French Minister Bruno Le Marie Highlights Importance of Bitcoin and Cryptocurrencies

French Minister Bruno Le Marie Highlights Importance of Bitcoin and Cryptocurrencies

During this week’s G20 summit in Buenos Aires, Argentina, France’s minister of Finance Bruno Le Maire highlighted the importance bitcoin and cryptocurrencies may have in the world’s economy. Le Maire pointed out that France, along with Germany, called for cryptocurrencies to placed on G20’s agenda.

The minister revealed that France will start working on cryptocurrency regulations before the rest of the world, in a bid to put Europe at the forefront of the digital economy. As covered, G20 has called for cryptocurrency regulation recommendations by July this year, seemingly confirming rumblings of a crackdown on cryptocurrencies are out of the picture.

Le Maire, like most of the world’s leaders, added that cryptocurrencies may be used in illicit activities, but noted that he “firmly believes this technology is very positive for every country.” For that to happen, however, “we need to have regulations, and Europe will lead the process.”

According to a report published by Brazilian news outlet Criptomoedas F?cil, the minister didn’t rule out the possibility of seeing central banks issue their own cryptocurrencies – an idea that’s been entertained by central bankers throughout the world. If these come, he implied, they will come after the sector is regulated.

Le Maire notably pointed out he believes financial technology is crucial for the “market to develop in the best possible way.” Per his words, cryptocurrencies are a part of said development. He said (roughly translated):

The French minister’s words seemingly echo those of Spain’s economy minister Rom?n Escolano Olivares, who at G20 stated that he doesn’t see cryptocurrencies as a threat to the global financial system, and revealed the European Union will not wait for a global agreement to regulate cryptos.

As covered by CCN, Le Maire announced a cryptocurrency task force earlier this year, chaired by a former central banker. At the time, he stated:

Featured image from Shutterstock.

23.03.2018 / 09:49 190
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