France Warns Use of Cryptocurrency

Inforexnews

In the midst of the phenomenon of cryptocurrency or digital currency, some countries are trying to regulate the cryptocurrency trade by issuing a number of regulations or tightening regulations in the country.

On Tuesday 16/1/2018 yesterday, French Finance Minister Bruno Le Maire called for strict regulation of the digital currency to stop the use of virtual currency in order to avoid tax or financing terrorism and other criminal activities.

In addition, Maire also warned of the risk of speculation and the possibility of financial manipulation related to bitcoin and other types of virtual currency can also emerge.

Not only that, a number of regulators around the world tend to take the direction of hard policies related to virtual currency. This is in line with the soaring cryptocurrency value.

Earlier, the director of the German central bank stated that efforts to regulate digital currencies such as bitcoin should be done on a global scale. National or regional rules will be difficult to enforce against virtual and unlimited communities.

National authors around the world, particularly in Asia, have given their attitudes about virtual currencies, and some countries like Indonesia have banned bitcoin to be used as a means of payment as well as commodities traded.

According to Bundesbank member Joachim Wuermeling, national rules will be difficult to survive amid the global phenomenon. Therefore, he expects international cooperation to create regulations to regulate the virtual currency.

Just to remind, Chinese regulators have banned ICO, shut down local exchange centers and virtual currency trading and restricted bitcoin mining. In addition, South Korea also plans to issue a rule that prohibits the trading of virtual currency. While EU countries and legislators have agreed to tighten rules to prevent money laundering and financing terrorism through bitcoin and other virtual currencies.