Crisis is financial innovation. In the case of Bitcoin, it is a financial and technological innovation, and we should pay close attention to its potential risks while paying attention to it,” he said.

Bank of Canada

In December, Bank of Canada Governor Stephen Poloz also spent some time discussing cryptocurrencies. He claims that buying digital currency is a gamble, not an investment.

“What they are really worth, maybe no one can say. The best one can say is: buying digital currency is buying risk. This makes it closer to gambling than investing.” “For people who want to buy cryptocurrencies, I would say, you should read the fine print and make sure you know what you’re investing in,” said Loz.

Poloz believes that the demand for digital currency There will be growth in the future. He also added that the Bank of Canada is looking into whether to issue its own digital currency.

“Bank staff are studying the conditions under which the central bank is more suitable to issue its own digital currency for retail transactions,” he said.

Reserve Bank of Australia

In December, Reserve Bank of Australia Governor Philip Lowe spoke about Bitcoin in a speech. He pointed out that the digital currency will not be used in daily payment activities, nor will it be accepted so quickly.

The reason for this, Lowe said, is the price of bitcoin is extremely volatile, the number of payments that can be processed at the same time is limited, the transaction and electricity costs are too high, and it is too difficult to manage.

And, when bitcoin is used only as a payment tool, it “is more likely to appeal to those who wish to transact in black or illegal economic activity.”

Bank of Japan

At the end of 2017, Bank of Japan Governor Haruhiko Kuroda called bitcoin’s price volatility “extremely abnormal.”

When asked if Bitcoin could be in a bubble, he replied, “I may not be qualified to rate it, but if you look at its movements, you will see that it is extremely volatile. Not normal. If you are asking if bitcoin has the same function as money, i.e. as a payment or settlement tool, then my response is�� is negative. ”

Investment needs to be cautious, and you need a private message from the miner!

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