Bruno Le Maire – France as a “global hub for crypto-assets”

The Minister of Economy and Finance Bruno the Mayor has just delivered an exhaustive point of view on the “crypto-asset” sector, but also on DeFi. This in a long interview which one wonders if it is not somewhat disconnected from the reality on the ground. Because the latter plans to make France the “global hub” of this digital economy. Even though the policies put in place against this sector are anything but welcoming. But nothing surprising according to him, because it will go through “rigour, realism and pragmatism”. An entire program.

Reading this interview with Bruno Le Maire, one could almost have the impression that France is a territory open to innovation. Yet it is much more often in brain drain and punitive regulation that the current government has distinguished itself vis-à-vis the cryptocurrency sector. With a way of protecting investors that looks more like collective punishmentjust to be sure to kill terrorism and money laundering supposed to gangrene the slightest digital plot.

However, the discourse has definitely changed in tone… or communication manager. Because it seems that despite the tensions of the past, the cryptocurrency sector has become more frequent for the French government. With a statement of intent that now needs to be accompanied by facts: transforming France into “a global crypto-asset hub”. But without ever slipping out of the frame of a mica bill who wanted, among other things, to ban Bitcoin mining just a few months ago. So much for the “crypto-friendly” context!


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Bruno Le Maire – Bitcoin is not a currency

Of course, Bruno Le Maire never speaks of “cryptocurrencies”, but always of “crypto-assets”. Because only the BFM Crypto journalist behind this interview uses this first term, banned from government vocabulary for an obvious reason. These are not currenciessame crypto… and never will be.

I say it without ambiguity, our currency must remain the euro and bitcoin is not intended to become a means of payment on a large scale in the European Union. This is first and foremost a matter of social cohesion. (…) It is also a subject of sovereignty. We cannot be masters of our destiny without mastering our monetary policy in Europe. »

Bruno the Mayor

A status that Christine Lagarde also refuses to stablecoins, not even capable of being currencies in her eyes. And this whilea digital euro was already launched last June in the United States by the company Circle, official issuer of the USDC. An eventuality to which Bruno Le Maire does not, however, oppose. Because it indicates that this could be envisaged within the framework of the MiCA bill, if however a “strict parity” can be ensured with the euro.

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Bruno Le Maire – A crypto hub stamped PSAN

A kind of war of terminology from which we finally wonder if the journalist and Bruno Le Maire are indeed talking about the same thing. But obviously yes, since the central issue of regulation has become obvious. With the need to develop a crypto hub which will have to “comply with European and, before the entry into force of MICA, national regulations”. That is to say with the obtaining of the famous PSAN which Binance and have just acquired in turn.

An interview which is also the opportunity to discuss the subject of DeFi. A “new trend that could tomorrow reveal a transforming power for the financial industry” that Bruno Le Maire does not want to miss. While welcoming the entry of “large century-old banking groups” into this new digital adventure. With a pass about taxation who seems determined to separate cryptocurrencies (for this unique time named as such) and actions, because “the evolution of technologies and uses can question certain current standards”. Knowing that the government wishes to “use the year 2023 to deepen (these) reflections”.


Widely Adopted Resolution to Harmonize Crypto Taxation Across the EU

Nathalie E. – 04 Oct 2022 – 18:01

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So let’s assume that French policy can effectively support innovation, without nipping it in the bud in parallel. And while hoping that as in trading, the experiences of the past will not necessarily be used to predict the future. Because in this case, France will only have a crypto hub with the name given by Bruno LeMaire in this interview…

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