No International Rules, Germany Banned Bitcoin Transactions

The virtual currency exchange rate, bitcoin keeps fluctuating every day. This has led to a number of countries issuing policies or prohibitions for the public to reduce this virtual money circulation.

One of them Germany, through the central bank, Germany revealed to ban cryptocurrency including bitcoin, because the type of currency it needs international rules. This is because the national or regional rules made by each country are not strong enough to be implemented.

Member of the board of the German Bundesbank, Joachim Wuermeling said, all authority in the world, especially in Asia is currently trying to stop the wild currents bitcoin price that is currently referred to as a digital asset.

According to him, national rules in a country will not be able to cope with the phenomenon of this virtual currency. “This rule of virtual money can be applied if there is cooperation from a number of countries, if only from one country, obviously very limited in strength,” said Wuermeling.

In addition to Germany, previously financial authorities in China have also banned the initial coin offering. They take action by closing the cryptocurrencies trading exchanges and bitcoin mining. However, the activity is still done by the community, but illegally.

Then South Korea, also a country that prohibits the circulation of crypto money. Because crypto money is judged to have high speculation. Then, EU member states last month agreed to tighten rules related to bitcoin and other virtual money, this is to prevent money laundering and financing terrorism.