Eric Woerth ,French Financial Regulator Proposes Ban on Anonymous Cryptocurrencies , or so-called privacy coins

The head of the finance committee of France’s National Assembly, Eric Woerth, is suggesting a ban on anonymous cryptocurrencies, or alleged privacy coins. Woerth expressed his position in an exceedingly recent report on crypto assets and blockchain technology.

In a forward to the report, Woerth considers the introduction of a ban on digital currencies that give larger anonymity to users, stating:

“It would even are acceptable to propose a ban on the dissemination and change [cryptocurrencies built] to make sure complete namelessness by preventing any identification procedure designed.

This is often the case for a specific 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 way.”

Apart from that, Woerth addresses potential issues related to cryptocurrencies, as well as fraud, tax evasion, money laundering, and energy consumption. “The distinction between the various uses of [cryptocurrencies] should continue, to ascertain a finer and additional precise regulation protector of the final interest, further as the personal interest of the entrepreneurs of this domain,” the president supposedly additional.

In Apr 2018, Japanese regulators suggested similar measures by preventing cryptocurrency exchanges from commercialism anonymity-oriented Altcoins Dash (DASH) and Monero.

“It ought to be seriously mentioned on whether or not any registered cryptocurrency exchange should be allowed to use such currencies,” said an unidentified member of the country’s regulator the monetary Services Authority.

Last December, the lower house of the French parliament rejected amendments to the 2019 finance bill which might ease crypto-related taxation. The parliament rejected four proposals in total, wherever one amongst the amendments planned to extend the annual volume of transactions that falls beneath tax exemption from 305 monetary unit (around $341) to 3,000 euro ($3,359), or even 5,000 euro ($5,599).

In 2017, French President Emmanuel macron stated he would really like France to become a "startup nation," France’s overall stance towards digital currencies remains vague. In November of last year, the country’s central bank refused to endorse an idea that might permit thousands of tobacco kiosks to sell Bitcoin (BTC) beginning in Jan 2019.

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