The French National Assembly’s Finance Head Wants To Ban Privacy Coins

The head of the Finance Committee of France’s National Assembly, Éric Woerth, has recently affirmed that privacy coins (the ones such as Monero and Zcash) should be banned. The announcement came after the report from the committee about cryptocurrencies was published.

According to him, it would be “appropriate” to propose a ban on all privacy-focused cryptos because they offer too much anonymity to the users.

Before talking about privacy coins, Woerth mentions that there are challenges for crypto regulators and for the lawmakers which devise laws for this industry. These problems, he affirms, are related to how cryptos can be a problem for tax evasion, fraud and money laundering if they are left unregulated.

He deems it necessary, then, ensure that complete anonymity is not allowed. Currencies like Monero, he says, have the purpose of bypassing the law because the holders of the assets simply cannot be identified.

It does not get very clear to which extent he wants to ban these coins, though. He could be talking about banning its usage completely or maybe barring exchanges from trading this kind of asset freely. In any case, his position is completely against the privacy coins as they are far too dangerous to be allowed.

Fortunately, the head of the committee is not really against the blockchain or cryptos. He is just cautious about technologies which offer complete anonymity. According to him, only the privacy coins should be banned, all the other crypto assets should be regulated instead.

He has affirmed that a distinction has to be made between the different kinds of cryptos in order to protect society and the “general interest”, as well as the private interest of the people in this industry.

It is fair to notice that, even with all the regulation, banks are more widely used to launder money than cryptos. It is more likely that big banks like the Danske Bank, which was caught last year, would be involved in this kind of activity than Monero.

However, one should not completely discard the potential of using privacy coins for money laundering, as the amount of money being laundered using them would skyrocket if they achieved a wide adoption.

The report finishes by affirming that cryptos should be internationally regulated. You can read the original report of the Finance Committee of France’s National Assembly here in French.

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