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French, German Finance Ministers Call for G20 Crypto Discussion

Older officials from France and Germany are calling for the G20 group of nations to debate cooperative action on cryptocurrencies ahead of a summit next month.

In a letter for letter addressed to the Argentinian government – which currently holds the presidency of the G20 – French cash minister Bruno Le Maire, German finance minister Peter Altmaier, as far as the governors of those country’s respective central banks, voiced duties about the impact of cryptocurrencies, which they wrote “could imitate substantial risks for investors.” Reuters and the Financial Times reported on the thus earlier today.

What kind of regulation could emerge from the proposed discussions residues to be seen, though the letter points to a call for “appropriate measures.”

“We hold there may be new opportunities arising from the tokens and the technologies behind them,” the gang wrote, going on to say: “However, tokens could pose substantial hazards for investors and can be vulnerable to financial crime without appropriate measures. In the longer run, budding risks in the field of financial stability may emerge as well.”

This sic has been several months in the making. In December 2017, Le Maire publicized his intention to issue the call, and earlier this month U.S. Treasury Secretary Steven Mnuchin divulged Congress that he, too, supports the move.

Image via Shutterstock

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