Openness and its limits – The Minister of Economy and Finance, Bruno le Maire, gave details of what could be considered an outline of the French authorities’ roadmap for crypto-assets. If France does not want to miss the revolution web3, it remains intransigent on certain points which aim to protect the sovereignty of its currency and that of Europe.
Crypto regulation: extremes as enemies
In an interview with BFM Crypto, Bruno le Maire clarified his view and vision of cryptocurrencies. The Minister of Economy and Finance spread out, unsurprisingly, over the issue of industry regulationwhich he puts in parallel with this ambition to make the country “the European hub of the crypto-asset ecosystem”.
To achieve this objective, Bruno le Maire evokes two pitfalls to avoid, which correspond to two extremes. One concerns fears related to innovation, competition, and decentralization. The other is about:
“The idolatry of a world without a state, without a central bank, without borders and ultimately without money”.
These remarks thus go against the dreams of the maximalists of decentralization, who see in any form of centralization, partial or total, the evil to be overcome at all costs.
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From France to Europe: an attractive framework for bitcoin
Bruno le Maire recalls in his interview, what he considers to be France’s regulatory victories, in the field of crypto-assets: the consultation for the drafting of the PACTE law, and the creation of the PSAN statuswhich would be “the most successful regulatory framework in Europe”.
To support his statements on these major advances made by France in industry, the Minister of the Economy did not fail to mention the names of Binance and Crypto.com, two giants who have put their suitcases in Parisattracted by the “many talents” of the country and by sound regulations.
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Bruno le Maire also defends the government’s record in the field of crypto-assets. He emphasizes the fact that the MiCa regulationwhich is expected to come into force in 2024, would draw inspiration from the French regulatory frameworkand is its “natural extension”.
The Minister of the Economy affirms that the crypto companies which have obtained the sesame PSAN, should thus more easily receive the future European approval.
Green active cryptos: Ethereum, the good student
Bruno le Maire also presented the government’s strategy, concerning the environmental aspect of crypto-assets. This approach would be based on “a scientific and rigorous basis”, with a report on the environmental impact of crypto-assets drawn up with the “stakeholders concerned, in inclusive meetings”.
The Minister of the Economy even had flattering words on The Mergewhich is expected to reduce the carbon footprint ofEthereum (ETH).
Strong coherent signal and/or opportunism, The French State through EDF’s web3 subsidiary is also doing run over 150 nodes on a post-Merge Ethereum.
Taxation and the unquestionable reign of the Euro
On questions relating to taxes and duties on bitcoin and crypto-assets, Bruno le Maire rules out for the moment the scenario of a “pure and simple alignment with equities”. The year 2023 would be that of deepening reflections with the actors concerned, whether or not it is necessary adaptations to current tax legislation.
Although the words of the Minister of the Economy on crypto-assets are moderate, with an apparent desire to show that France is engaged in this race for innovation in the world of web3, the limits of this openness are clear. The Euro remains the only reference currency.
Tax payments with cryptocurrencies, like in Colorado, are “not on the agenda”, while adding that:
“Bitcoin is not intended to become a large-scale means of payment in the European Union”
These remarks by Bruno le Maire still raise questions about the future of the crypto industry in France, if the authorities were to ban certain cryptocurrencies, to protect the Euro. The Banque de France does not seem to see these cryptocurrencies favorably. that compete and could overshadow fiat money.
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