Joachim Wuermeling, a member of the board of Germany's Bundesbank, has suggested that any attempt to regulate cryptocurrencies would require international cooperation. Speaking at an event in Frankfurt on Jan. 15, the director told listeners:
"Effective regulation of virtual currencies would therefore only be achievable through the greatest possible international cooperation, because the regulatory power of nation states is obviously limited.”
After the Chinese government banned cryptocurrency exchanges from operating domestically in September, many Chinese crypto traders simply moved their activities to exchanges in Japan, and possibly South Korea, according to some analysts.
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