Government Opinion

A French Financial Regulator wants anonymous crypto coins banned

Eric Woerth who is the head of the Finance Committee, the French National Assembly has proposed a ban on anonymous crypto coins. He expressed this opinion in a recent report on cryptocurrency assets and the blockchain technology.

An excerpt of the statement reads:

“It would also have been appropriate to propose a ban on the dissemination and trade in [cryptocurrencies built] to ensure complete anonymity by preventing any identification procedure by design. […] This is the case for a certain number of [cryptocurrencies] (Monero, PIVX, DeepOnion, Zcash…) whose purpose is to bypass any possibility of identifying the holders. To date, regulation has not gone that far.”

He went on to address other possible problems that are associated with cryptocurrencies including, tax evasion, fraud, energy consumption and money laundering. Woerth went on to add that “The distinction between the different uses of (cryptocurrencies) must continue, to establish a finer and more precise regulation protector of the general interest, as well as the private interest of the entrepreneurs of this domain.”

Interestingly, Japanese regulators last April suggested similar measures that sought to prevent crypto exchanges from trading anonymous crypto coins such as Monero and Dash. According to one unnamed member of the Financial Services Authority, the regulators had suggested that the topic had to be seriously discussed to determine whether any registered crypto exchange would be allowed to use the so-called privacy coins.

This isn’t the first time the French parliament has discussed unfavorable regulations towards cryptocurrencies as in December 2018, the lower house of the French parliament declined amendments to the proposed 2019 finance bill that sought to ease cryptocurrency related taxation.

At the time the parliament rejected a total of four proposals that were all crypto related.

What’s your take on the head of the French Finance Committee proposing a ban on anonymous crypto coins? Share your thoughts in the comment section below.

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Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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