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France May Ban Privacy Coins

The head of the Finance Committee of France’s National Assembly, Eric Woerth, has proposed banning anonymous cryptocurrencies. The proposal was presented in a recent Woerth’s report on crypto assets and blockchain technology.
news - France May Ban Privacy Coins

The head of the Finance Committee of France’s National Assembly, Eric Woerth, has proposed banning anonymous cryptocurrencies. The proposal was presented in a recent Woerth’s report on crypto assets and blockchain technology.

“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(Monero, PIVX, DeepOnion, Zcash…) whose purpose is to bypass any possibility of identifying the holders. To date, regulation has not gone that far,” Eric Woerth explained. 

It is expected that the ban will help to avoid possible crypto related problems — tax evasion, money laundering, fraud, and energy consumption. 

As a reminder, back in December, the lower house of the French parliament rejected amendments to the 2019 finance bill which would ease crypto-related taxation. The parliament rejected four proposals in total, where one of the amendments proposed to increase the annual volume of transactions that falls under tax exemption from 305 euro (around $341) to 3,000 euro ($3,359), or even 5,000 euro ($5,599).

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France’s overall stance towards digital currencies remains vague. In November of last year, the country’s central bank refused to endorse a plan that would allow thousands of tobacco kiosks to sell Bitcoin (BTC) starting in January 2019.

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