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French And German Central Bankers, Finance Ministers Want G20 Discussion Of Cryptocurrency

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February 9, 2018 10:31 PM

In a joint letter to the finance minister of Argentina, the central bank governors and finance ministers of France and Germany made several requests related to the cryptocurrency markets and the upcoming G20 meetings.

On Friday, it was reported that French minister for the economy and finance Bruno Le Maire, French central bank governor François Villeroy de Galhau, German acting federal minister of finance Peter Altmaier, and Deutsche Bundesbank (German central bank) president Jens Weidmann sent a letter to Luis Caputo, secretary of finance for Argentina. The letter called for efforts to address cryptocurrency in G20 conversations and reports. Argentina, of course, is the current leader of the international forum.

French and German officials specifically called for an International Monetary Fund report on the financial stability ramifications of cryptocurrency, an international report on the implications of cryptocurrencies, and progress on transnational regulation.

“We believe there may be new opportunities arising from the tokens and the technologies behind them,” they wrote. “However, tokens could pose substantial risks for investors and can be vulnerable to financial crime without appropriate measures.”

“In the longer run, potential risks in the field of financial stability may emerge as well,” they continued.

ETHNews previously reported on Le Maire’s desire for G20 discussion of bitcoin. Now, it sounds like international authorities are quickly realizing that the cryptocurrency markets – and their touchpoints with the conventional economy – go far beyond the scope of the bitcoin alone.

Matthew is a writer with a passion for emerging technology. Prior to joining ETHNews, he interned for the U.S. Securities and Exchange Commission as well as the OECD. He graduated cum laude from Georgetown University where he studied international economics. In his spare time, Matthew loves playing basketball and listening to podcasts. He currently lives in Los Angeles. Matthew is a full-time staff writer for ETHNews.

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