SAN FRANCISCO, Feb. 11 morning news, France and Germany's finance minister and senior central bank officials have stood up even behind politicians, regulators, banning bitcoin and other virtual currencies.In a letter to the G20 member states finance minister , France and Germany consider digital tokens may pose a serious threat to investors and may even affect the long-term stability of the financial system.
French Finance Minister Bruno le Maire, German Acting Finance Minister Peter Altmaier, French Central Bank Governor François Villeroy de Galhau and President of the German Central Bank Jens Weidmann both signed the letter.
Just a few days ago, regulators in some regions began to intervene in virtual currency transactions, such as BIS, the European Central Bank and Hong Kong Securities and Futures Commission. ) Thursday said that the virtual currency is not money and will not become a futures in the foreseeable future, apparently the same holds true in France Germany, the letter also said that the media and the Internet will be apparently wrong to call the virtual currency "currency" Labeling, the lack of a clear explanation of the nature of the token can only encourage speculation.
The two finance ministers also agreed with Mehsch's view that the current impact of cryptocurrencies on global financial stability is very limited. However, on the basis of this, the market value of tokens rapidly expands and new financial instruments emerge and should pay close attention to market trends. Investors are investing in cryptocurrencies, arguing that protection should be stepped up and that individual investors are pouring into a highly volatile new market, misguided investors may suffer huge losses due to lack of understanding of risk.
In a broader perspective, the letter also said that in recent years many countries have implemented many policies to protect fragmented investors and consumers and took appropriate measures to protect them. It is only natural that no reason for refusal can be found. Blockchain technology, the two countries will look for opportunities to make use of, but for cryptocurrencies and other possible practical technology, when used will draw a clear line of distinction.