Bye, Bye Monero? France is considering a ban of anonymous crypto-currencies

the France is currently discussing about banning anonymous crypto-currencies. Privacy Coins like Monero, ZCash, Dash and co. could be explained in soon to be illegal. In addition, France is working on a legislation, which covers all aspects of Bitcoin, Altcoins, and Blockchain technology.

By Phillip Horch
On 7. March 2019BTC$3.888,67 0.74%Facebook Twitter LinkedIn xing mail

Monero is primarily for the encryption of transactions and anonymous payments. Thus, the technology provides a way to move money under the Radar of authorities. The same is true – with some limitations – for all the so-called Privacy Coins. So, it is in the (technological) nature of the private crypto-currencies such as ZCash, Dash, Verge, or Komodo, to be not necessary in the case of any tax Declaration. So it's no wonder that they are some of the governmental and tax authorities, a thorn in the eye.

France recognizes the difference of Bitcoin and Blockchain to the

is currently in France. The national Assembly on 6. March, a 148-page report (report) published by clarifies the risks and opportunities of crypto-currencies, like Bitcoin, Ether, and Ripple. In it, she acknowledges, first, that Bitcoin is different from his (Blockchain)technology, in order to find a proper legislation. For Privacy Coins, the French national Assembly seems to have the solution already found: she pulls out a ban on all private crypto-currencies that are eligible.

Privacy Coins were thus a threat, by you would promote your anonymity crimes such as money laundering. Details of a technical implementation of this ban, or the Monitoring of the same from saves the document.

Principled sensitivity to crypto-currencies

Otherwise, the country Bitcoin & co. to open. As you can see from the document, the government intends to develop the best possible and appropriate legislation for crypto-currencies. So France can compete in the competition for future-oriented technologies and technology-location of molting. The competition is here, of course, on your toes: countries like Malta or Liechtenstein deal long in-depth with the technology and try, accordingly, to attract companies. But something is happening in France: The government allows it since January to sell Bitcoin in tobacco shops. The adaptation was relatively successful: After all, 4,000 tobacco retailer decided to integrate the new payment option in your System. Of course, trackable.

Read also: Fortnite: Now payments with Monero (XMR)

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