Home News France to Soon Pass Law Banning Use of Privacy Focused Cryptocurrency

France to Soon Pass Law Banning Use of Privacy Focused Cryptocurrency

March 11, 2019 17:36
|
Share with your friends

France, which has kept away itself from cryptocurrency regulations is now actively planning to ban privacy-focused cryptocurrency. Head of the finance committee of France’s National Assembly, Eric Woerth is considering the introduction of a ban on digital currency that provides greater anonymity to users.

As per the new law, which is expected to get passed soon, coins like Monero, Dash, Bitcoin Private could soon be forbidden. Woerth stated:

Ad

“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.”

According to Woerth, problems associated with such cryptocurrencies include fraud, tax evasion, money laundering and energy consumption.

“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.

The issues related to privacy-focused cryptocurrency has been concerning many other regulators including the Japanese regulator and also suggested similar measures preventing cryptocurrency exchanges from trading such cryptocurrency. Right now, its not clear when such regulations will come into force in France, but forcing out such digital currency would not be an easy task given its widespread adoption.

Join the Discussion on Telegram

LEAVE A REPLY

Please enter your comment!
Please enter your name here