Frank-Walter Steinmeier, German president made quite a speech in front of 1,000 guests at DekaBank in Frankfurt last Thursday. He said that the Financial Sector will influence the cryptocurrencies and speculations connected with them:
“When I look at the market developments of cryptocurrencies, I don’t see currencies. I see betting games. Preventing new speculation acrobatics and formation of bubbles is primarily the responsibility of the financial sector. Where do cryptocurrencies avoid regulation and steering through central banks? Where do they make possible money laundering, tax evasion and illegal businesses?”
The country understands the difficulty to regulate the virtual currency. As cryptocurrencies are a global phenomenon, actions taken by one country only won’t bring any result.
“Effective regulation of virtual currencies would therefore only be achievable through the greatest possible international cooperation because the regulatory power of nation-states is obviously limited.”
– said Joachim Wuermeling, a board member of the German central bank.