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France and Germany call for discussions on cryptocurrencies

2018-02-12

Leaders want to regulate the digital currency market
The letter was written by the French Finance Minister Bruno Le Maire, Peter Altmaier of the German Finance Ministry, the governor of the French central bank Francois Villeroy de Galhau and the president of the German Federal Bank, Jens Weidmann. The paper stresses the need for a regulatory approach to apply the cryptocurrency policy. These leaders urge finance executives from other countries to discuss digital currency policy issues and its application at the upcoming G20 summit. The letter also called for a report by the International Monetary Fund on the potential implications that cryptocurrencies can have for global financial stability.

In this document, it is stipulated that these senior managers believe in new opportunities arising from crypto-currencies and underlying technologies. In addition, virtual currencies can present significant risks for investors, explained.

Authorities advocate the extension of existing financial regulatory devices
The letter advocates the extension of regulatory devices for cryptocurrencies. In this document, it is stated that great efforts have been made in recent years to protect investors and users of digital currencies.

The document explains that France and Germany have already taken concrete regulatory measures concerning cryptocurrencies in the field of the fight against money laundering and the financing of terrorism. There are also facts about the lack of public knowledge. This initiative could contribute to the establishment of a single regulation for the G20 member countries.

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