French Finance Committee Suggests Banning Anonymous Cryptocurrency

By Warren Hayes | March 10, 2019
French Finance Committee Suggests Banning Anonymous Cryptocurrencies

In a recent report on crypto assets and blockchain technology,  Éric Woerth, the head of the Finance Committee of France’s National Assembly, recommended a ban on anonymous cryptocurrency, also known as privacy coin.

Woerth claimed that doing so would result in better levels of anonymity to users, stating: “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.”

Other problems linked with cryptocurrencies, such as fraud, tax evasion, money laundering, and energy consumption, are also addressed in the report. “The distinction between the different uses of [cryptocurrencies] must continue, to establish a finer and more precise regulation protector of the general interest, as well as the private interest of the entrepreneurs of this domain,” The president added.

Later last year, the lower house of the French government rejected amendments to the 2019 finance bill which would ease crypto-related taxation. Of all four denied proposals, one of them want to increase the annual amount of transactions that fall under tax exclusion from 305 euro (around $341) to 3,000 euro ($3,359), or up to 5,000 euro ($5,599).

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