France is planning strict regulation of crypts

French Finance Minister Bruno Le Maire has called for strict regulation of digital currencies to monitor their possible use to avoid tax obligations and to fund illegal activities and terrorism.

Minister Le Maire entrusted the task of drafting proposals of potential regulations to the former Vice-Governor of the French Central Bank, Jean-Pierre Landau. He also warned of the dangers of speculation and possible financial manipulation, especially in relation to bitcoin.

A separate member of the executive board of the German central bank, Joachim Wuermeling, told media reports on Monday that crypto-codes should be regulated globally, given the limited powers of individual countries in controlling international activities. Efficient regulation of digital currencies requires international co-operation, said the Bundesbank official.