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European crypto division: Europe divided over the way forward

As Bitcoin and other cryptocurrencies create big worries among banks and nations, France and Germany are reportedly working towards ways to tighten their stance on cryptocurrencies after their meeting recent meeting in Paris. Nevertheless, Switzerland doesn’t think the opinion of France and Germany will affect their decision on showing a warm attitude towards cryptocurrencies and the opportunities it brings with it. This only demonstrates the first phase of a European crypto division as Europe has been considered quite on the crypto topic for a while.

After the French finance minister and a board member of the Bundesbank showed concerns on cryptocurrencies last week with the Bundesbank board member sharing his opinion on an international regulation of cryptocurrencies as the way forward, Angela Markel, the German Chancellor, and Macron the French president met on Friday in France for a joint Franco-German Elysee treated.

It is reported that during the meeting, the topic of Bitcoin and cryptocurrencies was raised, leading to the pair considering tougher regulations on cryptocurrencies. This is creating a lot of worries among the European crypto community given the level of influence these two nations have in Europe and the EU.

 “We will have a joint Franco-German analysis of the risks linked to Bitcoin, regulation proposals and these will be submitted as a joint proposal to our G20 counterparts at the G20 summit in Argentina in March”

On the other hand, the Swiss finance minister has a different point of view on this proposal for cryptocurrency regulations. According to him, cryptocurrencies are still too early to be regulated. He also made it clear that Switzerland is not in the EU which therefore means, any proposal made by Germany and France which doesn’t align with the views of the Swiss government on cryptocurrencies won’t be implemented in the country.

“We are who we are and want to be able to determine our future. We make our experiences and of course, we make cross-comparisons with the neighbours and distant competitors”

It should be noted this is coming at a moment when Switzerland is already showing a welcoming attitude towards cryptocurrencies.

The Minister in an extensive interview expressed his enthusiasm towards the jobs that could come along with the blockchain technology as well as cryptocurrencies. Zug, for example, is a small city in Switzerland that is being seen as a hub for blockchain technology housing big names like the Ethereum foundation.

With France and Germany sharing a different opinion with Switzerland, do you think we can expect to see other European nations come out with opposing views on the way forward?

Let us know your thoughts on this European crypto division below.

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