Bridging the Gap Between Bitcoin and Global Regulators

Since 2015, when bitcoin became an issue for regulators like the state of New York, the regulation of cryptocurrency has been discussed in many places, mainly at bodies like the Financial Stability Board and the Financial Action Task Force.

Throughout the history of crypto asset and blockchain, regulators have been considered an enemy, even as most governments have sought new financial innovations based on the blockchain.

Historical discussion at the G20. On June 8 and 9 of this year, the G20's financial ministers and central bank governors met in Fukuoka, Japan, bringing together a group of 20 governments that discuss issues related to economics.

Before the G20 financial track, the FSB published an insightful report titled "Decentralized financial technologies: Report on financial stability, regulatory and governance implications."

On June 8, the G20 held "G20 High-level Seminar on Financial Innovation Our Future in the Digital Age" to discuss the issue of multi-stakeholder governance.

"We welcome the FSB report on decentralized financial technologies, and the possible implications for financial stability, regulation and governance, and how regulators can enhance the dialogue with a wider group of stakeholders."

The Scaling Bitcoin workshop was established in 2015 to create a forum for technology discussions led by academics.

A group of universities called BSafe.network has started a new initiative to facilitate multi-stakeholder discussions based on its global neutrality.

Right after the G20 financial track meeting, BSafe.network held a multi-stakeholder workshop "G20 meets G-20" with the University of British Columbia.

A similar workshop, "Decentralized Financial Architecture Workshop," will be co-located with Scaling Bitcoin 2019 Tel-Aviv, and we hope to see real engagement between regulators and bitcoin engineers.