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Each day, different governments are trying to regulate digital currencies. Starting with USA, South Korea, and China many countries are restricting. The aim is to track how digital currencies spread. France is the latest to come up with the law. French Minister for Economy Bruno Le Maire makes the announcement. The minister says that he the government is creating ‘digital currencies mission.’
The mission aims to check how digital coins spread. The minister says that the government intends to come up with laws. Some of the laws must involve new products in the market. Cryptocurrency market is one of the products. Bruno says that without proper laws, it is hard to regulate digital coins.
Besides to forming the digital currencies mission, the minister makes an appointment. He appoints Jean-Pierre Landau, the group’s leader. Mr. Landau is the deputy governor of the Bank of France (BOF). In past events, the minister is describing the bitcoin as a tulip craze. But the minister is going forward to form the mission. Besides, he is selecting the leader for the purpose.
Several months ago, many people in France thought politicians would support cryptos. They believe this will happen after seeing Emmanuel Macron hold a hardware wallet. Many digital currency proponents have a feeling the president will support digital coins. Most of those who feel so are proponents of digital coins. Their passion comes to life when they see Macron brandish a ledger wallet.
Macron, a left-leaning president is not what they think he was. A few months into office, his government is announcing the formation of a ‘mission.’ According to the Economy Minister, the formation of the mission is nothing to worry about. The minister says that the aim is to ‘study’ digital currencies. He also adds that the mission will propose regulatory standards.
This last part is what worries industry proponents is. They feel that if there will be standards, it will mean the end of trading in digital coins. Speaking of the step, the minister says it is important. He agrees that there may be restrictions. But he also says that regulation is better for the country. He says it is a bad thing that others are regulating. Why will France lag behind?
“We want a stable economy. We reject the risks of speculation. No country will welcome possible financial diversions that come with bitcoin. I ask the Argentine G20 members to take up this issue. For now, I have Jean-Pierre Landau. He will complete the mission about cryptocurrencies,” says Bruno. Jean-Pierre’s Mission will be responsible for coming up with guidelines. It is true that it will take time to adapt. But because the government is quick to act, it will be possible.
Like many countries, France is home to various digital currency exchanges. La Maison du Bitcoin or the Bitcoin House is one of them. There is also the La Cercle du Bitcoin (Bitcoin Boulevard). These are two big houses in France where you can exchange bitcoin. If the minister imposes a strict law on the altcoins, these businesses may shut.
