FRENCH FINANCE MINISTER TO DRAFT REGULATIONS ON CRYPTO

French Finance Minister to draft cryptocurrency regulations

In a speech today, the French finance minister has announced plans to draft new rules and warned of the "risks of speculation and possible financial manipulation" linked to Cryptocurrencies.

A former central bank chief has been asked to draft these potential new rules, although no details of what they could contain have been provided.

Regulators across the world are attempting to take a harder stance against Cryptocurrencies as they gain further traction.

Germany's central bank has said that attempts to regulate Cryptocurencies with national/regional rules would be futile as the currencies themselves are virtual and borderless. They say it would take international coorperation.

This all comes inline with the French President Emmanuel Macron's protectionist stance, who's government has urging internet giants to stop using "tax havens"

French protectionism

This isn't the first time the French have taken protectionist stances. It is a common occurrence in their socialist society. French protectionist policies have often backfired, and have left the country with a reported 21.7 percent youth unemployment rate and a 9.7 unemployment rate across the country.

What are your thoughts?

Comment below your thoughts. Should crypto be regulated? What do you think the consequences could be for government elites pushing their agenda in areas that aren't deemed to be a high priority for the public?

Awful stuff man these governments need to stop doing this stuff

Well, when big regulations are pushed out like this, it just encourages companies and businesses not to mention residents to look at other countries to move to. Honestly, I would never go to germany or france, not even for a vacation. Let them regulate themselves into a tomb in the history books.

Spot on! - The EU is the slowest growing economic area, meaning in real GDP terms, it's a shrinking market. Their arrogance will lead us into a depression.

We're already behind a lot of Asian countries. These countries such as Singapore, Malaysia and Hong Kong (China) are all branded tax-havens, yet have a wonderful standard of living for their citizens!

While China go from hyper-regulation and control to free-market, we go from free-market to hyper-regulation and control.

I would much rather see it regulated then outright banned. You pay taxes on everything else this should be no different

Taxes and regulations are two completely different matters. You're also proposing a new tax on what exactly? Crypto still requires you to pay all current taxes. Different countries treat it differently, so which ones you pay differs from country to country. In the UK Crypto is treated like foreign currency, putting it inline with all existing legislation on corporation/income/capital gains taxes.

Additionally, taxes are damaging to the economy, so the more taxes, the more damage you inflict. Taxes are a way for government to raise money to pay for itself, not there to arbitrarily punish people for making money just because "they should pay more tax"

Los gobiernos buscan frenar el bitcoin, por que se sienten amenazados por el, pero la fortaleza del bitcoin y de las mayorías de las criptomonedas es tan fuerte, pero detener un poco su progreso, pero siempre es por corto tiempo, el bitcoin siempre triunfara.

"Hay esperanza" - los pollos hermanos