February 9, 2018 / 9:47 AM / 12 days ago

France, Germany call for joint G20 action on cryptocurrencies

BERLIN (Reuters) - The finance ministers and central bank governors of France and Germany called for the policy and monetary implications of crypto-currencies to be placed on the agenda of the upcoming G20 meeting of the largest advanced and developing economies.

In a letter to the finance minister of Argentina, current holder of the G20 presidency, the officials called for an international report on the implications of cryptocurrencies, an International Monetary Fund report on their financial stability implications and for work towards “trans-boundary” action to regulate them.

“We believe there may be new opportunities arising from the tokens and the technologies behind them,” wrote French Finance Minister Bruno Le Maire, his German counterpart Peter Altmaier, French central bank governor Francois Villeroy de Galhau and his German colleague Jens Weidmann.

“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,” they added.

Reporting by Gernot Heller, writing by Thomas Escritt, editing by Michelle Martin

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