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Bitcoin

France and Germany will propose bitcoin regulations to G20 soon, governments announce

PUBLISHED : Friday, 19 January, 2018, 1:57am
UPDATED : Friday, 19 January, 2018, 1:57am

France and Germany want to regulate bitcoin and will make a joint proposal to that effect at a meeting of finance ministers from the G20 countries in March, the two European nations have revealed.

“We have the same concerns and we share the goal of regulating bitcoin,” French Finance Minister Bruno Le Maire said at a joint press conference with his German counterpart Peter Altmaier.

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That announcement could send more ripples through bitcoin exchanges, which wobbled Wednesday amid concern over regulations in South Korea and China.

Le Maire has tasked a former deputy governor of the Bank of France to come up with proposals.

“These proposals on regulation will be submitted as joint French-German position to our G20 counterparts” at their mid-March meeting in Buenos Aires, he said.

The Group of 20 club of nations, which was born during the 2008 financial crisis, has focused on the global economy.

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For his part, Altmaier said “we have a responsibility to our citizens to explain the risks and reduce the risks by regulations which are needed.”

Their promise to develop regulations came a day after a sharp drop in the value of bitcoin, which fell through the $10,000 level for the first time since November after authorities in China and South Korea cracked down on cryptocurrencies.