Germany doesn’t see cryptocurrency as a threat to financial stability

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Today on June 12th, the German Federal Government stated that cryptocurrencies are not a threat to the financial stability, says Cointelegraph auf Deutsch. However, the government feel the need for a regulation to control cryptocurrencies. Crypto asset transactions are too low compared to the global financial system to create a serious threat for stability. 

Lately we see a lot of posts about the position of a specific country towards cryptocurrencies. All this is the outcome of the G-20 summit, which occurred in March. In conclusion, the members of the summit agreed on a strict July deadline, when all the countries should present their recommendations to regulations of cryptocurrencies. 

Germany has already implanted a few regulations regards cryptocurrencies. For example, German-based crypto-traders must follow the same anti-money laundering regulations as other financial service providers. And when it comes to commercial trade of cryptocurrency – a permission from the Federal Financial Supervisory Authority is needed.

“Rather, there is a need for coordinated action at European and international level. The Federal Government is, therefore, pressing for a harmonized handling of crypto-tokens at this both levels”, accentuated the government.

According to the government, this evaluation of cryptocurrencies is shared within the G-20 countries. 

Source:

https://goo.gl/WZwnh4– Cointelegraph about Germany

https://goo.gl/i6Ls1b– Cointelegraph about G-20

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