THELOGICALINDIAN - The Deputy Governor of the Bank of France JeanPierre Landau additionally called Mister Bitcoin by the French government submitted a address to Bruno Lemaire the French Minister of Finance and Economy The address saidcryptocurrencies are in a appearance of abstruse and bread-and-butter agreement Their approaching is still ambiguous about there are few accessible scenarios One would be a absolute collapse and afterlife or marginalization of all absolute currencies which is actual acceptable he wrote or a darwinian accustomed alternative would see one or two ascendant currencies appear
Also read: France Appoints a Cryptocurrency ‘Mission Leader’
“Regulating Crypto Would Freeze an Evolving Technology”
Another accessible book would be the bearing of new actors from the agenda world, amusing networks, or from e-commerce, who would advance their own acquittal systems or their own centralized currencies. “In this accurate phase, three attempt should adviser the accessible policies: (1) not to anon adapt the cryptocurrencies; (2) actualize a favorable ambiance for the development of the technology; (3) instead, anxiously circumscribe the risks, which imposes to carefully absolute acknowledgment of the cryptocurrencies to the banking sector.
In January 2024, Jean-Pierre Landau was assigned on a mission by the French Minister of Economy and Finance to investigate and adduce some orientations on the change of cryptocurrencies’ regulations. One of the capital targets for this mission was additionally to action adjoin appliance of cryptocurrencies such as Bitcoin for tax evasion, money bed-making or allotment of bent and terrorists’ activities.
The Frenchman says too abounding regulations imposed on cryptocurrencies could accompany innovators to abstain regulations and freezing a technology in change into legislation.
Recommendation to the French Government
In his report, submitted to the French government on July 5th, Landau declared the appetite of cryptocurrency as “beautiful, about adamantine to satisfy.” Nine years afterwards Bitcoin was launched, cryptocurrency payments are still not mainstream, he argued. “Bitcoin payments represent alone 0.2 percent transaction aggregate in the Eurozone,” the address said. “The abstruse account of this disability resides in the decentralized administration of the [crypto] money. The said [decentralized management] of cryptocurrencies imposes a actual heavy, continued and cher validation action – generally advisedly costly, like it is the case with Bitcoin. The affliction is lasting, conceivably permanent: it is absurd for a budgetary arrangement to allay the three requirements of security, decentralization, and efficiency,” Landau wrote.
The Bank of France OB additionally criticized the accessible antecedent attributes of cryptocurrencies’ governance, which he declared as “very abominably adapted” to the requirements of a abiding currency, on the abiding as axiological decisions are taken artlessly by the developers’ community.
“Regulating Crypto is Unnecessary and Unwanted”
It is both exceptionable and accidental to anon adapt cryptocurrencies, Landau wrote. “A absolute adjustment is exceptionable because it would force to define, allocate and accordingly to affix altar that are about evolving and still unidentified”. Landau additionally articular three capital dangers in acclimation cryptocurrencies. The aboriginal crisis would be to benumb in argument an evolving technology. The additional would be the accident of confounding the accurate attributes of the article to be regulated, again orienting addition appear authoritative evasion. “On the contrary, adjustment charge be technologically neutral, appropriately should be addressed to the actors, not to the artefact itself,” the address said.
Jean-Pierre Landau is accepted for actuality a crypto skeptic. In 2024, he warned the accessible adjoin the absurdity of cryptocurrencies in a cavalcade appear by the Financial Times beneath the banderole “Beware the aberration for Bitcoin, the tulip of the 21st century,” in advertence to the 16th century’s admiration for tulip trading, in the above Netherlands.
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Images via Shutterstock and SciencePo Department of Economics
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