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French Financial Regulators put forth the idea of ban on anonymous cryptocurrencies


French Financial Regulators put forth the idea of ban on anonymous cryptocurrencies

Eric Woerth who is the head of the Finance Committee of France's National Assembly has suggested a ban on anonymous virtual currencies. Woerth has expressed his position in a recent report on blockchain technology and crypto assets. Woerth addresses possible problems that are associated with cryptocurrencies which includes fraud, tax evasion, energy consumption and theft. He argued that the distinction between various uses of virtual currencies could continue for establishing a better network of the use of this technology. He said, "Virtual currencies are being used in several domains and this must continue. However, for establishing a better regulation of the general interest and private interest of the businessmen of this domain, the distinction of use of the virtual currencies must continue."

In April 2018, Japanese regulators said some measures that could be preventing cryptocurrency exchanges from trading anonymity-oriented alternate coins called Monero and Dash. "It should be discussed whether cryptocurrency exchange should be allowed to use such currencies," said a regulator of the French Financial Services Authority.

The lower house of the French parliament rejected the amendments for 2019 finance bills which would be easing out crypto-related taxation. The parliament has already rejected four proposals where one of these suggested to increase the volume of transactions which fell under tax exemption from $341 tp $3,359. Emmanuel Macron said in 2017 that he wanted start-ups and ventures to grow in the country and they were ready to adapt to changes. However, the stance of France towards digital currencies still remains vague.