The European Countries France And Germany Ecnourages For Bitcoin Regulation

French and German finance ministers and central bank governors sent a joint letter to G20 finance chiefs to require additional regulation in cryptocurrencies with the purpose to protect investors and consumers in the same way as it is done within the greater financial framework.

French Finance Minister Bruno Le Maire, German acting finance chief Peter Altmaier, Banque de France head Francois Villeroy de Galhau and Bundesbank President Jens Weidmann think, that cryptocurrencies may cause serious risks for investors.

According to the letter the digital tokens do not have a serious effect on the global financial system and are wrongly referred to as “currencies” in the media.

French Finance Minister stated in January, that France and Germany would submit joint proposals on the regulation of the cryptocurrencies at the forthcoming G20 summit in Argentina, which is scheduled for March. The countries will conduct a joint analysis of the risks associated with bitcoin, and will propose their own measures to regulate it, as the minister said.