The amount of people throughout the world discussing cryptocurrency regulation has skyrocketed lately. Not that this is a bad thing, however. In fact, I think this conversation could be extended even more. After all, cryptocurrencies have a lot of benefits, but they are also susceptible to illegal activity, which is why so many people have started to express worries about the industry.
Based on the news that surfaced today, it appears the wish for more conversations about cryptocurrency regulation is going to come true. Today, Reuters reported that officials from both Germany and France are asking for nations to discuss more crypto regulation at the upcoming G20 summit. Reportedly, these officials are nervous about the impact the cryptocurrency sector could have on the world, stating it “could pose substantial risks for investors.”
Of course, France and Germany are not the only countries pushing for cryptocurrency regulation to be discussed at the next G20 summit. In fact, on February 2, Steven Mnuchin, U.S. Treasury Secretary, stated that he is planning to speak about crypto regulation at the summit.
This is also not the first time officials and financial leaders have come forward and expressed concern over the risks cryptocurrency could have. For instance, Nobel Prize-winning economist Joseph Stiglitz stated that there needs to be more bitcoin regulation, which in turn will “drive it out of existence.” Meanwhile, Nouriel Roubini, the man who predicted the 2008 financial crash, stated that he is concerned over both the popularity of cryptocurrencies and the technology behind it. Meanwhile, the UK plans to set in motion new cryptocurrency rules.
The G20 summit will be held next month in Argentina. Therefore, it’s going to be crucial for investors to keep an eye on the sector throughout the entire month of March in order to catch any changes that might get put into place.
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