According to a freshly released 97-page report, the head of France’s Crypto Regulatory Task Force, Jean-Pierre Landau, does not believe it is necessary to regulate the nation’s crypto sector.
Known locally as ‘Monseuir Bitcoin’, Landau has been in charge of overseeing the adoption of cryptocurrency in France since the start of this year. As per the report released by his team, they found that crypto technology as a whole “had its upsides along with some drawbacks”.
This is in stark contrast to what Landau has previously said about cryptocurrencies in the past– often comparing “Bitcoin to the 17th Century tulip mania”.
Details of the Report
In the report, the French Crypto Task Force found that the sector if handled with care could usher in tremendous “economic and financial opportunities” for the French masses. However, Landau then went on to say that:
“The emergence of a number of cryptocurrencies such as Bitcoin definitely brings a lot of promising opportunities for our economy but at the same time raises questions about the possible risks these currencies may incur– particularly because of their high-volatility”.
As was to be expected, Landau also commented on how cryptocurrencies have the underlying potential for being used in relation to things such as money laundering, smuggling, terrorism and other nefarious activities.
However, he once again countered his criticism by saying:
“Despite any doubts, we must take cryptocurrencies seriously. The excitement they generate helps advent promising technologies. They even pose fundamental questions about the future of payments, money and finance in the digital age”.
With Landau looking optimistic about blockchain and crypto technology as a whole, things definitely seem to be looking good for the global crypto community.
However, with that being said, it is important for everyone to understand that in order for blockchain services to enter the mainstream “technological innovations need to be dissociated from financial innovations”.
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