French lawmaker Pierre calls on Europe to have a clear strategy on crypto ⋆ ZyCrypto

While some regulators are very pessimistic about the crypto markets, others believe that the new market will lead to the next stage of innovation and global competition. Pierre Person, a longtime supporter of Europe as it embraces the new market, called on the crowd to once again become a hub for crypto and blockchain innovations.

Person’s proposals

Person, Member of the French Parliament, a 188 page report It was released on Wednesday, calling out the EU’s continued lack of clarity on digital assets compared to its neighbors and rivals. The person said the camp’s approach was defensive with little intention of exploiting breakthrough technology and the market.

“The EU has not adopted a clear strategy on crypto-assets,” he said, adding that “Europe’s posture is more defensive than acting on new challenges.”

In person, in his recent report titled “Currencies, Banks and Finance: Towards a New Crypto Era,” he laid out several plans for lawmakers in France and Europe to position Europe as a contender in the blockchain innovation battle. . These proposals include; Turn intellectual property laws into NFTs, legalize Decentralized Autonomous Organizations (DAOs), change regulations to conceal DeFi, and enable secure discoveries through the regulatory sandbox.

The lawmaker is currently nearing the end of his term, which calls for a ban on fossil fuel mining of crypto in line with the country’s carbon emissions targets. Also, the person called on both France and the European Union to create a central bank digital currency (CBDC).

It is not the first time that a legislator has pressed the EU to support innovation in a new market. In 2018, the person wrote a report on the new market approved by the House of Commons under the French Parliament, which led to much stricter crypto-taxation and initial regulation of the currency supply. Earlier this year, French lawmakers voiced their opposition to banning bitcoin.

The Rollercoaster of Crypto Regulation in Europe

The EU’s journey to regulate the crypto market has put many in the industry on edge. Significantly, in March the block came close to banning Bitcoin and other PoW cryptocurrencies. After a very long time, it adopted the exciting AML rule which effectively prohibits transactions from uninstalled crypto wallets.

Moreover, reports from key members of the European Central Bank in recent months have not been encouraging. ECB Executive Fabio Panetta has compared crypto markets to a Ponzi scheme, saying ECB President Christine Lagarde sees no value in the new market.

However, despite all this, there are indications of a growing pro-crypto stance among member states. For example, the leading crypto exchange finance gained rapid continuity recognition in Italy and France.

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French lawmaker Pierre calls on Europe to have a clear strategy on crypto ⋆ ZyCrypto


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