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The German Government Has Come Out To Say That Cryptocurrency Does Not Threaten The Financial Industry


The government of Germany have stated that cryptocurrencies such as Bitcoin and even Ethereum do not pose as a threat at all in terms of financial stability. Nevertheless, the government really do see the need for a regulatory measure so that they can begin to control all of the digital currencies. When you look at the Federal Government, you will see that the amount of cryptocurrency asset transactions is far too low when you compare it to the size of the global financing system. This is apparently proof that it cannot hurt the current financial system. When you look at the German government however, you will see that it is appropriate to monitor all of the developments that are taking place at G20. The German government have also referred to the parliamentary enquiry as well and this comes from a right wing political party. They believe that there could be problems associated with the idea of cryptocurrency and this includes the fact that it could be a source of illegal revenue and that it could also encourage terrorist financing as well. Of course, a national risk of this analysis is going to be completed next year and this is already in the works right now. This would show if there is any action that needs to be taken right now. Of course, if you want to address the risks that come with Bitcoin and other currencies then you would need to consider the same money laundering regulations that are present right now for other financial providers. This would help customers to stay safe and it would also help to keep the whole thing under more control as well.

The Federal Government have also noted that there is going to be a lot of permission from the Federal Financial Supervisory as well. This is necessary for the trade of currencies to happen and they have also come out to say that there is a lot of need to have coordinated action at both a European level and at an International level as well. the Federal Government is pressing hard to try and get people to harmonise the handling of various cryptocurrencies and this is going to done at various levels. A report from April from the IMF has stated that the currency is a threat to the financial industry, but not a lot of people agree and only time will tell whether this is going to be the case or not.


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