France wants tougher rules on bitcoin to avoid criminal use
France’s finance minister, Bruno Le Maire, says he wants tough new regulations on cryptocurrencies to stop them from being used for tax evasion, financing terrorism and other crime.
Bruno Le Maire has instructed a former central bank chief to draft new potential rules regarding cryptocurrencies, warning against the ‘risks of speculation and possible financial manipulation’ linked to Bitcoin and other such currencies.
The French finance minister is yet to release details of what the rules will be.
Other countries are attempting to restrict the use of cryptocurrencies.
China has also reportedly been making plans to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading, Bloomberg said, citing unnamed sources. Chinese authorities will also target people and companies that provide market-making, settlement and clearing services for centralized trading. China has banned initial coin offerings (ICO), in addition to shutting down local cryptocurrency trading exchanges and limited bitcoin mining sector due to concerns about excessive energy usage.
Despite these new rules China is still exhibiting activity in the cryptocurrency field.
Joachim Wuermeling, a member of the board of Germany’s Bundesbank said: “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.”
South Korea is also considering banning virtual currency exchanges.
