- Finance Committee of France’s National Assembly President Éric Woerth has stated in the foreword of a new report that privacy coins should be banned
- The coins, he says, is an inconvenience to lawmakers
- The report does acknowledge that fiat currency is more popular for criminal activities
If there is any topic that will spark great debate among crypto users, it is the topic of privacy coins vs non-privacy coins.
On one hand, some will argue that crypto was invented to give consumers freedom from large institutions and part of this involves greater privacy when it comes to financial transactions.
At the same time, more conservative people often feel uncomfortable with the idea of privacy Coins because they can be more readily used to commit a crime and are not traceable, unlike regular coins. When funds from the Cryptopia Hack were discovered and frozen on Binance, it was because they were regular coins and not privacy coins, otherwise, they would likely have been gone for good.
The French Assembly
It would seem that the anti-privacy coins sentiment is shared by the Finance Committee of France’s National Assembly President Éric Woerth.
The Committee recently published a report and in the forward of the report, Woerth made the suggestion that privacy coins be banned.
Woerth argues that privacy coins constitute a problem for regulators and thus, the need for a ban.
“We must be aware of the problems that [cryptocurrencies] can pose in terms of fraud, tax evasion, money laundering or fraud, or energy consumption,” he says.
He goes on to say that the dissemination and trade of coins designed to ensure anonymity needs to be banned. He did not, however, go into details about whether their use would be restricted or if they will be banned outright in the same way cryptos are completely banned in China.
Fortunately, Woerth does not seem to be blatantly anti-crypto or anti-blockchain. He advocates that distinction be made between the various aspects of both and only the parts that prove problematic to regulators and lawmakers be sanctioned.
“The distinction between the different uses of [cryptocurrencies] must continue, to establish a finer and more precise regulation protector of the general interest, as well as the private interest of the entrepreneurs of this domain.”
The report itself recommends that framework is set up for the points in which there is overlap between crypto assets and the traditional financial system and also acknowledges that fiat currency is dominant when it comes to the perpetuation of crime.