Germany & France Order Global Bitcoin Ban

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France and Germany order global ban on Bitcoin currency

Germany and France have ordered a complete global ban on cryptocurrencies, including Bitcoin, in order to maintain long-term financial stability.

In a letter to G20 finance ministers – signed by French Finance Minister Bruno le Maire and his German counterpart Peter Altmaier – they said that Bitcoin poses a “substantial risk” to the world’s biggest banks.

Rt.com reports: “Given the fast increase in the capitalization of tokens and the emergence of new financial instruments” based on them, “these developments should be closely monitored,” the ministers said.

Cryptocurrencies “are currently largely mislabeled as ‘currencies’ in the media and on the internet,” they said, adding that a “lack of clarity” about the nature of tokens “can only fuel speculation.”

They also called for greater protections for retail investors speculating in crypto, saying “the buildup of individual exposures to such volatile tokens could have damaging consequences for misinformed investors who do not understand the risks they are exposing themselves to.”

This week, warnings have been voiced by regulators and watchdogs from the Bank for International Settlements (BIS), the European Central Bank (ECB), and Hong Kong’s Securities and Futures Commission.

ECB board member Yves Mersch said on Thursday that “cryptocurrencies” are “not money, nor will they be for the foreseeable future.”

Bitcoin is “a combination of a bubble, a Ponzi scheme and an environmental disaster,” Agustin Carstens, the head of the BIS, said.

He called on central banks to clamp down on bitcoin and other cryptocurrencies to stop them “piggybacking” on mainstream institutions and becoming a “threat to financial stability.”

Sean Adl-Tabatabai
About Sean Adl-Tabatabai 17682 Articles
Having cut his teeth in the mainstream media, including stints at the BBC, Sean witnessed the corruption within the system and developed a burning desire to expose the secrets that protect the elite and allow them to continue waging war on humanity. Disturbed by the agenda of the elites and dissatisfied with the alternative media, Sean decided it was time to shake things up. Knight of Joseon (https://joseon.com)