France and Germany will jointly speak about cryptocurrencies on the G20 Summit
Feb 10, 2018 Posted / 4595 Views
As per the reports of Reuters, the finance ministers and central bank governors of France and Germany had called for the policy and monetary implications of crypto-currencies to be placed on the agenda of the upcoming G20 meeting of the largest advanced and developing economies.
In a letter to the finance minister of Argentina, current holder of the G20 presidency, the officials called for an international report on the implications of cryptocurrencies, an International Monetary Fund report on their financial stability implications and for work towards “trans-boundary” action to regulate them.
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“We believe there may be new opportunities arising from the tokens and the technologies behind them,” wrote French Finance Minister Bruno Le Maire, his German counterpart Peter Altmaier, French central bank governor Francois Villeroy de Galhau and his German colleague Jens Weidmann.
“However, tokens could pose substantial risks for investors and can be vulnerable to financial crime without appropriate measures. In the longer run, potential risks in the field of financial stability may emerge as well,” they added.
Earlier the French minister of the economy, Le Maire, had announced the formation of a working group to develop cryptocurrency regulations. In his speech, he said that the working group will be responsible for recommending guidelines and drafting a framework on cryptocurrency regulations with the objective being to impede the technology's misuse.
As reported by French daily Les Echos reports, the minister had stated:
"We want a stable economy. We reject the risks of speculation and the possible financial diversions linked to bitcoin."
Le Maire told the media at the time that the working group will be headed by Jean-Pierre Landau, the former deputy governor of the country's central bank, the Bank of France. It was speculated that the move comes to establish a cryptocurrency working group after Le Maire proposed a discussion on Bitcoin regulation at a G-20 summit in 2018. He had announced at that time that he will ask Argentina to put bitcoin on the agenda during an upcoming gathering in April.
"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," he commented at the time.
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