France and Germany insist on discussing tough measures to limit cryptocurrencies

French and German authorities are working on a project to create a supranational body of the European Union, which will have jurisdiction over the regulation of cryptocurrencies. The project is due to be presented at the G20 summit. All other participating countries only declare the need to discuss the topic of digital currencies.

Recall that the summit of developed countries will take place in Argentina in the spring. The delegates include finance ministers of 19 EU countries, representatives of the World Bank and the IMF. 

The project itself, which is planned to be presented at the summit, has already been previously sent to all participating countries. It includes 4 proposals:

• Prohibit the status of cryptocurrencies, as well as introduce separate regulation for blockchain technology;

• Adopt laws that are aimed at punishing manipulation of the cryptocurrency market, as well as issuing coins for this purpose (most likely, this point appeared after the situation in Venezuela);

• Limit non-professional investors in the ability to conduct cryptocurrency transactions;

• Start a fight with fraud, terrorist financing and money laundering using cryptocurrency.

If the project is given life, it will significantly affect the cryptocurrency ecosystem, experts say.

This is not the first attempt to ban and/or control cryptocurrency. Let us recall that last week one of the Canadian officials suggested that Google should ban advertising of cryptocurrency and ICOs.

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