French Report: Cryptocurrency Should not be RegulatedJuly 16, 2018
In a recent report, a French professional has identified that cryptocurrency shouldn’t be regulated. The report also shows that cryptocurrency is neither desirable nor necessary. Jean-Pierre Landau, the cryptocurrency task force head for the French Blockchain regulatory policy explained during the interview about the regulatory state of cryptocurrency.
In the report, the head of the crypto task force explained the reasons why cryptocurrency should not be regulated. He also mentioned the dangers of defining the cryptocurrency in the wrong class. He then cited some issues that prove the riskiness of the cryptocurrencies.
According to Landau, the danger is three-pronged. He then said that the regulation should be neutral. To become innovative towards the regulation, the regulation should be technologically neutral. Landau also said that this approach is more balanced than the previous one. There is no doubt that an over-regulation can affect the market and worst, could kill it.
When speaking about the regulatory state, Landau also mentioned South Korea regarding its ICO ban. In London, the minister of the house has released a report on the advantages of the distributed ledger technology. With the majority of the cryptocurrency community, they preferred a light touch of the regulatory approach and then believed that cryptocurrency should not be regulated.
There are arguments that the industry can be self-regulating. In a recent report, 16 Japanese exchanges have taken actions in setting up an independent association for the regulation of cryptocurrency exchanges.
When regards to the French Regulatory policy, the announcements have been positive when it comes to the Blockchain regulation. Last March, the Minister for Finance and Economics enumerated the benefits of the DLT. With this, people are then expected to be more involved and become channels of the revolution. In April, the country also reduced the tax rate on cryptocurrency from 45% to 19%.
Most of the crypto enthusiast, politicians and traders around the globe are moving towards the technology. Landau also cited some crypto exchanges on which the regulatory model can be followed. France has come a long way in the acceptance of cryptocurrencies. It is also a thorough change of viewpoint from Landau, who has once compared bitcoins to a tulip bubble in the 17th century. This very rare comparison has been refuted several times. Several months from now, it was expected to observe some of the perspectives of French politicians regarding the issue of cryptocurrency regulation.