Director of Germany's central bank Joachim Wuermeling believes that Bitcoin (TIKER: BTC.EXANTE) should be regulated through an international set of rules rather than on a national scale, Reuters reported.
According to him, regional rules would be hard to enforce on a virtual, borderless community.
“Effective regulation of virtual currencies would only be achievable through the greatest possible international cooperation, because the regulatory power of nation states is obviously limited,” Wuermeling told an event in Frankfurt.
European Union states and legislators agreed last month on stricter rules to prevent money laundering and terrorism financing on exchange platforms for bitcoin and other virtual currencies.
France announced on Monday the establishment of a mission on cryptocurrencies.