Bundesbank, Germany: cryptocurrency should be regulated at the international level

One of the leaders of Bundesbank, the central bank of Germany, tells about the importance of the international cooperation and partnership when it comes to Bitcoin and on its sudden boom to which the central banks of the world were clearly not ready.

Joachim Wuermeling, the board member of Bundesbank, tells that the limitation and containment of the cryptocurrency market is very limited if a country tries to do such activities on a regional scale without the “greatest possible international cooperation”. This statement comes amidst the news that the European regulators are planning to meet with each other at the upcoming G20 summit and try to plan out the joint rules on cryptocurrency trade and circulation.

Should the new international rules become too restrictive for the market, the prices for cryptocurrencies will go further down. Contrariwise, if the rules prove to be adequate and not very harmful for the market, the investors’ joy from this news is going to pump up the prices for a week or two.

Asian countries, namely China and South Korea, should they meet with the European regulators at G20, will undoubtedly try to persuade them to establish stricter rules, while Americans, as Steven Mnuchin (head of Treasury) already promised, will focus more on the issue of illicit finance in the cryptocurrency sphere.