In line with recent ‘report‘ on crypto assets and ‘blockchain‘ technology, the head of the Financial committee of France’s National Assembly namely ‘Eric Woerth’, has suggested a ban on anonymous cryptocurrencies, or privacy coins.
As per the report, Woerth considers the introduction of a ban on cryptocurrencies that offer larger anonymity to users, adding:
“It would also have been applicable to propose a ban on the dissemination and trading cryptocurrencies built to make sure complete anonymity by forbidding any identification procedure by design. This is often the scenario for a certain no of cryptocurrencies (Monero, PIVX, DeepOnion, ‘Zcash‘…) whose purpose is to bypass any risk of identifying the holders. To date, regulation has not gone that far.”
Moreover, Woerth addresses formal issues related to cryptocurrencies such as ‘fraud‘, tax evasion, ‘laundering‘, and energy consumption. “The distinction between the various uses of cryptocurrencies should continue, to ascertain a finer and a lot more precise regulation guardian of the general interest, along with the personal interest of the entrepreneurs of this domain,” the president supposedly stated.
Earlier in April last year, Japanese regulators ‘prompted‘ similar measures by preventing crypto exchanges from dealing with anonymity-oriented altcoins Dash [DASH] and Monero [XMR]. “It ought to be seriously mentioned as to whether or not any registered cryptocurrency exchange ought to be allowed to use such currencies,” aforementioned an anonymous member within the country’s regulator the Financial Services Authority.
Even Last Dec., the lower house of the French parliament ‘rejected‘ amendments to the 2019 finance bill which might ease cryptocurrencies-related taxation. The parliament rejected four proposals in total, where one amongst the amendments planned to extend the annual volume of transactions that falls beneath tax exemption from 305 Euro [around $341 USD] to 3,000 Euro [$3,359 USD], or even 5,000 Euro [$5,599 USD].
Earlier in 2017, French President Emmanuel Macron ‘aforementioned‘ that he would really like France to become a “startup nation,” France’s overall stance towards cryptocurrencies remains obscure. In Nov. last year, the country’s reserve bank ‘refused‘ to endorse a concept that was expected to allow thousands of tobacco kiosks to sell Bitcoin [BTC] beginning from January 2019.