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Bitcoin Regulations Central Bank of Germany

Experts believe that it is necessary to start controlling cryptocurrencies, which have been expanding all over the world. Virtual currencies are anonymous – some of them – and they are difficult to track in several cases. This characteristics are perfect for criminals and individuals interested in money laundering activities.

How to Control Cryptocurrencies?

In Spain, there have been different operations against drug dealers that were using these virtual currencies to launder money. For example, in April, an important gang related to money laundering activities, used cryptocurrencies like Bitcoin to hide their operations.

Germán López Iglesias, General Director of the Police at that time, warned about the impact that these currencies had in the economy and in criminal activities and crime.

About this topic, the attorney of the National Audience, Carmen Ballester, commented:

“The investigations with cryptocurrencies are almost impossible to be performed with the tools we have. We go very slow, enough is that we do something.”

According to the attorney, it is necessary to regulate cryptocurrencies, something that is very complicated because they can disappear if that happens. The truth is that the market needs some kind of control. Countries like Japan and South Korea, decided to take important measures to regulate the market and allow it to keep growing in a sustainable way.

Sergio Otero, specialist in money laundering activities, commented:

“Since the moment they will be regulated, cryptocurrencies will not be effective anymore. Why do people buy them? Because they are not controlled.”

Financial Control

The president of the National Securities Market Commission (CNMV), Sebastián Albella, asked for regulations on cryptocurrencies at the European level, and not only in Spain. The problems with virtual currencies and the lack of control is affecting everyone in the market, but this time is related to investments.

There are no clear rules for investors. The market does not know how to act. There are different actors involved that are surrounded by uncertainty.

The lack of control is raising concerns on enterprises and reducing the trust of the investors. During the last years we have seen different scams in the crypto world, and this is affecting the whole ecosystem.

The cryptocurrency space has attracted companies, individuals and investors. Clearly, they need to be regulated but at the same time, have a legal framework where to invest in. In this way, investors will be sure that their funds are safe.


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