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Germany and France ‘believe’ in new opportunities with cryptocurrencies

The finance ministers and central bank governors of France and Germany have called in a letter for the formation of a policy towards cryptocurrencies and requested that they be added to the agenda of the upcoming meeting of the 20 strongest world economies.

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In a note sent to the Argentine finance minister, whose nation currently holds the G20 presidency, officials requested an international report on the implications of cryptocurrencies, including a report from the International Monetary Fund on their impact on financial stability.

The letter calls for joint efforts towards ‘cross-border’ regulation.

“We believe that there may be opportunities arising from the tokens and the technologies behind them,” wrote French Finance Minister Bruno Le Maire, his German counterpart Peter Altmaier, Governor of the French central bank Villeroy de Galhau, and Governor of the German central bank Jens Weidmann.

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“However, tokens can pose significant risks to investors and may be vulnerable to financial crimes if appropriate measures are not taken. In the long term, potential risks to financial stability may also emerge,” they add in the letter whose content was reported by Reuters.

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