Merkel, Macron Join Forces on Regulating Cryptos
Just as Bitcoin was recovering from recent losses, two European powerhouse figures emerged from a meeting in which they discussed how to regulate the crypto, bringing dread that another selloff could result.
Two of Europe’s most powerful leaders see Bitcoin as a threat to financial security, and have teamed up to work on ways to regulate it.
German Chancellor Angela Merkel and French President Emmanuel Macron are reportedly in discussions about ways to regulate Bitcoin over fears that its wild price swings pose risks to financial stability. According to the European news outlet Express, the pair met Friday evening in Paris.
Both were in the city of lights to work on a joint declaration for a new Franco-German Elysée Treaty.
The news of their Bitcoin-related discussion came as the crypto was shaking off its losses from last week and was marching toward $13,000.
Now, worries are that the market will be negatively influenced again as news spreads of these two powerful government leaders meeting. The mere thought that South Korea was considering a crypto ban is what panicked investors, and tanked Bitcoin’s price below $10,000 last week.
Europe’s busying about on cryptos
There’s been considerable movement among European leaders over cryptos as of late.
Specifically, the meeting between Merkel and Macron comes on the heels of a few Bitcoin-related moves by French Finance Minister Bruno Le Maire.
Last week, he announced the creation of a digital currencies mission and working group whose members will focus on the best ways to regulate cryptos. Le Maire appointed Jean-Pierre Landau, a former deputy governor of the Bank of France, to lead the group.
In his role, Landau is referred to as Mr. Bitcoin. He has been critical of Bitcoin, once saying it was unsuitable as a means of exchange. He also has called Bitcoin the currency of choice for money launderers and tax evaders.
On Friday, we told you about Le Maire indicating that regulating the crypto space requires the input of the international community.
“We 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.”
Le Maire also wants the crypto regulation discussion to be had at the upcoming G20 summit in Buenos Aires in November.