The head of Germany's central bank believes that Bitcoin should be controlled through an international standardised set of regulations.

Joachim Wuermeling commented that cryptocurrencies are hugely difficult to control within regions or countries, and instead of being regulated on a national level, should be maintained internationally. At a recent event in Frankfurt, the banker explained that cryptocurrencies should be overseen on a worldwide scale, with regulators coordinating their guidelines. He added that effective regulation of such currencies would only be obtainable through global teamwork and support.

His comments come after huge developments in China and South Korea regarding laws and regulations concerning Bitcoin. South Korea was allegedly proposing to remove and halt exchanges, yet these accusations were later dismissed by the President's office.

However, South Korea has revealed it is working on new and improved legislation, which aims to reduce investing in cryptocurrencies by ordering banks to conform to the new know-your-customer policies. In addition to this, it intends to inflict penalties and fines on traders and investors who refuse to stop using unidentified virtual accounts for such currencies.

In the meantime, China has also suggested that it too may attempt to diminish mining activity, by reducing tax and power benefits for organisations.