France and Germany will launch at the G20 summit in March joint proposals to regulate crypto-currencies such as Bitcoin :





French Finance Minister Bruno Le Maire and German Minister and Chief of Staff Peter Altmaier will jointly consider how to exercise better control over bitcoin. That's what they said at their meeting yesterday Thursday in Bercy.

"We will conduct a joint bitcoin risk analysis, prepare regulatory proposals and present them to other G20 countries at our next meeting in Argentina," said Le Maire about the Franco-German collaboration. "We have a responsibility to our citizens, which is why we want to explain the risks to them and reduce them," added Altmaier.

We do not yet know what proposals it will be exactly. Due to the anonymous nature of bitcoin, it is difficult to regulate it. One possibility is that the rules apply to exchange platforms on which virtual currencies are traded (as is the case with the existing banking regulations). Another possibility is the regulation of ICOs or 'Initial Coin Offerings' (IPOs or Initial Public Offerings).

Last year, China banned ICOs and plans to close computer hangars that use a lot of power to produce bitcoins. South Korea, a country where virtual currencies are incredibly popular, has also announced regulation earlier this year. Then, there was a sharp decline in the value of bitcoin, which even fell below $ 10,000, but in the meantime, it has come back. The other crypto-currencies followed the same movement.
0