Germany and France will jointly push for global Bitcoin (Bitcoin) regulation during the next summit of the G20 in Argentina. The Finance Ministers of the two countries revealed the news at a joint press conference in Paris, Reuters reported.
"We have the same concerns and we share the goal of regulating Bitcoin," French Finance Minister Bruno Le Maire said.
“We will have a joint Franco-German analysis of the risks linked to Bitcoin, regulation proposals and these will be submitted as a joint proposal to our G20 counterparts at the G20 summit in Argentina in March,” he added.
Le Maire has tasked a former deputy governor of the Bank of France to come up with proposals.
For his part, Germany’s finance minister Peter Altmaier said "we have a responsibility to our citizens to explain the risks and reduce the risks by regulations which are needed."
The announcement comes amid a sharp drop in the value of Bitcoin The world’s biggest and best-known cryptocurrency has fallen to half its record peak of almost $20,000 in recent days on fears that regulators could seek to curb speculation.