International cryptocurrency regulations are needed, says member of Germany’s Bundesbank

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Joachim Wuermeling, a member of the board of Germany’s Bundesbank, explained that the regulation of cryptocurrency market should happen on an international level with cooperation between all the parties involved. On January 15th, he declared at an event in Frankfurt:

“Effective regulation of virtual currencies would therefore only be achievable through the greatest possible international cooperation, because the regulatory power of nation states is obviously limited.”

In September, China banned exchanges with cryptocurrencies from operating domestically. Since then, rumours say traders moved their activities in Japan and possibly South Korea.

In terms of regulations, there are several attempts monthly to place some restrictions on this highly volatile market. China created the most strict controls, banning exchanges and ICOs while other countries have attempted their control over cryptocurrencies in different ways.

The Justice Minister of South Korea proposed a ban and the government has put numerous controls into place in the face of the mania for cryptocurrencies. Vladimir Putin also recently suggested that the cryptocurrency market should be regulated in the future.

The US is looking to regulate cryptocurrencies on both a federal level and state level. The Securities and Exchange Commission issued several warnings for investors last year, and already took action against Blockchain. On a state level, regulators in Texas issued a cease and desist a crypto company based in the UK that sold unlicensed securities to Texas residents. Additionally, financial authorities in the state of Texas ordered a crypto company based in the UK to cease any activity within the state, accusing it of selling unlicensed securities to Texas residents.

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