France declares war on the cryptocurrencies

[carodupuis]

Well, it seems that banks and governments start to realize how dangerous bitcoin is for their power.
As someone stated, bitcoin will do for banks what e-mail did for post offices: it make them useless.

So, we can expect a strong reaction at every level, as we can already see.
But at the end, they can't stop bitcoin, they can only slow down its development.

I agree, the power is reacting

https://www.financemagnates.com/cryptocurrency/news/indian-banks-suspending-accounts-multiple-bitcoin-exchanges/

https://www.financemagnates.com/cryptocurrency/news/clock-ticking-cryptos-china-central-bank-spells-latest-crackdown/

but I'm not so sure bitcoin will win.

Whatever it is that is going to happen, I believe it will only happen in France. But one thing I’m praying about is that it never happen in other countries, cause it’s starting to seem like governments are following the same footsteps. Well, let’s just hope it doesn’t happen, that’s all.

[carlisle1]

This might be the cause of dropping its value , i also read about the banning of bitcoin ni korea particular in south korea if im not mistaken , the only thing that bothers me is that why they are banning this such thing wherein i cant see any illegal here that can make their economy to fluctuate  .

Well this is not the first time news happenings as regards to banning of bitcoin by some countries like south korea and china has affected the price, negative news of this magnitudes has always resulted into the dumping of the coin by panicked hodlers invariably  resulting into sharp drop in the price, nevertheless those countries has few hodlers compared to the overall populace of the hodlers.

sometimes this was been used by by some whales to make movements on the prices as we all know that they have big participations why the value of the coins moving grow Or dumping low.if a country declares banning on something,this means only in theirs not the whole world.this only have problem from french not to other countries.so we must not be affected

[Cryptomagnus]

Well, it seems that not only France, but any government, institution, media, corporation, declared war on the cryptocurrencies.

Two explanations:

1) they are scared and try to destroy cryptomarket

2) the want to profit, so they manipulate the market to make price fall to buy cheap.

We'll see.

[adolf512]

Well, it seems that not only France, but any government, institution, media, corporation, declared war on the cryptocurrencies.

Two explanations:

1) they are scared and try to destroy cryptomarket

2) the want to profit, so they manipulate the market to make price fall to buy cheap.

We'll see.

You are right, and these are not the only items on your list, why some countries react that way. But we must deal with our business and believe in the future of the crypto currency, because there are countries that on the contrary support and introduce new technologies related to crypto-currencies.

[junoreactor]

Well, it seems that not only France, but any government, institution, media, corporation, declared war on the cryptocurrencies.

Two explanations:

1) they are scared and try to destroy cryptomarket

2) the want to profit, so they manipulate the market to make price fall to buy cheap.

We'll see.

Still some countries within the SEPA zone are not willing to agree with France and Germany about these over-the-top regulations: let's see how the G20 summit goes, but UK, Ireland, Cyprus, Malta all share a different vision. There won't be a consensus we can be sure about that. Too much money involved.

[target]

Well, it seems that not only France, but any government, institution, media, corporation, declared war on the cryptocurrencies.

Two explanations:

1) they are scared and try to destroy cryptomarket

2) the want to profit, so they manipulate the market to make price fall to buy cheap.

We'll see.

You are right, and these are not the only items on your list, why some countries react that way. But we must deal with our business and believe in the future of the crypto currency, because there are countries that on the contrary support and introduce new technologies related to crypto-currencies.

Like Japan. Regulations are good but banning and considering it illegal will only make the market go wilder. Destroying its market is never going to work because it if will, it would have been destroyed back when BTC wasn't yet known.  No central institution can declare its value to be zero there its not going to work even if they all ban it.

[raven7886]

Well, it seems that not only France, but any government, institution, media, corporation, declared war on the cryptocurrencies.

Two explanations:

1) they are scared and try to destroy cryptomarket

2) the want to profit, so they manipulate the market to make price fall to buy cheap.

We'll see.

Still some countries within the SEPA zone are not willing to agree with France and Germany about these over-the-top regulations: let's see how the G20 summit goes, but UK, Ireland, Cyprus, Malta all share a different vision. There won't be a consensus we can be sure about that. Too much money involved.

It’s seems like we are not understanding this. I don’t think this is in a way to stop or ban Bitcoin… despite their central bank governor once said that Bitcoin is no cryptocurrency and neither is it a national currency.

I believe what the France government is trying to do is find a way of preventing those who use cryptocurrencies as a way to dodge paying their taxes, and also to find a way of stopping those that uses Bitcoin as a way to carry out some criminal activities. So, I don’t believe they are trying to ban Bitcoin, cause they never mentioned anything like banning.

[jlaw007]

Yes, it has an impact. They want to tax everyone, and they want accountability on transactions, to make sure that it will not be part of illegal activities or crimes, but that's not how bitcoin was created. It will be a trend since tax is very important to all governments.

[sukamasoto]

Let's compare if South korean and Japanese decide to ban bitcoin just like Chinese, I think bitcoin will be back into $ 500 again !
So yeah , France ban doesn't affect too much but if France join the army, I'm sure bitcoin value will drastically increase  !

[target]

Let's compare if South korean and Japanese decide to ban bitcoin just like Chinese, I think bitcoin will be back into $ 500 again !
So yeah , France ban doesn't affect too much but if France join the army, I'm sure bitcoin value will drastically increase  !

Lets hope that it will happen. I fully support the ban of bitcoin if it goes below $500 the better at least this way we can have more and I think the governments are not going to find the community hurtful to countries economy. $8K is already good but $500 is awesome, I bet banks can easily collect more than 16M BTC by then.

[katrimans]

Well, it seems that not only France, but any government, institution, media, corporation, declared war on the cryptocurrencies.

Two explanations:

1) they are scared and try to destroy cryptomarket

2) the want to profit, so they manipulate the market to make price fall to buy cheap.

We'll see.

These both reasons are valid and the thing is that crypto currencies are given people complete freedom over their wealth. They are free to use their money the way they want to use. Bitcoin is not only providing them with the most amazing investment but also profits too.

People are crazy the way blockchain technologies work and giving people a true sense of liberty. I don’t think so governments can destroy crypto.

[Lasvista]

I read on news that

"The French finance minister has called for tough new regulations on cryptocurrencies to stop them being used to dodge tax or finance terrorism and other crimes"
Source ( http://metro.co.uk/2018/01/15/france-declares-war-cryptocurrencies-bitcoin-ethereum-litecoin-ripple-tough-new-stance-lead-ban-7231339/?ito=cbshare)

Is this having any impact on the downtrend nature of the whole Crypto Currency market today?
Are some investors having second thought about crypto and selling them?

Would like to get some idea about this.

From the first place to be honest is quite frighting because , yes it can affect our market and the investors will have a doubt right know , and lastly india , and china ban the bitcoin now the france. So it's quite shocking though and still having search regarding this thread I will post and reply to this.

[Joriecoinbit]

I read on news that

"The French finance minister has called for tough new regulations on cryptocurrencies to stop them being used to dodge tax or finance terrorism and other crimes"
Source ( http://metro.co.uk/2018/01/15/france-declares-war-cryptocurrencies-bitcoin-ethereum-litecoin-ripple-tough-new-stance-lead-ban-7231339/?ito=cbshare)

Is this having any impact on the downtrend nature of the whole Crypto Currency market today?
Are some investors having second thought about crypto and selling them?

Would like to get some idea about this.

From the first place to be honest is quite frighting because , yes it can affect our market and the investors will have a doubt right know , and lastly india , and china ban the bitcoin now the france. So it's quite shocking though and still having search regarding this thread I will post and reply to this.

Oh my gosh! I just hope bad news will end there. We need to have more good news than bad news so there will be chances that bitcoin price will recover within this month. All I can see in the market is the red marks, and the bad news about bitcoin. When can we see the green marks and the good news in cryptos? I miss seeing that color and reading good news about it just like the good news in Japan. I'm still hoping for it to recover within this month. I know that this is just a test for those believers in cryptos.

[junoreactor]

Well, it seems that not only France, but any government, institution, media, corporation, declared war on the cryptocurrencies.

Two explanations:

1) they are scared and try to destroy cryptomarket

2) the want to profit, so they manipulate the market to make price fall to buy cheap.

We'll see.

Still some countries within the SEPA zone are not willing to agree with France and Germany about these over-the-top regulations: let's see how the G20 summit goes, but UK, Ireland, Cyprus, Malta all share a different vision. There won't be a consensus we can be sure about that. Too much money involved.

It’s seems like we are not understanding this. I don’t think this is in a way to stop or ban Bitcoin… despite their central bank governor once said that Bitcoin is no cryptocurrency and neither is it a national currency.

I believe what the France government is trying to do is find a way of preventing those who use cryptocurrencies as a way to dodge paying their taxes, and also to find a way of stopping those that uses Bitcoin as a way to carry out some criminal activities. So, I don’t believe they are trying to ban Bitcoin, cause they never mentioned anything like banning.

No they won't ban bitcoin, I can guarantee France will not ban bitcoin because France (Macron) cares a LOT about their image, Macron wants France to look modern, friendly towards technology, etc. There won't be any ban. But believe me they will make everything possible to track every payments made with bitcoin, tax everything they can (as usual, nothing new here).
This will make bitcoin much less attractive than before.

I can even picture the following: French residents allowed to buy/sell only from exchange platforms owning a license in France. This is exactly what happened to sports betting companies back in 2010.

[Jake.bluees]

For them bitcoin is a bubble, it can generate big losses to the citizens and for that reason they want to restrict it, but they do not realize that doing that although if the speculation decreases at the same time, losses are generated for some investors ... They must find more effective ways to improve the system.

[Chris314]

Well, it seems that not only France, but any government, institution, media, corporation, declared war on the cryptocurrencies.

Two explanations:

1) they are scared and try to destroy cryptomarket

2) the want to profit, so they manipulate the market to make price fall to buy cheap.

We'll see.

Still some countries within the SEPA zone are not willing to agree with France and Germany about these over-the-top regulations: let's see how the G20 summit goes, but UK, Ireland, Cyprus, Malta all share a different vision. There won't be a consensus we can be sure about that. Too much money involved.

It’s seems like we are not understanding this. I don’t think this is in a way to stop or ban Bitcoin… despite their central bank governor once said that Bitcoin is no cryptocurrency and neither is it a national currency.

I believe what the France government is trying to do is find a way of preventing those who use cryptocurrencies as a way to dodge paying their taxes, and also to find a way of stopping those that uses Bitcoin as a way to carry out some criminal activities. So, I don’t believe they are trying to ban Bitcoin, cause they never mentioned anything like banning.

No they won't ban bitcoin, I can guarantee France will not ban bitcoin because France (Macron) cares a LOT about their image, Macron wants France to look modern, friendly towards technology, etc. There won't be any ban. But believe me they will make everything possible to track every payments made with bitcoin, tax everything they can (as usual, nothing new here).
This will make bitcoin much less attractive than before.

I can even picture the following: French residents allowed to buy/sell only from exchange platforms owning a license in France. This is exactly what happened to sports betting companies back in 2010.

Fully agree with you, and I would add that these platform will ask for proofs of identity and address (KYC) to each customer to be sure everyone pays taxes related to cryptocurrencies benefits.
France won't ban bitcoin, but the government will make sure every benefit is properly taxed. French government named a former bank director to elaborate new laws of regulation for bitcoin. As banks don't like bitcoin we can be sure this regulation will be drastic.

[Gregoryxl]

What we can certainly assure you is that this new scenario has made Bitcoin especially sensitive to changes in the market, sanctions have caused many investors to migrate to other futures markets and abandon the idea of ​​continuing with bitcoin, although there are more who wait to reach an agreement, since the characteristics of the currency itself favor everyone equally, including those belonging to governments, France has been the most insistent in Europe in the prohibition, why?

[seekoin]

What we can certainly assure you is that this new scenario has made Bitcoin especially sensitive to changes in the market, sanctions have caused many investors to migrate to other futures markets and abandon the idea of ​​continuing with bitcoin, although there are more who wait to reach an agreement, since the characteristics of the currency itself favor everyone equally, including those belonging to governments, France has been the most insistent in Europe in the prohibition, why?

Because in contrary to what you think about Macron, France is still a tax hell and Crypto is a good way to escape from this hell.
Do you know how many millionaires are escaping from the country every year ?

[junoreactor]

What we can certainly assure you is that this new scenario has made Bitcoin especially sensitive to changes in the market, sanctions have caused many investors to migrate to other futures markets and abandon the idea of ​​continuing with bitcoin, although there are more who wait to reach an agreement, since the characteristics of the currency itself favor everyone equally, including those belonging to governments, France has been the most insistent in Europe in the prohibition, why?

Because France has massive public debts due to huge public expenses, it's a very socialist country, welfare is huge in comparison to other nations in Europe. In the meantime the hard workers don't earn that much money (they will pay between 22% to 30% of taxes every month + at least one full monthly salary of tax once a year). For instance someone earning 2000 EUR/month will pay:
-500 EUR of charges every month (immediately deducted)
-additional (circa) 2000 EUR a year
> (500 * 12) + 2000 = total of circa 8000 EUR of yearly taxes for a monthly salary of 2000 EUR.

For someone earning 3000 EUR to 5000 EUR a month, this is even worse.

Yes that's correct, the government tries his very best to take the most they can from workers in order to pay for the public debt (which will never be paid in full anyway). Add to that massive privileges given to politicians, senators, etc. this needs to be paid by the average workers too.

How come anyone can even imagine that such a country will support a concept that allows to "hide" money in a crypto-currency wallet?
Investments, activities related to digital money will be highly taxed and very monitored in France, very soon and that does not come as a surprise to me.  

[Rrtt]

I read on news that

"The French finance minister has called for tough new regulations on cryptocurrencies to stop them being used to dodge tax or finance terrorism and other crimes"
Source ( http://metro.co.uk/2018/01/15/france-declares-war-cryptocurrencies-bitcoin-ethereum-litecoin-ripple-tough-new-stance-lead-ban-7231339/?ito=cbshare)

Is this having any impact on the downtrend nature of the whole Crypto Currency market today?
Are some investors having second thought about crypto and selling them?

Would like to get some idea about this.

Just an additional government that wants to regulate cryptocurrency. I think they will have no impact on the bitcoin community. For me the top 3 game changer country for bitcoin is US, Japan and South Korea. That is why when South Korea implement the regulation on their crypto exchanges it creates chaos to their citizens who are holding bitcoin.