Tougher regulations for Bitcoin Cryptocurrency in Europe

The European government is planning to introduce new regulations for bitcoin in Europe. These regulations will come after more people have started to use bitcoin and rumors enhanced on the potential of being used by money-launderers, terrorists and drug traffickers.

The Group of 20 nations will talk about bitcoin regulations

Bruno Le Maire, the French Finance Minister, has declared that he will talk with the other countries in the Group of 20 nations about the new proposed bitcoin regulations. To be added that the next year the presidency of the 20 Nations will fall to Argentina.

Another government that is concerned about the rise of bitcoin and the fact that it could be used by terrorists and money-launderers is the Italian government, which has also declared that it is opened to discussions.

Le Maire has declared:

“I don’t like it; it can hide activities such as drug trafficking and terrorism. There is an obvious speculative risk, we need to look at it, study it.”

To be added that this week bitcoin took another step forward with the launch of CME Group’s and Cboe Global Markets’ futures trading. At this moment, bitcoin is about to hit the record price of $20.000.

As we mentioned, France is not the only country in the European Union that is seeking to regulate the cryptocurrency. Pier Carlo Padoan, the Italian Finance Minister, is also ready to discuss with Le Maire. So, the EU will start working on new rules that regard cryptocurrencies. It is not a secret anymore that bitcoin has stepped further into the mainstream financial world.

The Economic Secretary to the British Treasury, Stephen Barclay, has declared that his government is also talking with EU partners to “bring virtual currency exchange platforms and custodian wallet providers into anti-money laundering and counter-terrorist financing regulation.”