It’s beginning to seem as though not a day can go past without another country proposing new regulations for cryptocurrencies.
The French Minister of Finance, Bruno Le Marie, gave a forty minute speech today where he highlighted “the risks of speculation, especially related to bitcoin.”
In what may be seen as an attack on the current evolution of cryptocurrency, Marie called upon Jean-Pierre Landau, a former deputy governor of the Bank of France to conduct an investigation into cryptocurrencies.
“This mission will propose reorientations on the evolution of [cryptocurrency, and] regulation to better control development, prevent their use for [the] purposes of tax evasion, money laundering, or financing of criminals or terrorism.”
Landau has been critical of cryptocurrency since 2014, famously comparing “bitcoin mania” to the “tulip of the twenty-first century.
The statement from Le Marie is his latest call for increased regulation of the cryptocurrency space. In December he told the French Media that he will be proposing to the next G20 president that all G20 members should discuss the future of Bitcoin.
“I am going to propose to the next G20 president, Argentina, that at the G20 summit in April we have a discussion all together on the question of bitcoin,”
Le Marie recognizes what he believes to be a newly emerging economic order And believes Nations need to act urgently in response to the rapidly changing International situation.
“We need to be clear that the international landscape is changing at a stupefying pace and is leading to deep changes in the balance of power and the economic game,” he said.
Le Marie’s call for G20 discussions comes hot on the heels of recent comments by a board member at the Bundesbank in Germany. Joachim Wuermeling a member of the board of Germany’s Bundesbank, yesterday expressed concern that national or regional rules may struggle to contain what has become a global phenomenon.
“Effective regulation of virtual currencies would therefore only be achievable through the greatest possible international cooperation because the regulatory power of nation-states is obviously limited,” he said.
It seems as though 2018 may herald the beginning of a trend of National monetary and governmental authorities calling for meetings on and possible regulation of cryptocurrencies.