French Finance Minister, Bruno Le Maire, is set to propose Bitcoin regulation when the G20 meets again next year. This comes after the cryptocurrency reaches new heights very week, leading to speculation that it may be a bubble waiting to burst.
This is perhaps troubling news for cryptocurrencies as a whole; since one of the main draws was the unregulated and decentralised nature of the entire operation. World governments stepping in to oversee everything could rapidly change how Bitcoin works, which could also trickle down to other similar currencies like Ethereum or Litecoin.
It’s no surprise that France is taking the lead on Bitcoin regulation in the international forum of central bank governors. The European Union has already agreed on new regulations to prevent money laundering and terrorism financing using cryptocurrency. It is these steps that are likely to be brought up at the G20 summit.
Governments have expressed some concern about the anonymous nature of crytocurrency, which makes it very difficult to trace where the funds go. The fear is that they are being used to fund terrorists and organised crime; although no evidence of such activity has been found yet.
That said, North Korea has already been accused of trying to steal Bitcoin for its own uses. Not that anyone knows what it plans to do with all that money.