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German Central Bank Director Believes Cryptos Must Be Regulated Globally

The director of Germany’s central bank believes cryptos need global reguilations.

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Joachim Wuermeling, director of Germany’s central bank, Bundesbank, believes that bitcoin should be regulated on the global level and not just on the national level.

Speaking at an event in Frankfurt, the banker said that because boarderless regulations are difficult to implement, nations must work in tandem to regulate cryptocurrencies effectively.

“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.”

Recently, South Korean officials recently warned they might shut down exchange access altogether, they have instead taken measures to ban anonymous trading — a move China looks positioned to follow suit on.

The majority of exchanges that allow access from the United States do require proof of government identification for users already.

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