For the First Time BTC Will Be Discussed at the G20 Summit
OpinionBit News Today1 min read
On December 17th, 2017, French Finance Minister Bruno Le Maire announced that he will propose to Argentina, the G20 president, a discussion on Bitcoin regulation at the 2018 summit in Buenos Aires. The minister cited the risks of speculation and illicit financing associated with the cryptocurrency's rise.
France Pushes for G20 Bitcoin Regulation
A French finance ministry source emphasized that a legal framework for virtual currency is necessary. The G20, comprising the world's largest economies, will convene in Buenos Aires in 2018 to address various global economic issues, including potential Bitcoin regulation.
Germany Backs France's G20 Bitcoin Proposal
Germany welcomed France's proposal, with a Finance Ministry spokesman in Berlin noting that the ministry closely monitors cryptocurrency developments and that financial regulator Bafin had already warned consumers of the risks. The Italian government also expressed openness to a debate on Bitcoin regulation, while the EU plans to implement rules that would apply to the cryptocurrency.
Bank of France Governor Francois Villeroy de Galhau told the BFM Business programme that "the time is right to raise the question at the G20," adding that regulation "only makes sense if it happens at the international level."
France Embraces Blockchain, Seeks EU-wide Crypto Regulations
France had already demonstrated a proactive regulatory approach by approving rules in December 2017 that permit unregistered securities to be traded on a blockchain. On December 15th, 2017, France and EU members agreed on imposing regulatory controls on crypto exchanges to prevent money laundering, tax evasion, and terrorism financing.
While Bitcoin's censorship-resistant nature persists, governments and bankers increasingly demand tighter crypto regulations. Created in 2009, Bitcoin has experienced a rapid rise in value while drawing mounting concern and calls for stricter oversight from governments and bankers.
