French, German Finance Ministers Call for G20 Crypto Discussion

France and Germany have called for the G-20 to discuss cooperative action on cryptocurrencies ahead of a summit next month.

AccessTimeIconFeb 9, 2018 at 3:15 p.m. UTC
Updated Sep 13, 2021 at 7:33 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Senior officials from France and Germany are calling for the G20 group of nations to discuss cooperative action on cryptocurrencies ahead of a summit next month.

In a letter addressed to the Argentinian government – which currently holds the presidency of the G20 – French finance minister Bruno Le Maire, German finance minister Peter Altmaier, as well as the governors of those country's respective central banks, voiced concerns about the impact of cryptocurrencies, which they wrote "could pose substantial risks for investors." Reuters and the Financial Times reported on the letter earlier today.

What kind of regulation could emerge from the proposed discussions remains to be seen, though the letter points to a call for "appropriate measures."

"We believe there may be new opportunities arising from the tokens and the technologies behind them," the group wrote, going on to say: "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."

This letter has been several months in the making. In December 2017, Le Maire announced his intention to issue the call, and earlier this month U.S. Treasury Secretary Steven Mnuchin told Congress that he, too, supports the move.

Image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.