Efforts have been made over the years to regulate Bitcoin trade and reduce many criminal activities that may occur in the future.
For instance, the Financial Stability Board (FSB) has examined the impact the trade may have on individuals and the global sector at large. The Board consists of the governors of Central Bank, financial regulators of G-20 nations and other government officials. The governors and regulators were asked to focus on major issues that would enable the exchange business to become more financially stable.
According to them, “innovations such as digital identity and DLT-based applications could support improved quality and accessibility of, or financial services for, end-users,”
Earlier this month, the French government in a bid to trade unlisted securities using Blockchain technology also approved rules that would enable easier assess and safer ways of carrying out the transaction.
An Initial Coin Offering (ICO) has also been launched by the financial regulators under the direction of AMF (Autorité des marchés financiers), in a programme, UNICORN. Some of the aims and objectives of the programme are to encourage token sales and also protect investors to carry out their plans very effectively and hence, enable them to participate actively in the trade.
The minister of France, Bruno Le Maire laid much emphasis on the Bitcoin trade. According to him, the idea of regulating the cryptocurrency should be fully discussed during the G-20 summit that would take place next year. He made his statement clearly and reported thus:
“I am going to propose to the next G20 President Argentina, that at the G20 summit in April we have a discussion all together on the question of Bitcoin. There is evidently a risk of speculation. We need to consider and examine this and see how . . . with all the other G20 members can regulate Bitcoin.”