Proposal for Bitcoin Regulations to be Presented at G20 Summit by France and Germany

The French Minister of Finance, Bruno le Maire, spoke of a joint proposal to be presented at the G20 summit by both France and Germany, targetting Bitcoin regulations.

It seems like China and South Korea are not the only countries taking a strict stance against Bitcoin, as French Minister of Economy and Finance, Bruno le Maire, aims to present a joint proposal on regulations at the upcoming G20 summit in Argentina.

The Minister was reported by Reuters as saying:

“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.”

With Bitcoin having broken all records and expectations in 2017, growing from $1,000 in value to a staggering $20,000, world governments, banks and regulatory bodies have been forced to take note.

The German acting Federal Minister of Finance, Peter Altmaier, also spoke in favor of regulations, citing the need to protect the people against the risks associated with cryptocurrencies and Bitcoin:

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

Since the crypto space is as yet unregulated, there are definitely risks associated with trading them. Market manipulation and instances of insider information being leaked are common in the crypto verse and large scale pump and dump movements are also rampant.

With the market largely running like the Wild West, newcomers are no doubt taking huge risks, and need to be informed. However, the crypto community feels that world governments are mainly acting in their own interests to prevent a crypto revolution from spilling over into the “real world”.

However, cryptocurrencies are not above the law, and interestingly, Bruno le Maire yesterday announced the creation of a local task force, headed by Banque de France deputy governor, Jean Pierre Landau, also referred to as Monsieur Bitcoin, or Mr. Bitcoin.

While nothing is concrete as yet, the new task force, headed by Jean Pierre Landau, is responsible for proposing guidelines to regulate digital currencies and prevent their use in criminal activities.