Bundesbank calls for global regulation of bitcoin :


Any project to regulate cryptocurrencies such as bitcoin must be done on a global scale, because national or regional rules would be difficult to apply in a virtual environment without borders, said a head of the Bundesbank on Monday.

National authorities around the world, and particularly in Asia, have tried to curb the rise of bitcoin and other virtual currencies, currencies in digital form created and managed by their users and which have no support from any government.

But Joachim W├╝rmeling, a member of the executive board of the German central bank, believes that national rules may have a hard time containing this global phenomenon.

"Effective regulation of virtual currencies would therefore only be possible through the greatest possible international cooperation, since the regulatory power of nation states is obviously limited," he said at an event in Frankfurt.

Last year, the Chinese regulatory authorities banned the raising of funds by digital call-up programs (ICOs), closed local cryptocurrency trading platforms and limited the "mining" of bitcoin (process creation by which transactions are secured). This did not prevent the activity from continuing its development on alternative channels in China.

South Korea, where speculation on cryptocurrencies is also widespread, is working on projects to ban virtual currency trading.

EU member states and MEPs agreed last month to strengthen the fight against money laundering and terrorist financing on bitcoin and other virtual currency trading platforms .

France for its part asked the Argentine presidency of the G20 to organize a debate at the summit of April 2018 on the regulation of bitcoin.

Bitcoin saw its value rise from $ 1,000 in early 2017 to nearly $ 20,000 at the end of December, before reducing its gains. Monday, it was trading at 14,058 dollars around 16:25 GMT, down nearly 2.94% on the day.
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