The German government does not consider cryptocurrencies threat to financial stability, although not denying the need to control them. On 12 June, reported by the official representatives of the Executive authority.
According to authorities, the volume of the cryptocurrency market is too small in comparison with the global financial system, but because he can’t provide for her a serious threat. However, that is no reason not to pay attention to the developing sector, as in connection with cryptocurrencies there are lots of problems. As stated by the German Federal Government, this view is shared by other countries of “Big twenty”.
Among the problems the representatives of the German government called “laundering” the money through cryptocurrency, keeping her illegal income, the use of digital currency in online casinos and the financing of terrorism. At the moment authorities analyze all risks, to understand what actions they need to undertake in the future.
“Germany has already introduced important measures to address the risks from the use of bitcoin and other cryptocurrencies. For example, the German cryptocurrency exchanges must comply with the same provisions against money-laundering, and other financial service providers, especially when it comes to establishing the identity of customers.”
As noted by the German government, all cryptocurrency exchanges are required to obtain permission to trade from the Federal office of financial supervision of Germany. It also stated the need for international control in the sphere of digital currencies.
“It requires concerted action at European and international level. As a consequence, the German Federal Government insists on the coordinated regulation cryptotokens at each of these levels.”
Interestingly, in April, the international monetary Fund (IMF) stated that cryptocurrencies are not a threat to the financial system, using the same arguments as the German government.
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