The last few months have been filled with statements from financial regulators warning about the potential risks associated with trading and investing in cryptocurrency. Now, according to recent reports, the French Finance Minister believes that regulation of digital currencies is required at the level of the G20.
According to Reuters, Bruno Le Maire wishes to discuss efforts to regulate bitcoin and other digital currencies at the next G20 summit, which will take place in April 2018:
I am going to propose to the next G20 president, Argentina, that at the G20 summit in April we have a discussion altogether on the question of bitcoin. (…) There is evidently a risk of speculation. We need to consider and examine this and see how (…) with all the other G20 members we can regulate bitcoin.
Recent reports also indicate that the German Finance Ministry is of the same mind, as the ministry holds that it would make sense to discuss both the speculative risks associated with digital currencies and their potential impact on the financial system, at both the national and international levels.
It is important to point out that not long ago, European Union member countries managed to reach an agreement on implementing stricter regulations for wallet providers and exchanges. Those measures were meant to further limit the anonymity associated with bitcoin transactions, due to their potential to facilitate money laundering and illegal financing.
Additionally, not long ago, several countries agreed on proposals to further supervise the activities of digital currency exchanges operating in their territory.
Members of the crypto community believe that some level of regulation wouldn’t hurt the sector, as exchanges will follow stricter protocols and be more attentive with their assets. However, strict regulation that would directly affect general users remains unwanted at this time.
What are your thoughts on the regulatory pressure being placed on digital currency? Let us know in the comment section below.
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