Regulation of cryptocurrencies should be created at a larger scale and includes all counties since domestic or regional policies would be difficult to implement if investors trade in a borderless market, according to the director of the Federal Republic of Germany on Monday. Moreover, a board member of Germany’s central bank, Joachim Wuermeling, said that national rules could conflict with the global trend. He added that efficacy of managing cryptocurrencies would only be successful if other nations work together since a national level of regulation would have “limited” actions. Some nations have attempted to control trading bitcoin and other cryptocurrencies as means of digital money by users and try to sustain to curb global upscale, especially in Asia. In China, initial coin offering (ICO) was prohibited that led to the closure of local bitcoin trading, as well as bitcoin mining. Yet, there are still exchanges happening via alternative channels despite its ban. In its neighboring Asian country, South Korea, there are widespread speculations of the intention to block virtual coin trades. Moving to the European Union, legislators have come to an agreement on more stricter policies to impede money laundering and terrorism in financing virtual money exchange platforms and other cryptocurrencies.
