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France: Financial Regulator Suggests A Ban On Anonymous Cryptocurrencies

France is apparently taking an initiative towards banning all of the anonymous cryptocurrencies. As the crypto news today show, the country is suggesting a ban on the assets which are known as ‘privacy coins’. According to the head of the Finance Committee of France’s National Assembly, Eric Woerth, these altcoins need to be banned.

As he stated while introducing the ban on digital currencies that provide greater anonymity to users:

“It would also have been appropriate to propose a ban on the dissemination and trade in [cryptocurrencies built] to ensure complete anonymity by preventing any identification procedure by design. […] This is the case for a certain number of [cryptocurrencies] (Monero, PIVX, DeepOnion, Zcash…) whose purpose is to bypass any possibility of identifying the holders. To date, regulation has not gone that far.”

Aside from this, Woerth addresses possible problems associated with cryptocurrencies such as fraud, tax evasion, money laundering and energy consumption.

“The distinction between the different uses of [cryptocurrencies] must continue, to establish a finer and more precise regulation protector of the general interest, as well as the private interest of the entrepreneurs of this domain,” he added.

In April 2018, the regulators in Japan suggested similar measures by preventing cryptocurrency exchanges from trading the anonymity oriented altcoins Dash (DASH) and Monero (XMR).