German President Called Cryptocurrencies Betting Games

February 5, 2018

President of Germany Frank-Walter Steinmeier stated that the financial sector is fully responsible for all the speculation that is happening in the cryptocurrency market. He said that at the event at the DekaBank in Frankfurt. 

Steinmeier said:

"When I look at the market developments of cryptocurrencies, I don't see currencies. I see betting games."

In his speech, the German President highlighted the importance of reducing the amount of deliberately dangerous operations in the market, saying that it is necessary. Steinmeier said that the financial sector should be monitoring the formation of new financial bubbles and reduce their occurrence to a minimum. He also criticized world authorities for not paying enough attention to the regulation of cryptocurrencies on a global level, because criminals use them for money laundering. 

Earlier this year, a board member of Bundesbank Joachim Wuermeling, which is the central bank of the country, said that it is extremely hard to create cryptocurrency regulation within a single country, so the world leading countries should cooperate and create global cryptocurrency regulation rules.

Wuermeling said: 

"Effective regulation of virtual currencies would therefore only be achievable through the greatest possible international cooperation, because the regulatory power of nation states is obviously limited."

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