Crypto: what are the proposals of the presidential candidates?

In recent years, cryptocurrencies have entered the political debate more widely. While the majority of 2022 presidential candidates have not spoken much on the subject, a new theme has emerged.

A growing campaign theme

When it comes time to vote, every voice feels valuable. For some voters, however, the measures being considered for the crypto industry could tip the scales.

According to a study conducted by KPMG, 8% of French people have invested in digital assets, while only 6.7% hold stocks. An even more surprising number stood out: for 18% of respondents, the presidential candidate’s position on cryptocurrencies can influence their vote. For 4% of them, it is even a decisive point.

Issues related to the digital industry have increased in importance between the French presidential elections of 2017 and 2022. The Covid-19 pandemic and the war in Ukraine have contributed to this. However, the subject has struggled to emerge since the start of the campaign.

French sovereignty in the digital domain, education in digital tools and access to these tools are part of most plans. Only the candidates of the New Anti-Capitalist Party, Philippe Poutou and Nathalie Arthaud of Lutte Ouvrière, did not comment on the subject.

The proposals of the main candidates

Marine Le Pen: from prohibition to regulation

Marine Le Pen, presidential candidate for the third time in 2022, spoke early on about cryptocurrencies. In 2016, she even called for a ban on bitcoin, arguing that it was dangerous. Almost six years later, the candidate of the National Rally seems to have nuanced her remarks. The Rassemblement National hopes to integrate cryptocurrencies into existing financial and legal frameworks, possibly with some flexibility in specific areas.

Emmanuel Macron: regulating and developing the sector

Outgoing President Emmanuel Macron has spoken on cryptocurrencies several times. His government has also introduced legislation for the sector. The Republican Party positioned itself globally in March to increase scrutiny of crypto assets.

In 2018, President Macron explained at the Davos Economic Forum that he believed cryptocurrencies were under-regulated. In November 2018, an amendment to the taxation of cryptocurrency capital gains required holders to declare any account held overseas and levied high capital gains taxes. In May 2019, the PACTE law created the status of digital asset service provider (PSAN) and an optional visa for fundraising in cryptocurrencies (ICO).

But when it comes to blockchain, the government isn’t completely rejecting everything. During the 2022 presidential campaign, candidate Macron surprised everyone when he announced that he wanted to create a “European metaverse”. If re-elected, President Macron seems to want to continue in the same direction during his term and focus on the development of blockchain technologies.

For Mélenchon, it’s a scam

The candidate of France Insoumise has spoken little about crypto-currencies, and he seems to be wary of Bitcoin considering that it is a scam. Last February, the media reported that Jean-Luc Mélenchon, like Éric Zemmour, planned to visit the Ledger company. But to our knowledge, this visit did not take place.

Valérie Pécresse wants to make France one of the leaders in the sector

Valérie Pécresse has communicated on the estate in recent weeks as the campaign ends. She says blockchain and related technologies are revolutionary and worries that France is being overtaken on the international stage.

She believes that the ecosystem is a way to remunerate content creators more fairly and facilitates “the emergence of an Internet of Entrepreneurs who better share the value to reward creators”.

Valérie Pécresse pointed out France’s sovereignty over digital currencies and wishes to develop the cryptocurrency sector to secure a place at the international level.

Zemmour very favorable to cryptos

Eric Zemmour is one of the candidates who speaks openly about crypto-currencies. Last February, the Reconquest candidate visited Ledger, a French company that manufactures physical wallets. Eric Zemmour wants to reduce taxes for cryptocurrency holders who “reinvest their earnings in the real economy”. He also mentioned administrative issues that could slow businesses and investors down.

The Reconquest Party strongly wishes to encourage the development of the sector. Like its director, Eric Zemour sees in these new technologies a question of sovereignty which, according to him, will make France shine.

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Crypto: what are the proposals of the presidential candidates?

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