French, German Finance Ministers Call for G20 Crypto Discussion

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French and German senior officials are calling for a discussion at the upcoming summit on cooperative action that G20 members could come up with regarding cryptocurrencies.

The call to action, raised by French finance minister Bruno Le Maire and German finance minister Peter Atmaier, along with the governors of their countries’ respective central banks, was expressed through a letter addressed to the G20 summit host, the Argentinian government. In said letter, the officials enumerated their causes for concern, including the impact of cryptocurrencies, which, according to them “could pose substantial risks for investors.”

“We believe there may be new opportunities arising from the tokens and the technologies behind them. However, tokens could pose substantial risks for investors and can be vulnerable to financial crime without any appropriate measures. In the longer run, potential risks in the field of financial stability may emerge as well.”

U.S. Treasury Secretary Steven Mnuchin told Congress earlier this month that he also supports this call to action.

 

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