Cryptocurrencies

G20 ministers point to promising developments with cryptocurrencies.

Days after Mark Carney, Chairman to the FSB and Governor to the Bank of England, made a statement to the G20 telling members that cryptocurrencies should not be seen as a threat to central banking institutions, now French Minister Bruno Le Maire has also brought forward his opinions of crypto,  highlighting the importance of digital currencies will have for countries going forward.

Le Maire has disclosed plans which reveal that France will the first country to begin looking into developing regulations on currencies in attempt to place the country in a leading position in digital finances. It was reported by Reuters the the minister has asked Jean-Pierre Landau, the French central bank’s official to draft a proposal for a legal framework that covers digital currencies. It is believed that the proposal will detail plans for market Regulator Autorité des marchés financiers (AMF) authority to oversee and approve companies that wish to issue ICO’s.  

The proposed French plans come amidst increased calls at the G20 summit in Argentina for cryptocurrencies to be given a space on the agenda for ministerial meetings and for regulation agreements to be discussed in the coming months, pointing somewhat to further success for the digital sphere.

Le Maire, like Carney, acknowledges the current risks surrounding cryptocurrencies but also sees a great potential in the technology. CNN also recently reported on the minister’s interest in blockchain technology and it’s potential connection with central banking systems:

‘We agree that crypto-assets can be very interesting for everyone. And we – obviously – are in favor of blockchain technology, which can provide very good support to financial assets in Europe or anywhere in the world. We are in favor of these technologies, but we want these technologies to be secure and therefore we need to define very clear measures for their regulation.’

On top of that the report continues to suggest that Le Maire also briefly touched upon  the idea of central banks eventually issuing their own cryptocurrencies, but this would be subject first to regulations.

It appears that there is a new wave of political thought sweeping through governments around the world, that looks at cryptocurrencies with potential rather than pessimism. The talks at this weeks G20 suggest that individual countries are now making progress with their own platforms and laws in effort to work alongside the digital giants. Not only do fellow countries in the G20 must try not to be left behind by European powers racing to lead the forefront of cryptocurrencies, it also seems like the prime time to understand how traditional and crypto markets can eventually work together. The issue now, of course, is trying to see this put into practice.

About the author

Tamara Davison

The Medellin-based Mancunian started her journalism career in a London startup and has since travelled around the globe covering arts and culture news, as well as climbing the Himalayas and being lost in remote places. She claims her knowledge of Bitcoin is a healthy obsession that she picked whilst studying the fascinating repercussions new technology has around the world.

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