German Central Bank Director: Regulations Crypto must be international
Joachim Wuermeling, board member of the Bundesbank, suggested that any attempt to regulate cryptocurrencies would require international cooperation. Speaking at an event in Frankfurt on January 15, the director told listeners:
"Effective regulation of virtual currencies would therefore be achievable only through the greatest possible international cooperation,because the regulatory power of nation-states is obviously limited "
After the Chinese government banned nationwide trading of cryptocurrency in September, many simply crypto Chinese traders have shifted their business to trade in Japan, and possibly South Korea, according to some analysts.
Many countries around the world have already tried regulatory control over cryptocurrencies in different ways. China has created the strictest controls, banning crypto exchanges and ICOs, and is now trying to close all "trade and services".
South Korea's Justice Minister has recently proposed a ban on trading and the government has put in place other controls over what some regard as a "crypto-currency craze" in the country. Russia has suggested some measure of the legality of trading purposes on "official exchanges".
The United States is seeing the regulation of cryptocurrency at both the federal and state levels. The Securities and Exchange Commission (SEC) issued several warnings for cryptos investors last year, and has already taken action against Blockchain or crypto-related companies. At the state level, regulators in Texas recently issued a restraining order to a British Crypto company allegedly selling unlicensed securities to Texas residents.
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