Representatives of the German Federal Government today declare that crypto money does not pose any threat to financial stability.
According to the Federal Government, the number of transactions made on crypto money constitutes a very low part of the global financial system, and therefore, the government is not able to recognize the crypto money as a threat, does not pose a threat to the existing scheme. However, the German government wants to continue to investigate this issue at G20 level and to control it if possible.
The German government also responded to the parliamentary inquiry initiated by the Alternative for Germany, a right-wing party, as well as to the views of the government authorities. It was requested that a report on the risks of crypto money be made in the investigation being initiated. According to the response given by government officials, crypto money contains risks such as money laundering, illegal income, online gambling, and terrorist financing. A national risk analysis report, now expected to be completed next year, is being worked on, and in the direction of this report it will be largely determined how the government will address the crypt money:
"Important regulations in Germany to control the risks of Bitcoin and other 'crypto- It is done. For example, crypto lenders and other financial service providers residing in Germany must comply with major anti-money laundering arrangements. "
Federal government officials also pointed out that the Federal Financial Supervision Authority (BaFin) He also emphasized that a permit should be obtained. Another point on the government was how important it was to provide international control in the cryptographic sector:
"Steps must be taken internationally, including in Europe. Therefore, the federal government is trying to deal with the cryptographic money issue both in Europe and internationally. "
It is also worth mentioning that the International Monetary Fund (IMF) made an explanation in May.
The IMF said that some time ago the crypto money did not pose a threat to global financial stability, and based on this discourse, it showed almost the same thing as the German authorities.