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

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

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