© Reuters.  Bitcoin was lower on Tuesday. © Reuters. Bitcoin was lower on Tuesday.

Investing.com – Bitcoin and other virtual currencies fell on Tuesday as Japan prepares to urge the G20 to adopt rules to prevent global money laundering of cryptocurrencies.

Bitcoin was trading at $9,005.50, slumping 7.99% as of 7:47 AM ET (11:47 GMT) on the Bitfinex after hitting a low of $8,462.00 on Sunday. The cryptocurrency has struggled to gain ground after falling to $6,000 in early February and is far from its peak of $20,000 in December.

Other virtual currencies were down, with rival Ethereum, the world’s second largest cryptocurrency by market cap, falling 5.78% to $690.22 on the Bitfinex exchange. Ripple, the third largest virtual currency, was down 6.44% to $0.76813 while Litecoinwas last at $172.74, a decrease of 9.92%.

Japan will urge G20 finance officials to ramp up efforts against cryptocurrencies being used in money laundering. It’s unlikely global rules will be agreed on and the meetings will instead focus on consumer protection and steps to prevent money laundering, officials said.

The group of finance ministers and central bankers from 20 major economies are due to meet in Buenos Aires on March 19 to 20.

As virtual currencies grow in popularity, regulators around the world have struggled with how to oversee the digital coins.

Japan is the first country to oversee cryptocurrency trading. France and Germany are expected to make a joint proposal to regulate the virtual currency market. Thailand is considering imposing a 10% capital gains tax on cryptocurrency investments, according to the Bangkok Report.

Meanwhile a European Central Bank board member wrote in an op-ed that bitcoin and other virtual coins are too risky to be used as legal tender but could be used by policy makers to settle payments among financial institutions.

“General-purpose central-bank digital currencies could revolutionize the way money is provided and the role of central banks in the financial system, but these are uncharted waters,” said Benoit Coeure, an ECB board member who chairs the Bank for International Settlements Committee on Payments and Market Infrastructures.