Lagarde understands that the Bitcoin regulation process should start at the G7, then the G20 and then be taken to other countries.
According to Christine Lagarde, the president of the European Central Bank, Bitcoin needs to be regulated. In an interview for Reuters she declared that cryptomime is not a currency, calling Bitcoin Evolution a „highly speculative asset that is being used for money laundering“.
Lagarde said that Bitcoin needs regulation on a global level, criminal activities and legal loopholes around Bitcoin are the main reasons for this.
„There have to be regulations and this has to be applied and agreed upon at a global level because if there is a leak, that leak will be used,“ Lagarde said, adding that global cooperation is needed.
Lagarde believes that the Bitcoin regulation process should start at the G7, then the G20, and then be taken to other countries.
In fact, issues about global regulation have been the main argument of Bitcoin critics in recent years. However, it is worth noting that there has been no significant action on the part of regulatory agencies by governments in this regard.
Bitcoin Miner says more regulation is needed
For Peter Wall, CEO of Argo Blockchain, a Bitcoin-based mining company, cryptomoeda „will go in one direction“ as the market’s interest increases, especially from institutional investors.
According to him, for there to be a real increase, more regulatory attention will be needed.
„As in any sector, there will be a dance with the regulators, a push-and-pull,“ Wall said in an interview with Bloomberg TV.
It is worth to detach that in the period of a month, Argo, which was a company with a market value evaluated in around 25 millions pounds (US$ 34 millions), had a high of more then 1400%, reaching more then 300 millions pounds.
Cryptomoedas regulation in Brazil
It was on August 1, 2019 that the first regulation of the cryptomorphic sector in Brazil came into force. According to the Federal Revenue Service’s normative instruction 1,888, which was published in May of the same year, brokers that offer cryptomotic trading are obliged to inform the tax authorities of all their clients‘ transactions, without any value limit.
Among the information that must be passed on are, the date of the operation, the type of operation, the holders of the operation, the cryptoactives used in the operation, the amount of cryptoactives negotiated, the value of the operation in reais and the value of the service fees charged for the execution of the operation, in reais, when there is one.