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France Forms Working Group for Regulation of Cryptocurrency

Bruno Le Maire, the economy minister in France, has declared the formation of a working group to form cryptocurrency regulations. Speaking on Monday, Le Maire remarked that the role of the working group is to recommend guidelines and set up an outline of cryptocurrency regulations. The goal is to avoid the abuse of technology, according to a report from Les Echos, a French daily.

The minister said, ‘we wish for a steady economy. We refute the dangers of speculation and the possible monetary distractions connected to bitcoin.’ 

Le Maire said that the leader of the working group is going to be Jean-Pierre Landau, previously the deputy governor of Bank of France, which is the central bank in the state. The work of Jean-Pierre will be to suggest guidelines on regulations advancement and to manage growth more efficiently and avoid them being utilized to evade tax, launder money or to fund unlawful actions and terrorism,’ he remarked.

The step to implement a working group for cryptocurrency takes place one month after Le Maire suggested a bitcoin regulation dialogue in 2018 at a G-20 summit. He stated that he is going to request Argentina to include bitcoin on the itinerary during a future meeting in April. ‘There appears to be a speculation risk. We should consider this and check how. At the time, he said, ‘Together with each member of G20 we can regulate bitcoin.’ On 16th January, a director of the central bank in Germany shared the same concept and said that regulation of cryptocurrencies should be made at an international level, not only on a national scale.

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