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France Calls for Discussions on Bitcoin Regulation



The finance minister of France, Bruno Le Maire, is pushing for talks on bitcoin regulation during a G-20 summit in 2018.

According to a report, Le Maire said he would request Argentina, which is set to take assume G20 presidency, to place bitcoin on the agenda during an upcoming gathering in April.

Le Maire said in the report:

“I am going to propose to the next G20 president, Argentina, that at the G20 summit in April we have a discussion all together on the question of bitcoin.

“There is evidently a risk of speculation.

“We need to consider and examine this and see how … with all the other G20 members we can regulate bitcoin.”

It remains to be seen how that upcoming discussion would go.

Representatives from G-20 nations have already discussed the topic through the Financial Stability Board (FSB).

The FSB has been studying the tech since 2016.

The study states that “there are currently no compelling financial stability risks from emerging fintech innovations.”

It also outlined 10 potential issues that regulators should be keen on.

In the context of blockchain, the FSB report pinpoints the implications of the technology’s cross-border nature and legal uncertainty around smart contracts.

The authors said:

“These and other legal issues could be even more prevalent when considering cross-border activities.

“For example, blockchain has raised questions, such as data privacy concerns across jurisdictions, and identifying the location of an asset when no one bank or entity is the custodian of the record.”

Indeed, that Le Maire would want to push in this direction is perhaps not at all surprising.

France Proactive in Bitcoin Stance

France has been proactive in their stance on regulation of the technology.

Earlier this month, the French government approved new rules that will permit unregistered securities to be traded on a blockchain.

Financial regulators in France also launched an initial coin offering (ICO) initiative earlier this year.

It was dubbed Project UNICORN, and effectively establishes the groundwork for token sales to take place under the auspices of the Autorité des marchés financiers (AMF).

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