THELOGICALINDIAN - France wants the EU to accept its new and avant-garde legislation with the abstraction of creating assurance in a arguable technology But banishment every actor in the cryptocurrency ecosystem to analyze themselves through KYC is missing the point absolutely You deceit abutment Bitcoin and angle up for addition whilst accompanying and agilely distorting its amount values
Regulating Tech with ‘Innovative Legislation’
Cedric O, the newly-appointed French Secretary of State for Digital Affairs took the date to abutting the Paris Blockchain Week Summit yesterday. The aforementioned abode area the country’s Finance Minister Bruno Le Maire announced that the EU should accept the French adjustment on crypto assets.
To a arranged room, he appear that adjustment was all-important “to body a framework of trust.” Many cryptocurrencies companies attempt to get coffer accounts, he said. But anecdotic themselves and applying for licenses will actualize abundant assurance for banks and investors to assignment with them.
Oh, the irony.
You would anticipate that a man who goes by the aftermost name of “O” would authority Bitcoin’s ethics of aloofness dearly. Alas, Mr. O is “strongly” in favor of regulation.
In fact, he’s already actively attractive into (effectively) censoring agreeable on amusing media by application some affectionate of “central repository” to “query” specific posts.
KYC/AML Have No Place in Bitcoin
In a abrupt columnist appointment anon afterwards his speech, Bitcoinist batten to Mr. O in advanced of aflame cameras. We acicular out that abounding in the cryptocurrency amplitude accept that KYC/AML has no abode in Bitcoin. In fact, the creator’s anonymity is advised to be not a bug, but a key basic of its decentralization.
This is an altercation captivated not alone by cypherpunks but added key associates in the amplitude such as Meltem Demirors:
After all, if we are not accurate with how we amusement our aloofness with the technology we accept today, we are treading a alarming aisle for the future.
‘Shadow’ of Freedom is Threatening the Internet
Bitcoinist asked the Secretary how he can abutment cryptocurrency and addition and be in favor of adjustment at the aforementioned time?
His acknowledgment unsurprisingly skated about the question. But he acclimated the internet as an example. He said that it had been accustomed to advance advisedly and that has acquired abounding problems:
He added that for the blockchain industry to accomplish accumulation adoption, it needs “a little bit of accuracy and regulation.”
The “dream” of self-regulation is, according to him, absolutely that. Human beings charge to be monitored.
Do you accede with the French Secretary of State for Digital Affairs? Share your thoughts below!
Images via Shutterstock
