Bitcoin must fend for itself – In France, funds deposited in the bank are theoretically guaranteed up to 100,000 euros per depositor and per bank. It’s the Deposit Guarantee and Resolution Fund (FGDR) who is responsible for ensuring this protection. Unsurprisingly, the FDGR leader recently insisted that Bitcoin (BTC) and cryptos cannot not be included in this protection.
Bitcoin “is not a currency”, so no guarantee fund
Whether Bitcoin is a legal tender currency At salvador since September 7, 2021, unfortunately few bankers in the rest of the world have such high regard for the king of cryptos. This is particularly not the case for Thierry DissauxChairman of the Management Board of the Deposit Guarantee and Resolution Fund.
In an interview with BFM Crypto, the boss of the FGDR explains that the crypto-assets cannot benefit the coverage of its fund. Because if the latter covers deposits in euros up to €100,000and financial securities (stocks, bonds, etc.) up to €70,000cryptocurrencies would not be Neither in his eyes (we will have to warn the American SEC about it!).
“Legally, a cryptocurrency is not a currency: it does not depend on any central bank, in any country, and therefore cannot constitute a reserve value. Cryptocurrencies are not financial securities either. All the securities we cover are all denominated in euros or in an official currency (dollar, yen, etc.), issued by a central bank, which is not the case for cryptocurrencies. »
Thierry Dissaux, Chairman of the Executive Board of the FGDR
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Already too difficult to obtain, the PSAN approval for cryptos would not change anything
As we have already mentioned several times, thePSAN approval (digital asset service provider) has proven itself so far far too complex (and impossible) to obtain with the Financial Markets Authority (AMF).
But the worst is that all these effortsif they managed to succeed one day for a crypto-company, would be useless to obtain recognition from the Guarantee Fund. In any case, this is what its president tells us:
“(…) The FGDR only covers transactions carried out by banks and other financial intermediaries licensed as investment service providers (PSI). Very often, crypto-assets are offered by exchange platforms known as PSAN, which do not have such approval and are not members of the FGDR. »
Thierry Dissaux, Chairman of the Executive Board of the FGDR
The recent banking crisis in the United States, who came to shake the French banksseems to worry the president of the FGDR less than ugly cryptocurrencies “speculative”. However, without interventionism of the US central bank (the Fed), we would have known a bank run (a rush at the bank counters) quite simply dantesque. On a scale that would certainly not have been covered by the Guarantee Fund, after his contagious arrival in France. But the problem is Bitcoin, never the banks (yet the BTC was invented After the crisis of 2008No ?).
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