Any turmoil in regulation can make waves in the field of cryptocurrency. The views of world leaders on cryptocurrencies will undoubtedly have a crucial impact on the future direction of this market.
In the past, many national leaders were willing to wait and see, and let cryptocurrencies develop freely, but slowly, with the brutal growth of cryptocurrencies,the controversy over cryptocurrencies has intensified. Today, let’s take a look at the attitudes and opinions of the world’s leading leaders on cryptocurrencies.
1. US President Trump: Always “Attention” Bitcoin
US President Trump should be the leader of a country that is currently the most popular among people all over the world. His “nothing to hide” and “tweet to govern the country” are even more talked about. However, for cryptocurrencies, Trump does not seem so keen to discuss, but this does not prevent us from speculating his attitude from the officials around him.
A report from Gary Cohen, former president of Goldman Sachs’ investment bank and former chief economic adviser to the White House, said he believes there will be a “global cryptocurrency” in the future. This cryptocurrency is not the current bitcoin, because he believes that This cryptocurrency will certainly not be based on “mining costs or electricity costs, etc.” like Bitcoin.
In other words, Cohen recognizes blockchain technology rather than bitcoin . Although he is no longer the chief economic adviser to Trump, his views represent the current Trump officials, including Trump himself, the attitude towards cryptocurrencies – just the recognition of the block Chain technology .
In September last year, Maggie Graves, chief information officer of the US Office of Management and Budget, revealed that the US government is studying the use cases of distributed ledger technology, while the White House is urging the use of blockchain technology. Data standard.
The Attorney General Jeff Steitz’s comments in October last year also hinted that the White House believes that the existing cryptocurrency is more of a problem than a solution .
At the press conference on November 30 last year, when asked if “the US president is concerned about cryptocurrencies, especially bitcoin,” White House press secretary Sarah Sanders replied: “This has always been (President Trump) ) Things that are being noticed.”
All in all, even though Trump has a private passion for Bitcoin, it’s hard to see how it will be translated into a new government policy in the short term, and there is no indication that the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC) There is a tendency to relax regulation of cryptocurrencies.
2. EU: blockchain outperforms bitcoin
Moving the perspective from the US to the European Union, we may find that the EU is similar to the US, and it is not surprising that the preference for blockchain technology outweighs bitcoin . The governments of the United Kingdom, France, Germany, the Netherlands and Italy have expressed their intention to introduce cryptocurrency regulation. Their common theme for cryptocurrency transactions is their security and money laundering issues.
In December last year, the British government revealed that it would be illegal to enact relevant laws and cryptocurrency transactions in which users anonymously trade without having to confirm their identity. Stephen Barclays, the head of economic affairs at the UK Treasury, said: “We are negotiating to include virtual currency trading platforms and wallet providers in the regulation of anti-money laundering and counter-terrorism funds, and work hard to address the concerns of cryptocurrency use.”
Similarly, French Finance Minister Lemaire announced in January that France and Germany will jointly launch cryptocurrency regulation measures at the G20 summit in March and take coordinated action in their respective fields. This shows that France and Germany approved at the highest level of encryption control currency . Despite this, due to the cautious attitude of the EU and G20 leaders in the past on cryptocurrencies (and still), no concrete action was reached at the summit in Argentina in March. The 20 finance ministers attending the meeting worried that cryptocurrencies might be used for money laundering, tax avoidance or even financing of terrorism, but few of them believe that cryptocurrencies are enough to pose a threat to financial stability.
It is worth pointing out that the European environment is not always hostile to cryptocurrencies such as Bitcoin . In fact, as early as July 2015, then Prime Minister David Cameron chose London-based digital asset company Blockchain to join the Southeast Asian trade mission, which shows the British government’s positive position on (specific) cryptocurrency. . His then second-in-command, Chancellor of the Exchequer George Osborne, announced in March of the same year that there would be £10 million in research on digital currency.
Interestingly, Osborne is also a fan of bitcoin, and he was photographed in August 2014 to extract cryptocurrencies. In March 2016, Emmanuel Macron was photographed holding the Ledger Blue wallet, when he was the finance minister of Francois Hollande. He also proposed a bill that month, using blockchain technology to turn bonds in the French bond market into a crypto asset.
These signs of supporting bitcoin appeared before the massive speculative boom in cryptocurrency last year. Last year’s speculative boom directly led to a serious warning from the finance ministers of Spain and the Netherlands about the risks of cryptocurrency transactions. Since then, the current British Prime Ministers Theresa May and Emmanuel Macron have only talked about them in the context of regulating cryptocurrencies.
At the World Economic Forum in January this year, Mark Long said in a speech: “I agree that the IMF (International Monetary Fund) authorizes the supervision of the entire global financial system and supervises all areas of evasion, such as bitcoin, cryptocurrency, Shadow banking, etc. ”
However, there are some exceptions to note in the EU’s tough regulatory stance. In February 2017, Malta’s Prime Minister Joseph Muscat said in a speech in Brussels that Europe should become “Bitcoin continent” : “The rise of cryptocurrencies may slow down but cannot be blocked. Some financial institutions It has begun to accept the fact that the system behind cryptocurrency trading is more efficient and transparent than traditional trading systems .”
Although the EU is generally more cautious about cryptocurrencies , the Maltese government has expressed a welcome attitude as the currency security and OKEx operate in Malta this year . Malta is not the only small country in the European Union that is friendly to cryptocurrencies, but also the Republic of Lithuania and the Republic of Estonia, although the plan for the national cryptocurrency of the Republic of Estonia has been frozen after criticism by the European Central Bank.
3. East Asia: There is pressure, there is support
Far from the Western world, the Chinese government has a stricter stance on the trading of cryptocurrencies and cryptocurrencies. As early as September 2017, the Chinese government not only banned Ai Xiou, but also banned cryptocurrency exchanges. This ban was further strengthened in February this year.
Despite a more rigorous stance on cryptocurrencies, the Chinese government’s attitude toward the development of blockchain technology is open.
In May this year, the government document called the blockchain a part of reshaping the world’s “technical revolution.” “New generation information technology represented by artificial intelligence, quantum information, mobile communications, the Internet of Things and blockchain is accelerating. A breakthrough in its application range.” Last year, the number of registered blockchain patents was far ahead of the rest of the world. In April of this year, the Chinese government also announced that it would provide about $1.6 billion in government support funds for blockchain projects.
South Korea is also close behind, similar to China, and its preference for blockchain is better than Bitcoin. In February of this year, South Korean Finance Minister Kim Dong-soo talked about the revolutionary potential of distributed ledgers. He said: “The blockchain technology is an important technological breakthrough to promote the fourth industrial revolution. Therefore, we will adopt a cautious approach to regulate the cryptocurrency market. For the negative use cases of cryptocurrencies, we will implement strict supervision.”
Although the ordinary people in Korea are very enthusiastic about cryptographic transactions, and even once “fanatic”, South Korea has indeed adopted a tough attitude in the “negative use cases of cryptocurrencies”. In November last year, Prime Minister Li Luoyuan even said: “In some cases, Korean young people, including students, are thinking about how to make quick money. Virtual currency is used for illegal activities, such as drug trafficking or fraud… if left If it develops, it may lead to serious distortion or social morbidity.”
This tough wording echoes the regulatory measures taken by the South Korean government before and after, including the ban on Ace Europe in September last year and the ban on anonymous transactions in January this year.
Let’s talk about Japan . Japanese Prime Minister Shinzo Abe released a document in March 2014, one month after the famous Mt. Gox collapse, to announce the government’s position that Bitcoin is not a currency but prohibits Japanese banks from providing Bitcoin accounts. It is forbidden to engage in bitcoin brokerage business: “Bitcoin is neither Japanese currency nor foreign currency. Its transactions are different from those stipulated by Japanese banking law and financial instruments and trading laws.” However, with the cryptocurrency industry from Mt. Gox The incident recovered, and Japan gradually became the world’s second largest cryptocurrency market, and the Japanese government’s position gradually eased. In May 2016, Japan finally recognized the monetary status of cryptocurrencies , a move that allowed local banks to process these currencies and allow encrypted transactions to operate within a regulated framework.
4. Putin: Capricious
Looking back to Europe, Russian President Vladimir Putin’s attitude towards cryptocurrency is somewhat similar to Trump’s embarrassment. But unlike Trump, Putin’s embarrassment comes from the reluctance to talk about cryptocurrencies and blockchains.
As early as July 2017 at the G20 summit, Putin commented on cryptocurrency for the first time: ” The transition of the global economy to the new industry order is due to the development of digital technology. We believe that the G20 can be used to shape international regulations in this field. The aspect plays a leading role.”
In August 2017, Deputy Prime Minister Igor Shuvalov elaborated on the introduction of a state-controlled cryptocurrency, the “encrypted ruble”, which would become the only digital currency in the country that could be legally traded. Next, there are reports that Russia will introduce a regulatory framework to legalize bitcoin and other cryptocurrencies. In September, Russian Finance Minister Anton Silouov said at the Moscow Financial Forum: “The cryptocurrency is real, prohibiting them from meaningless, we need to manage it. ”
Although these signs may be encouraging, Putin himself called for bitcoin and other cryptocurrencies to be illegal in October last year. Putin said that it is necessary to ban them because they provide opportunities for money laundering, tax evasion, fraud, and even support for terror. And the opportunity to spread fraud. ”
At that time, he had confirmed the “encrypted ruble” plan that was widely publicized before, but then the plan was weakened. At the December meeting, the government disputed the “encrypted ruble” plan, and Deputy Minister of Finance Alexei Moiseyev and Deputy Governor of the Russian Central Bank Olga Skorobogatov claimed The state-controlled cryptocurrency does not have to exist. Since then, the situation has reversed, Putin announced in March that the cryptocurrency transaction is legalized, and the relevant regulatory laws will be launched on July 1 this year.
So, is the attitude of Pujin finally clear about the cryptocurrency and its status in Russia? The answer is, no!
In June of this year, he answered some questions about cryptocurrencies. Although he ruled out the possibility of “encrypted rubles” supported by the state, he did not disclose more information, indicating that the government is about to start creating a friendly environment for cryptocurrencies. In the on-site Q&A session, he said: “The relationship between the Central Bank of the Russian Federation and the cryptocurrency is: the central bank believes that cryptocurrency is neither a means of payment nor a means of value storage. Nothing can be endorsed for cryptocurrencies, and people should be treated with caution. it.”
Although Putin has already agreed on blockchain technology, it remains to be seen what measures the Russian government will take on cryptocurrencies in the future.
5. Latin America: There are restrictions, there are also cryptocurrencies that are endorsed by the state.
A similar mixed situation has emerged in Latin America, where cryptocurrencies have been used quite fairly.
In 2017, the Venezuelan government held miners in cryptocurrencies, but inflation still prompted people to use Bitcoin as an alternative means of payment. In December, the government’s attitude took a sharp turn. At that time, the government of Nicholas Maduro said that it would issue Petro, the national cryptocurrency endorsed by oil. Because of this decision, the government’s position on cryptocurrency has generally softened, and mining has gained legal status in January this year. Regrettably, the Maduro government only promotes Petro and does not provide any substantial assistance for the development of other cryptocurrencies .
As for other countries in Central and South America, their position on cryptocurrency is similar to that of the United States and the European Union.
In Brazil , starting in 2016, banks, businesses and governments have launched a number of blockchain pilot projects. Despite this, some influential officials in Brazilian politics still hold a low attitude towards Bitcoin. In October last year, the Brazilian central bank governor compared Bitcoin to a scam: “Bitcoin is an unsupported financial asset, and people buy it only because they believe it will appreciate. This is a typical bubble or pyramid scam.”
Although House Speaker Rodrigo Maya talked about the possibility of cryptocurrencies reducing tax evasion, he and President Michel Temer did not adopt policies to support the development of cryptocurrency. Other Brazilian politicians, such as Expedito Netto, tried to completely ban Bitcoin.
In Mexico , laws have effectively restricted the trading of cryptocurrencies and introduced government oversight of their use. In Argentina , the government’s attitude towards digital currencies has been more inclusive, probably because of the personal interest of President Mauricio Macri in Bitcoin.
The cryptocurrency that has experienced brutal growth is currently at a crossroads. The changes in attitudes of leaders will affect the future development of cryptocurrencies . On August 10th, the Bitcoin exchange-traded fund ETF submitted by the Chicago Board Options Exchange (CBOE) Whether the application can be approved by the US Securities and Exchange Commission (SEC) will have a significant impact on the cryptocurrency in the short term . Although the attitudes and policies of different countries in the world are different, the blockchain technology behind the cryptocurrency has been recognized by various countries. We can’t predict the fate of cryptocurrencies this month, but what is certain is that with the support of governments, blockchain technology will be prosperous in the future.
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