Major Cryptocurrency CRACKDOWN as World leaders to plan REGULATION of Bitcoin at G20 meeting
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After French and German officials called for a discussion on Cryptocurrencies at next month’s meeting, World leaders like French Finance Minister Bruno Le Maire, his German counterpart Peter Altmaier, French Central Bank Bovernor Francois Villeroy de Galhau and his German colleague Jens Weidmann could be set to hold talks on Bitcoin about policy and monetary implications of Crypto currencies at next month’s G20 summit. The Officials put forward their request and said:
“We believe there may be new opportunities arising from the tokens and the technologies behind them. 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.”
With a value of just $954 in January last year, Bitcoin, the original Cryptocurrency, saw its price soar more than 1,500 per cent throughout 2017. Bitcoin’s value plunged and presently, it is worth $7655.
To regulate Bitcoin, Ripple and Ethereum, South Korea introduced measures. In a bid to crack down on all possible criminal activities, a ban on anonymous trading was implemented by the Asian power. On the other hand, Indian Government declared the cryptocurrencies as an illegal tender. Simultaneously, Japan is set to follow regulations and certainly not a ban because of the high profile hacking cases.