France & Germany United in the Movement Against Cryptocurrencies

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France and Germany are calling for a ban on cryptocurrencies which testifies to the big changes in the digital currency market.

Referring to various regulators, finance ministers of both countries explained that digital tokens ‘can cause significant risks to investors’ and undermine the potential long-term financial stability.

As officials said, the ambiguity related to the nature of cryptocurrency has lead to numerous speculations.

By the way, Agustin Carstens, the head of the Bank for International Settlements (BIS), has compared bitcoin to a combination of a soap bubble, the Ponzi scheme and an environmental catastrophe, and called on central banks to prevent the cryptocurrency movement in order to enclose from them the main institutions for which bitcoin and other digital currencies may supposedly cause a threat to financial stability.