France Initiates Revision of Bitcoin Regulation on the Union Level

To be more precise, allow us to mention that the idea belongs to a particular French minister – the minister of finance Pierre Moscovici. He has revealed his intentions on the 4th of March in form of a request towards European regulators to review the existing policy. The aim is to unify the approach in all member countries and to simplify the mechanisms of reaction.

The official statement was provided to Euroactiv. The minister has underlined that he is asking the EU Economic and Financial Affairs Council (ECOFIN) to consider the matter of Bitcoin seriously. His intention is to inform the EU Commission with a letter opting to put the question on virtual assets in the agenda.

Mr. Moscovici said:

“This is an imperative topic to be treated not only at national level but also at European level. In order to ensure this necessary convergence, I intend to request the other countries of the European Union to bring the topic on the agenda of the Ecofin Council.”

It has been also mentioned that the office of the finance minister has researched the matters around Bitcoin for more than a year and is ready to present the results to ECOFIN.

The Aftermath

 Success in the hearings might bring the EU a new set of documentation considering all questions on cryptographic currencies. Currently the union lacks any standards or directives speaking on the matter.

The European Banking Authority is currently the biggest organization that has a clear position on Bitcoin. Many countries have voiced their worries or formed opinions following the revelations of the EBA. France personally has spoken on Bitcoin in the middle of January, deciding later to implement restrictions on the exchange service opened in the country.

As long as there is no law on Bitcoin, developed by the government, the situation holds a high level of uncertainty. The Bank of France named the Bitcoin “neither legal tender nor a means of payment”. The correct nomenclature of the virtual currency might bring all member countries closer to ruling out the situation.

In case the EU administration will work on Bitcoin, its legitimate status and corresponding documents, a very big region might settle the topic setting an example for other countries. However, the final result will be received in some time – further research, development of documentary, testing and evaluation will require financial, human and power investments.



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