G20 governments’ greatest crypto-related fear seems to be a decentralized, anonymous stablecoin that gets significant global use. For example, a U.S. Treasury press release today ignores BTC altogether, but emphasizes that the country offering the world’s reserve currency seeks to embed surveillance (“monitoring”) standards in stablecoins. It highlighted a U.S. desire for “well-regulated stablecoin arrangements” made through the Financial Stability Board (FSB) and “the international standard-setting bodies” and cited “FSB recommendations for the regulation, supervision and oversight of ‘global stablecoin’ (GSC) arrangements.” Those recommendations fret that “depending on how they are designed, [stablecoins] may allow anonymous peer-to-peer transactions via unhosted wallets.”
BTC doesn’t trigger these same concerns. That makes sense for a lot of reasons that I’m sure others can explain a lot better than I can. It also provides a reason to be skeptical that BTC would ever be banned or heavily regulated anywhere but in the most controlling jurisdictions.
Sources (none of which mention Bitcoin or BTC):
Treasury press release: https://home.treasury.gov/news/press-releases/jy0854
2020 FSB recommendations: https://www.fsb.org/wp-content/uploads/P131020-3.pdf
2021 FSB status update: https://www.fsb.org/wp-content/uploads/P071021.pdf