Cryptocurrency Crackdown Planned By France and Germany, Says Insurance Executive

Investing, News, Regulation | January 21, 2018 By:

France and Germany’s finance ministers have agreed to launch a joint crackdown on the digital currency markets, according to Mark Wilson, the CEO of insurance company Aviva.

Speaking to CNBC, Wilson said last week that the push by the sovereigns meant a “blizzard of regulations” would arrive soon. Both countries are concerned that digital currencies undermine their sovereignty and monetary systems.

French Finance Minister Bruno Le Maire said that the countries will make joint proposals to regulate bitcoin at the next summit of the G20 group.

“One of the keys to sovereignty is control of currency and tax,” said Wilson. “Cryptocurrency interferes with both of those, so it’s inevitable there will be regulation. It is as inevitable as snow in Davos.”