Everyday, new nations come to the conclusion that the global adoption of strict regulations on cryptocurrencies are necessary.
However, there are still some nations that maintain optimism in the potential for cryptocurrencies, and continue to have a more flexible point of view, and are waiting to see what future developments for the industry might unfold.
Case and point, Germany, who’s government recently commented that digital currencies
do not really endanger the financial stability of nations; however, it also emphasizes the need to establish regulatory measures to maintain market control.
According to a spokesperson for the German federal government, the volume of
cryptocurrency transactions is relatively low compared to the traditional financial system, so it could not present a threat to the stability of the system. On the other hand, federal authorities also emphasized the importance of companies in the industry to maintain compliance with, or at least receives the approval of the Federal Financial Supervision Commission (BaFin).
The German spokesperson commented:
“In order to address the risks of Bitcoin and other cryptocurrencies, there are already important regulations in Germany: for example, exchange houses in Germany must follow the same rules against money laundering as other financial services providers, especially when try to identify customers or policies of ‘know your customer’ (KYC).”
They also added,
“There is a need for coordinated action at the European and international level,
therefore, the Federal Government is pushing for a harmonized management of
regulations.”
Other defenders of digital currencies have taken the lead by announcing the benefits they bring to the modern market, and warning that regulatory measures should go hand in hand with their development and not to stop them. In this regard, on May 4th, the Finance Minister of Luxembourg, Pierre Gramegna, said that the market has enough space to accept cryptocurrencies, which, in his opinion, can coexist with fiduciary money.
by Emanuel Andrade
