France puts together a team to develop regulations for cryptocurrencies

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France’s Minister of Economy, Bruno Le Maire, announced that they are putting together a group to develop regulations for cryptocurrencies.

On Monday, Le Maire said the group will be responsible for the proposing guidelines and drafting a framework that will regulate the cryptocurrency market and prevent the technology’s misuse.He stated:

“We want a stable economy. We reject the risks of speculation and the possible financial diversions linked to bitcoin.”

He also said that the group will be led by Jean-Pierre Landau, the former deputy governor of the Bank of France. He added:

“Jean-Pierre Landau’s mission will be responsible for proposing guidelines on the evolution of regulations and to better control development and prevent their use for the purpose of tax evasion, money laundering or for financing criminal activities and terrorism.”

This move comes a month after Le Maire’s proposed discussion on Bitcoin regulation at a G-20 summit this year. He stated that he liaise with Argentina to put the cryptocurrency on the talking agenda in a gathering in April. At that time, he explained:

“There is evidently a risk of speculation. We need to consider and examine this and see how … with all the other G20 members we can regulate bitcoin.”

A director at Germany’s central bank also declared yesterday that cryptocurrencies must be regulated not only on a national level, but on an international one.

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