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French Finance Committee: Ban on Anonymous Cryptocurrencies Appropriate

The head of the committee of France’s National Assembly, Eric Woerth, is suggesting a ban on anonymous cryptocurrencies, or questionable privacy coins. Woerth expressed his position in a very recent report on crypto assets and blockchain technology.

In a forward to the report, Woerth considers the introduction of a ban on digital currencies that offer the greatest anonymity to users, stating:

“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.”

The president supposedly announced “The distinction between the various uses of (cryptocurrencies) should continue, to ascertain a finer and a lot of precise regulation guardian of the overall interest, further because of the non-public interest of the entrepreneurs of this domain,” Apart from that, Woerth addresses possible issues related to cryptocurrencies, together with fraud, evasion, concealing, and energy consumption. 

In the month of April, the Japanese regulators urged similar measures by preventing cryptocurrency exchanges from trading anonymity-oriented altcoins Dash (DASH) and Monero. “It ought to be seriously mentioned on whether or not any registered cryptocurrency exchange ought to be allowed to use such currencies,” same associate degree anonymous member of the country’s regulator the monetary Services Authority.

Last December, the lower house of the French parliament rejected amendments to the 2019 finance bill which might ease crypto-related taxation. The parliament rejected four proposals in total, wherever one among the amendments projected to extend the annual volume of transactions that fall underneath tax exemption from 305 monetary unit (around $341) to three,000 monetary unit ($3,359), or even 5,000 monetary unit ($5,599).

In 2017, French President Emmanuel  Macron said that he would love France to become a “startup nation,” France’s overall stance towards digital currencies remains imprecise. In November of last year, the country’s financial institution refused to endorse an inspiration that might enable thousands of tobacco kiosks to sell Bitcoin (BTC) beginning in January 2019.

About Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

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