Germany and France to Push for Global Cryptocurrency Regulation at G20 Summit

Germany and France will jointly push for global Bitcoin regulation during the next ‎summit of the G20 in Argentina amid mounting alarm that the world’s most popular ‎cryptocurrency is being used by illegal groups, French Finance Minister Bruno Le ‎Maire said on Thursday.‎

Germany’s finance minister Peter Altmaier said at the joint news ‎conference in Paris that he supports a proposal by Le Maire to ask their counterparts in the G20 group of major economies ‎to consider joint regulation of bitcoin. ‎

He said: “We have a responsibility towards our citizens to explain and ‎reduce the risks.”‎

Le Maire told reporters that authorities “will have a joint Franco-German ‎analysis of the risks linked to bitcoin, regulation proposals and these will be ‎submitted as a joint proposal to our G20 counterparts at the G20 summit in ‎Argentina in March.”‎

The concerns over cryptocurrency mining, trading and usage to transfer money are already shared by several ‎governments‏ ‏across the globe, so it makes sense to discuss the ‎speculative risks of such digital assets and their impact on the ‎financial system at international level.‎

The European Union has previously proposed to bring providers of ‎financial services related to cryptocurrencies under the scope of its anti-money ‎laundering and countering terrorist financing regulations.‎

While global concerns have been voiced before in several regulatory ‎announcements and warnings, Le Maire’s proposal could be the first ‎step to bring those worries into global action, though doing so could ‎raise many controversies.‎

(Photo: Crown Copyright/ Jay Allen)

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