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Cryptocurrency

Will France ban anonymous cryptocurrencies?

Amandeep Sonewane | Mar. 8, 2019
Will France ban anonymous cryptocurrencies?

March 8, 2019, | AtoZ Markets - Anonymous cryptocurrencies have been controversial in the crypto world since their inception. These digital assets have the ability to hide the user's identity, which many libertarians call it their right! Banks and regulators also believe that anonymous cryptocurrencies are the currency of choice among cybercriminals. The latter believe that anonymous digital assets have the potential to be used for tax evasion, money laundering, or other illegal purposes. However, they have all failed to prove their theory till now.

Meanwhile, there is a new joiner for the crypto AML rally, France. Now, the question is will France ban anonymous cryptocurrencies?

While governments cannot completely shut anonymous cryptocurrencies down, they can issue bans on these digital assets, deeming them to be illegal.

Will France ban anonymous cryptocurrencies?

Eric Woerth, the head of the Finance Committee of France’s National Assembly, has proposed banning of anonymous cryptocurrencies in a recent report about crypto assets and blockchain technology shared by the French Assembly. According to him, the anonymous cryptocurrencies that allow users to hide their identity, such as Monero, PIVX, DeepOnion, Zcash, should be banned because of the risks they entail. His remark is that anonymous crypto users can use these digital assets without undergoing any verification process.

Eric Woerth’s anonymous cryptocurrency report stated that:

“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. This is the case for a certain number of cryptocurrencies like Monero, PIVX, DeepOnion, Zcash etc., whose purpose is to bypass any possibility of identifying the holders. To date, regulation has not gone that far.”

Furthermore, Mr. Woerth claims that the use of this type of cryptocurrencies poses major financial issues such as fraud, tax evasion, money laundering, and energy consumption. Therefore, they should be banned. The French authorities announced in December that they did not plan to loosen crypto taxation. Some members of the French parliament also proposed in December to invest €500M in the blockchain.

Is this yet another uncalculated attack on cryptocurencies or do you think that France will ban anonymous cryptocurrencies? Share your feedback and comments with us.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.