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Bitcoin in France: Senators focus on crypto assets

Bitcoin, kesako? “It had to happen one day, didn’t it? That’s it, it’s now official, the French Senate is interested in crypto-assets. You wonder why. For reg-le-men-ter! But before making the bill, the commission of inquiry will make a list cryptos in our country. The goal of our parliamentarians is first of all to understand this mysterious ecosystem.

The transparent mother of all vices

On July 31, 2022, the Senate website published an explanatory memorandum regarding crypto-assets. First, this paper discusses the historical and technological aspects of crypto and blockchain. It turns out that Bitcoin and cryptocurrencies are not currencies, as their value is determined by supply and demand. Moreover, their anonymous use would facilitate illegal transactions.

“So crypto-asset, thanks blockchain, have a simple goal: to make encrypted, anonymous, secure, transparent exchanges possible for users and above all opaque for authorities. »

Not surprisingly, we are the first to detect money laundering through digital assets. This activity has strongly advanced in 2021 to reach 8.6 billion dollars. However, it remains much lower than 2 trillion USD washed in the fiat.

Then comes the financing of terrorism that was going on via bitcoin ATM. This case also sounded the death knell ATM on the territory of France, at the end of 2020. Finally, the document also mentions the use cryptocurrencies on the darknet.

Between the rise of crypto-asset-related crime and the lack of public information, the observation is simple. We have to get things right.

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Insufficient regulation of Bitcoin

According to the document, Christine Lagarde regrets the delay in implementation MiCA law. Indeed, the regulation is not supposed to enter into force before 2024. It is also pushing national and European authorities to speed up the process. The president of the ECB also thinks that the text is “too limited”. There is an urgent need to protect consumers at risk.

So, which framework to choose for Bitcoin and other crypto assets? The author presents a very wide range of regulations adopted by different countries. That’s what he calls himself China’s very restrictive attitude.

Moreover, states that opt ​​for flexible regulations would rather be in an unstable political situation. For example, the Ukrainian president Zelensky legalized cryptocurrencies March 16, 2022 This made it easier to receive donations of digital assets to equip the military. Since then, the central bank has limited the ability to buy cryptocurrencies with the hryvnia, the national currency.

The parliamentary text also cites El Salvador making Bitcoin legal tender in September 2021. IMF he did not fail to call the country to order. It should not be easy to establish a regulatory text taking into account all these ecosystem dimensions.

What does this senatorial commission of inquiry have? The author of the text concludes that, first of all, it is urgent to know crypto-assets better in order to possibly regulate them. A spirit of openness that is commendable. We bet parliamentarians will have the courtesy to consult professionals in the sector. If regulation is necessary to limit abuse, it should not interfere with innooutside and entrepreneurial freedom.

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