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France Plans To Regulate Crytpocurrencies

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France's Finance Minister Bruno Le Marie called for stringent regulations to control the use of digital currencies for tax evasion and financing illegal activities and terrorism.

The minister has asked Jean-Pierre Landau, former deputy governor of the Bank of France to draft potential rules to oversee the development of cyrptocurrencies and to prevent the use of these digital currencies for tax evasion, money laundering and financing criminal or terrorist activities.

Le Marie warned against the risks of speculation and possible financial manipulation, especially linked to bitcoin.

Elsewhere, Germany's Bundesbank board member Joachim Wuermeling reportedly said that cryptocurrencies should be regulated globally as individual nations have limited power to control international activities.

Effective regulation of digital currencies require international cooperation, Wuermeling said in Frankfurt.

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