In Germany believed that cryptocurrencies must be regulated globally

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Director of Bundesbank Joachim Wuermeling said that unlimited cryptocurrencies are difficult to regulate in a particular region or country. Speaking at an event in Frankfurt, the banker said that cryptocurrencies are instead globally controlled, and regulators harmonize their rules together. To that end, Wuermeling said that such state of affairs could be achieved only if cooperation is intensified.

His remarks follow developments in China and South Korea on the regulatory front. It is noteworthy that South Korea was reportedly planning to close the exchanges, although those rumors were later refuted by the presidential administration.

However, South Korea is acting in accordance with the new rules to slow speculative investment in cryptocurrency flows, forcing banks to comply with new rules for their customers and impose fines on investors who refuse to stop using anonymous virtual for cryptocurrency transactions.

Meanwhile, China indicated that it could try to reduce mining activity by eliminating tax and power benefits for companies.