The pushback against cryptocurrencies from nation-states that rely on central fiat currency to, in part, maintain their hold on power is only increasing in the last few weeks.
France joins a growing list of nation-states that are working on developing regulation strategies, possibly even considering banning all or some cryptocurrencies altogether.
The French finance minister has called for tough new regulations on cryptocurrencies to stop them being used to dodge tax or finance terrorism and other crimes. In a speech today, Bruno Le Maire said he has ordered a former central bank chief to draft potential new rules, warning against the ‘risks of speculation and possible financial manipulation’ linked to Bitcoin and other such currencies.
Le Maire’s office couldn’t provide details of what the rules could contain. Regulators worldwide are taking a harder stance on the currencies as their values have skyrocketed. He also said President Emmanuel Macron’s government will ‘not cede anything’ as it presses internet giants to stop using tax havens and wants Europe to be more aggressive to compete with the U.S. and China.
A director at Germany’s central bank said any attempt to regulate cryptocurrencies such as Bitcoin must be on a global scale as national or regional rules would be hard to enforce on a virtual, borderless community.