French Finance Committee Proposes Anonymous Cryptocurrencies Ban

Cryptocurrency Europe France Regulations
Éric Woerth, President of the Finance Committee of the French National Assembly, has proposed a ban on cryptocurrencies designed to ensure the anonymity of their users.
Maciek Klimowicz
Written by Maciek Klimowicz

The Finance Committee of France’s National Assembly – the lower house of the French parliament – has released an almost 150-page long report on virtual currencies. The report recommends the banning of anonymous cryptocurrencies but also calls on regulators to study the technology and its application.

The introduction to the report, penned by Éric Woerth, the President of the Finance Committee of the French National Assembly, proposes a ban on cryptocurrencies designed to ensure the anonymity of its users.

“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,” wrote Woerth, as reported by Forbes

Woerth’s introduction mentions a number of issues usually associated with cryptocurrencies, such as fraud, tax evasion, and money laundering.  

“We must be aware of the problems that [cryptocurrencies] can pose in terms of fraud, tax evasion, money laundering or fraud, or energy consumption,” he wrote.

Further in, the report itself dives deep into the nature of blockchain technology, the characteristics of various utility tokens, the availability of cryptocurrency payments across Europe, ICOs, and much more.

While Wroeth advocated banning cryptocurrencies “whose purpose is to bypass any possibility of identifying the holders” he does concede that, in order to establish precise cryptocurrency regulations that protect both the public interest and the private interests of crypto-entrepreneurs, a distinction between the different uses of cryptocurrencies must be made.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

Leave a Comment

Coinlaw Newsletter

Whether you are a law firm, founder gearing-up for a token offering, or a crypto currency trader, subscribe to the biggest crypto legal newsletter to be informed of the latest developments in each and every jurisdiction