WELL, talk about EGO! Germany's central bank insists any rules (regulations) concerning bitcoin must be a global initiative. Now, at first blush that certainly makes a lot of sense since if every nation were to have its own cryptocurrency rules NOTHING could be enforced. Theory is nice but not so practical. Bitcoin (and all cryptocurrencies) were designed to NOT have a central control (but kind of sorta does) and now central banks (that only caught on to cryptos recently) say "we need to be in control". Now THAT'S government ego and cockiness times ten. Oh, how's that Paris climate accord working out for you? OPEC? UN sanctions? Well, you get the picture. How about this? Leave Bitcoin (cryptos) alone and, if the bears are right, it will be gone shortly, OR central banks will be.....gasp.....obsolete. 50/50 odds.
(Bill Taylor/CEO)
"FRANKFURT (Reuters) - Any attempt to regulate cryptocurrencies such as Bitcoin must be on a global scale as national or regional rules would be hard to enforce on a virtual, borderless community, a director at Germany’s central bank said on Monday.
National authorities across the globe, and particularly in Asia, have attempted to put the brakes on a global boom in the trading of Bitcoin and other cryptocurrencies - a form of digital money created and maintained by its users.
But Joachim Wuermeling, a member of the board of Germany’s Bundesbank, said national rules may struggle to contain a global phenomenon.
“Effective regulation of virtual currencies would therefore only be achievable through the greatest possible international cooperation, because the regulatory power of nation states is obviously limited,” Wuermeling told an event in Frankfurt.
Chinese regulators have banned initial coin offerings, shut down local cryptocurrency trading exchanges and limited bitcoin mining - but activity has continued through alternative channels in China despite the crackdown..."
Full Story at Reuters.com