French lawmakers are calling for a crypto committee

Amid mounting legal questions surrounding the push to make cryptocurrencies an accepted means of payment in every country around the world, French Senator Nathalie Goulet on Thursday (July 28) pushed for a committee to regulate their use in that country, as of a the published letter shows the side of the Senate.

The Ministry of Economy and Finance stated that there were more than 5,000 cryptocurrencies in circulation around the world last year, with Bitcoin being the most popular and profitable. Although the crypto market has collapsed since its November peak, there are many who still rely on cryptocurrencies as their primary means of payment in all situations where it is permitted, the letter said.

But there are still many people who don’t understand, a scenario that requires government intervention to help everyone get on a level playing field when it comes to cryptocurrencies.

“When the press regularly reports on the evolution of crypto assets and their innovative nature, and when social networks are littered with ads extolling their merits and announcing product launches, one more grandiose than the next, the object remains poorly identified and many of us fellow citizens who are unfamiliar with this technology struggle to understand it,” the letter reads.

“Thanks to the blockchain, crypto assets pursue a simple goal: to enable encrypted, anonymous, secure, transparent exchange for users and, above all, opaque for the authorities,” the letter says. “The total lack of regulation by a central authority allows users to completely escape government oversight.”

The European Parliament and Council have adopted a proposal for a Funds Transfer Regulation (TFR) aimed at tackling money laundering through crypto assets and forcing companies to identify stakeholders from the first euro exchanged, but this rule will not come into effect immediately.

“If terrorist financing via crypto assets is a recognized problem today, it is actually just the visible part of the iceberg,” the letter reads. “Crypto assets are used today to support or engage in many other illegal activities.”

Related: French MEP Wants Binance Approval Regulatory Review

In June, a French Member of the European Parliament (MEP) wrote a letter urging her country’s market regulator to review its approval of cryptocurrency exchange Binance, saying a news report had shed light on possible money laundering activity on the platform.

Aurore Lalucq, who is also a member of the European Parliament’s Committee on Economic and Monetary Affairs, wants regulators to justify their “incomprehensible” decision to register a Binance entity as a digital asset service provider.

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