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France and Germany Demand Bitcoin Regulation This isnt the first time France or another European country has urged for Bitcoin and cryptocurrency regulations. On February 9, 2018, an article the Telegraph noted that France and Germanys economy chiefs called for further regulations on Bitcoin, cryptocurrency and other virtual currencies trading. Finance ministers and central bankers are worried that cryptocurrencies may pose substantial risks for investors.
The new proposed regulations are aimed to combat money-laundering, tax evasion, and terrorist financing. In a letter sent to all G20 finance ministers, the French and German finance ministers did not only address the risks of unregulated cryptocurrency trading, but they also outlined the benefits that cryptocurrencies and blockchain technology may offer to various industries and sectors.