France and Germany to propose bitcoin regulations

PARIS: France and Germany said Thursday plan to make a joint proposal on regulating bitcoin at a meeting of finance ministers from the G20 countries in March.

"We have the same concerns and we share the goal of regulating bitcoin," French Finance Minister Bruno Le Maire said at a joint press conference with his German counterpart Peter Altmaier.

Le Maire has tasked a former deputy governor of the Bank of France to come up with proposals.

"These proposals on regulation will be submitted as joint French-German position to our G20 counterparts" at their mid-March meeting in Buenos Aires.

The Group of 20 club of nations, which was born during the 2008 financial crisis, has focused on the global economy.

For his part, Altmaier said "we have a responsibility to our citizens to explain the risks and reduce the risks by regulations which are needed."

Their promise to develop regulations came a day after a sharp drop in the value of bitcoin, which fell through the $10,000 level for the first time since November after authorities in China and South Korea cracked down on cryptocurrencies.