WORLD leaders could be set to hold talks on Bitcoin at next month’s G20 summit after French and German officials called for a discussion on cryptocurrencies at next month’s meeting.
The finance minister and Central Bank Governors of France and Germany have requested that talks on policy and monetary implications of cryptocurrencies be part of the agenda for March’s meeting.
The officials put forward their request in a letter to the finance minister of Argentina, who currently hold the G20 presidency.
They said: “We believe there may be new opportunities arising from the tokens and the technologies behind them.
“However, tokens could pose substantial risks for investors and can be vulnerable to financial crime without appropriate measures.
“In the longer run, potential risks in the field of financial stability may emerge as well.”
The plans to hold discussions on digital currency comes after a large increase in interest in online money over the last 12 months.
Bitcoin, the original cryptocurrency, had a value of just $954 in January last year but saw its price soar more than 1,500 per cent throughout 2017.
The letter from French Finance Minister Bruno Le Maire, his German counterpart Peter Altmaier, French Central Bank Bovernor Francois Villeroy de Galhau and his German colleague Jens Weidmann, calls for an international report on the implications of cryptocurrencies and how they could be regulated.
Since the start of 2018 Bitcoin has seen its value plunge and is currently worth just $9824.20
The dramatic drop in its price has been largely blamed on some countries starting to implement regulation on digital currencies.
South Korea introduced a raft of measures last month aimed at regulating Bitcoin and similar currencies such as Ripple and Ethereum.
A ban on anonymous trading was implemented by the Asian power in a bid to crack down on all possible criminal activities the secret nature of trading Bitcoin allowed.
India’s Government has said it does not consider cryptocurrencies to be legal tender and will try to phase out payments using the online money.
Meanwhile, Japan is also expected to see an increase in regulation following a number of high profile hacking cases Takashi Shiono, an economist at Credit Suisse in Tokyo, said: “Regulators in Japan are usually conservative and not first movers.
“The Government wants to facilitate fintech through cryptocurrency and blockchain technology.
“We’ll likely see stronger regulations, but not a ban.”