French and German Leaders Call for G20 Crypto Regulations Talks

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With various countries beginning to consider regulations on cryptocurrency, it comes as no surprise that senior officials from France and Germany are calling for the G20 group of nations to discuss cooperative actions on cryptocurrency at next month’s summit.

The French finance minister Bruno Le Maire, German finance minister Peter Altmaier, and the governors of their countries’ central banks wrote a letter to the Argentinian government, who holds the presidency of the G20. In this letter, they voiced concern about the impact of cryptocurrency, stating it could “pose substantial risk for investors.”

In the letter they also state “We believe there may be new opportunities arising from the tokens and the technologies behind them. 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.”

This letter has been on the radar for months as Le Maire announced in December 2017 his intention to bring this to G20. Interestingly, U.S. Treasury Secretary Steven Mnuchin told Congress earlier this month that he supports this move to develop international cooperation on cryptocurrency regulation.

The kind of regulations that may emerge from these discussions has not been clearly defined, though the tone of the letter certainly points to strict regulations. The cryptocurrency combined market value has already seen significant drops due to individual countries beginning discussions on regulations. The drop is even more alarming after cryptocurrency valuations reaching all-time highs just last month. Should the G20 summit agree strict regulations are necessary to protect investors from the volatile marketplace, prices may plummet even further. In a way, this dilemma is a self-fulfilling prophecy because one of the motivations would be to protect investors from loss, but those very protections could result in massive losses.

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