Bitcoin Regulation Discussion at G20 Summit Proposed by French Finance Minister

News, Regulation | December 19, 2017 By:

French Finance Minister Bruno Le Maire is reportedly planning to push for a discussion on how to regulate bitcoin at the G20 Summit in April.

“I am going to propose to the next G20 president, Argentina, that at the G20 summit in April we have a discussion all together on the question of bitcoin,” said Le Maire. “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.”

Founded in 1999, the G20 (Group of Twenty) is an international forum for the governments and central bank governors from Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States, and the European Union. The G20 aims to discuss policy pertaining to the promotion of international financial stability. It seeks to address issues that go beyond the responsibilities of any one organization.

Le Maire’s comments came after bitcoin prices have risen more than 1,700 percent since the start of the year. The most popular cryptocurrency has climbed almost 80 percent in December alone. It is currently trading today at $18,900 per coin.

Due to bitcoin’s massive price surge and volatility, regulators around the world have begun to take note and warn the public about the risks of losing their investments. Some regulators went a step further and passed rules specifically for bitcoin and other cryptocurrencies.

Last week, European Union states and legislators agreed on stricter rules to prevent money laundering and terrorism financing on cryptocurrency exchange platforms. The agreement will be formally adopted by EU states and European legislators and then turned into national laws within 18 months.