Romanian Minister Wants to Regulate Bitcoin and Other Cryptocurrencies

Ilan Laufer, Romanian Minister of Business, Commerce, and Entrepreneurship Environment, says that Bitcoin is a challenge for the banking system and regulation might be a solution.

Ilan Laufer, Romania’s Business, Commerce, and Entrepreneurship Environment Minister, says that while he believes in cryptocurrencies, he also believes that this space should be regulated in the country.

“I believe that this is a market with a special dynamic. When we speak about cryptocurrencies, we speak primarily about Bitcoin. It’s a more volatile market than any normal one. On one hand, this might attract large investors, which we see happening. It’s a new system that’s based on the trust of those who use the blockchain, of those who use the currency. It’s a bit different when compared to listed stocks or other properties that you could buy through the stock exchange,” he said when speaking to AGERPRES, Romania’s oldest autonomous press agency, on Friday.

Laufer also believes that cryptocurrencies will have a game-changing effect on how transactions will be done in Romanian.

“I strongly believe in the idea of cryptocurrencies and that the future and the way we complete transactions—the way in which banks behave—will be affected by the development of this new industry. It’s a challenge for the banking system because this area isn’t very well regulated and I believe that this should happen. It’s an area in which lots of money circulates, but it is also a new technology. We have to understand and look at what benefits it brings with it and how it can be implemented in the real economy. This kind of thing is happening at a rapid pace. It’s one of the few projects that have taken everyone by surprise at a global level. Now, we see many states that are rushing to adopt legal procedures to regulate the transfer [of cryptocurrencies] and their function, among other things,” he added.

According to him, although the Bitcoin ecosystem offers many benefits and opportunities, there are massive fluctuations “from one hour to the next, changing its value by 15 percent sometimes.”

Laufer has not revealed any details about what kinds of regulations he has in mind for the cryptocurrency space.

Last Wednesday, Michael Novogratz voiced his concerns about regulation, saying that the increase in the price and attention that Bitcoin is experiencing might prompt governments around the world to try to clamp down on cryptocurrencies.

Laufer’s tone, however, doesn’t seem to indicate that he wants a put a cork on Bitcoin’s flow through the country.

We’ll have to wait and see what plans he has for the Romanian crypto space as he clarifies his statements in the future.