GERMANY AND FRANCE made a global ban on BITCOIN

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

In a letter to finance ministers G20, signed by French Finance Minister Bruno Le Maire and his German counterpart, Peter Altmaier, said Bitcoin represents "a significant risk" to the world's largest banks, RT writes.

In joining a group of regulators calling for the suppression of crypts, French and German finance ministers said digital tokens "could pose a significant risk to investors" and potentially violate long-term financial stability.

"Given the rapid increase in token capitalization and the emergence of new financial instruments" based on them, this development needs to be carefully monitored "- said the ministers.

The cryptal are "currently largely mistakenly referred to as" currencies "in the media and on the Internet," they said, adding that "lack of clarity" about the nature of the token "can only spark speculation."

They also called for greater protection of small speculative investors in crypts, saying "the accumulation of individual exposures to such volatile tokens can have detrimental consequences for misinformed investors who do not understand the risks they are exposed to."

This week's warning was expressed by regulators and supervisors from the Bank for International Settlements (BIS), the European Central Bank (ECB) and the Hong Kong Securities and Exchange Commission.

ECB Governing Board member Yves Mersch said Thursday that "crypt" is not "money, nor will it be in the foreseeable future."

Bitcoin is "a combination of bladder, Ponzi scheme and disaster," said Agustin Carstens, head of the BIS.

He urged the central bank to push out bitcoins and other crypts to halt the elimination of majorstream institutions, and the emergence of "threats to financial stability".

• 15 Feb, 2018
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