The Bank of France calls for a better management of crypto-currencies

Several governments and institutions are reluctant to the respect of the crypto-currency. Also, in the past, some of the statements may have important effects on the crypto-markets, discouraging, comforting or maddening investors. On Monday, 5 march 2018, it is the Bank of France has published a report focusing in particular on the crypto-assets. Let’s see what emerges…

A desire for protection

The Bank of France is the main institution for monetary and financial of the Hexagon. Fortunately for the crypto-traders, it does not demand to ban crypto-currencies. The case of an entity whose reports are taken very seriously by the authorities of the country, it is rather good news. It is an intervention seems to be more favourable than that of the BIS (Bank of international settlements) about a month ago. But, in reality, it is quite possible that it can go in the same direction.

For the historic slopes, you can discover a video presenting the opinion of the governor of the Bank of France on the Bitcoin last year :

In reality, the Bank of France calls for a framework of greater investments and exchanges for the crypto-currency. The formal purpose sought is the protection of investors as well as markets that are still strongly marked by volatility. It is in this context that strengthened regulation of the crypto-currency is viewed by the facilitators as being timely and ” desirable “.

A certain mistrust

Nevertheless, if the substance of the report of the Bank of France seems to be positive, one can guess of distrust vis-à-vis the crypto-currency. Thus, the sub-governor Denis Beau said that the crypto-assets were ” vectors of financial risks “. He also added that the crypto-investors should be more vigilant than they are today, even as the service providers of this sector is new and emerging.

For the savings, the BDF would like to as crypto-investments are reserved for experienced users. The framework set could be quite strict. Similarly, the French banks could be prohibited from receiving deposits or lending in crypto-currency. All of this refers in part to the theme of the governance of monetary crypto-currencies :

In fact, the protection of crypto-investors seems to mostly be an argument of rhetoric. The report seems to want to focus on the “fight against money laundering” of money, while wanting to interfere with the possible ” financing of terrorism “. What are the elements to be the source of regulations that have been put in place in other countries already, such as in Malaysia.

Source : The Figaro economy

  • Mike Sunshine

    Please don’t delete and replace my comment