On Friday, it was reported that French minister for the economy and finance Bruno Le Maire, French central bank governor François Villeroy de Galhau, German acting federal minister of finance Peter Altmaier, and Deutsche Bundesbank (German central bank) president Jens Weidmann sent a letter to Luis Caputo, secretary of finance for Argentina. The letter called for efforts to address cryptocurrency in G20 conversations and reports. Argentina, of course, is the current leader of the international forum.
French and German officials specifically called for an International Monetary Fund report on the financial stability ramifications of cryptocurrency, an international report on the implications of cryptocurrencies, and progress on transnational regulation.
"We believe there may be new opportunities arising from the tokens and the technologies behind them," they wrote. "However, tokens could pose substantial risks for investors and can be vulnerable to financial crime without appropriate measures."
"In the longer run, potential risks in the field of financial stability may emerge as well," they continued.
Now, it sounds like international authorities are quickly realizing that the cryptocurrency markets – and their touchpoints with the conventional economy – go far beyond the scope of the bitcoin alone.