France, Germany to Attempt Cryptocurrency Regs

from TRU News:

Both France and Germany have announced they intend to craft legislation meant to regulate cryptocurrencies.

Agence France Presse reports the two countries are planning to make a joint proposal at the March G20 financial ministers’ summit in Buenos Aires. Details of the proposal, which is being worked up by a former deputy governor of the Bank of France, were not reported.

A previously reported South Korean effort to rein in cryptocurrencies, which caused a temporary drop in their prices, fell flat on its face earlier this week. It has instead prompted charges of market manipulation and government corruption against officials responsible for the announcement.

Technological advances suggest the French-German effort is likely doomed to fail. Even if legislation were crafted to outlaw cryptocurrency exchanges, the nature of the blockchain technology upon which they are built would be extremely difficult—if not impossible—to shut down on a global scale.

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