French Finance Minister to draft cryptocurrency regulations
In a speech today, the French finance minister has announced plans to draft new rules and warned of the "risks of speculation and possible financial manipulation" linked to Cryptocurrencies.
A former central bank chief has been asked to draft these potential new rules, although no details of what they could contain have been provided.
Regulators across the world are attempting to take a harder stance against Cryptocurrencies as they gain further traction.
Germany's central bank has said that attempts to regulate Cryptocurencies with national/regional rules would be futile as the currencies themselves are virtual and borderless. They say it would take international coorperation.
This all comes inline with the French President Emmanuel Macron's protectionist stance, who's government has urging internet giants to stop using "tax havens"
French protectionism
This isn't the first time the French have taken protectionist stances. It is a common occurrence in their socialist society. French protectionist policies have often backfired, and have left the country with a reported 21.7 percent youth unemployment rate and a 9.7 unemployment rate across the country.
What are your thoughts?
Comment below your thoughts. Should crypto be regulated? What do you think the consequences could be for government elites pushing their agenda in areas that aren't deemed to be a high priority for the public?