01 Apr 2019 Arjun Agarwal
G8 Members Vote For Crypto, Bitcoin Is Their Primary Option
Despite Russia leaving the Group of Eight (G8) in 2014 after the annexation of Crimea, and constant speculations about an oil crisis, the G7 has taken a vote in favor of digital currencies. One of the topics that will be discussed at the 45th G7 Summit in Biarritz, Nouvelle-Aquitaine, France will be the adoption of Bitcoin as the primary cross-border transaction mechanism.
Canada’s Prime Minister Justin Trudeau stated that governments are losing more and more money trying to operate within a centralized, bureaucratic payment mechanism. “We are glad Bitcoin has made such progress over the past two years. Despite the volatility, we now see Bitcoin prices stable and cross-border transactions can happen with few clicks and without paperwork,” Trudeau added.
The leaders of the seven strongest economies have all voted “Yes” in a preliminary vote of clarifying the need for a new and better financial system. And although the crypto market saw almost a year-long bearish trend, global leaders are confident that modern economies need smart decisions.
“There is a vast difference between US and EU bank systems and transactions between the States and the European Union are slow and cumbersome. The Asian market is more and more opening toward cryptocurrencies. We can’t miss the chance of creating a global hyper-economical structure that will allow users to trade goods, commodities, and securities all around the world with a unified currency”, Donald Tusk stated in an interview for The Independent.
Nevertheless, the agreement is still in its early phases, as Donald Trump and Angela Merkel emphasized the need for a regulatory framework for Bitcoin. “Do you expect me to believe in Bitcoin with no regulations? Hardly. But if we deliver a one-for-all regulatory framework for cross-border payments, the gap between economies will seize to exist. That’s all!”, Trump commented on CNBC.
The topic will also be discussed at the G20 Summit, which will be held on June 28-29 in Osaka, Japan. On June 8th the Finance Ministers of the G20 will gather in Fukuoka.
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