Bruno Le Maire – France as a “Global Hub for Crypto Assets”

The Minister of Economy and Finance Mayor Bruno has just provided an exhaustive view on the “crypto-asset” sector, but also on DeFi. This in a long interview, which makes one wonder if it is not something separate from the reality on the ground. Because the latter plans to make France the “global hub” of this digital economy. Even if the policies introduced towards this sector are anything but welcoming. But nothing surprising according to him, because it will go through “stringency, realism and pragmatism”. A whole program.

Reading this interview with Bruno Le Maire, one could almost get the impression that France is an area open to innovation. Yet it is much more often in brain drain and punitive regulation that the current government has distinguished itself in relation to the cryptocurrency sector. With a way to protect investors that looks more like collective punishmentjust to be sure to kill terrorism and money laundering that should cold burn the smallest digital plot.

But the discourse has certainly changed in tone… or communications 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 must now be accompanied by facts: turning France into “a global hub for cryptoassets”. But without ever slipping out of the frame of one mica calculation which, among other things, wanted 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 talk about “cryptocurrencies” but always about “crypto-assets”. Because only the BFM Crypto journalist behind this interview uses this first term banned from the government vocabulary for an obvious reason. They are not currenciessame crypto… and never will be.

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

Mayor Bruno

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

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Bruno Le Maire – A crypto hub labeled PSAN

A kind of terminology war from which we finally wonder if the journalist and Bruno Le Maire are really talking about the same thing. But apparently yes, as the central issue of regulation has become obvious. With the need to develop a crypto hub which must “comply with European and, prior to MICA’s entry into force, national regulations”. That is, with the achievement of the famous PSAN which Binance and Crypto.com have just acquired in turn.

An interview which is also opportunity to discuss the topic of DeFi. A “new trend that tomorrow may reveal a transformational force for the financial industry” that Bruno Le Maire will not miss. As we welcome the entry of “major century-old banking groups” into this new digital adventure. With a passport about taxation that seems to be determined to separate cryptocurrencies (for this unique time named as such) and actions because “the development of technologies and applications may call into question certain current standards”. Knowing that the government wants to “use the year 2023 to deepen (these) reflections”.

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Broadly adopted resolution to harmonize crypto taxation across the EU

Nathalie E. – October 4, 2022 – 6:01 p.m

The European Parliament has just voted in favor of one with an overwhelming majority […]

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So let’s assume so French policy can effectively support innovation, without nipping it in the bud in parallel. And while one hopes 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 one crypto hub with the name given by Bruno LeMaire in this interview…

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