France declares war on the cryptocurrencies

[Dragon5]

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.

Regulators have already woken up. And crypto-currencies in general are attracting far more flak from regulators. This week America’s Securities and Exchange Commission halted an ICO by AriseBank; and regulators in South Korea cracked down on allegedly illegal foreign-exchange dealscarried out using crypto-currencies. Even Facebook this week announced a ban on ads promoting ICOs and crypto-currencies (although Mark Zuckerberg has
expressed an interest in digital currencies).

[1715509741]

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[ProofOfLambo]

Any country that tries to stop innovation will have a much harder time ahead that those who embrace change and are able to create an ecosystem for their economy to grow.

[--DarkSecrets--]

Any country that tries to stop innovation will have a much harder time ahead that those who embrace change and are able to create an ecosystem for their economy to grow.

I very much agree on this!
It will be the loss to France if they will make that order effective.
In the first place, there is nothing wrong with bitcoin or any crypto currencies. It actually offers opportunity for its people but it is very obvious. That they don't want to bite for their future success.

[Yamifoud]

I think France is just like other countries banning crypto for the reason that they can't benefit from here if they dont have controlled with it. Though we can't lift any possibilities that cryptocurrencies are now used for crimes because of untraceable and anonymity, still be in consideration also. But mostly the reason of banning is due to uncontrolled events in crypto by the governments.

[qwertyup23]

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  .

The phenomenon that happened in South Korea reflects the current situation of France, meaning, they will be strict in terms of its transactions due to possible abuse of its nature. Similarly, both countries see bitcoin as something that can be potentially abused by individuals in order to avoid paying taxes (which depends on the laws per country regarding its imposition of tax in cryptocurrencies, if any), to use its anonymity factor for illegal transactions or for money laundering.

Any country that tries to stop innovation will have a much harder time ahead that those who embrace change and are able to create an ecosystem for their economy to grow.

I very much agree on this!
It will be the loss to France if they will make that order effective.
In the first place, there is nothing wrong with bitcoin or any crypto currencies. It actually offers opportunity for its people but it is very obvious. That they don't want to bite for their future success.

Every innovative idea has its implications in the system when implementing it. While bitcoin may be considered as a 'threat' to their country, we cannot hide the fact that cryptocurrencies may inevitably replace fiat in the future. We must also consider that there are still countries who are under-developed and are still miles-away from adapting to a digitalized form of currency but you guys are right. In order to progress further, these countries must embrace change and start making platforms that support this ideology.

[Bedebah]

The news has effect on only French traders. The whales and global traders will not give a shit to this news.

But the old world wants to start a war against crypto money. The banks and politics have been giving speeches about this war since 2 months. 2018 will be the financial war year between crypto world and the real world.

This year has been a big and tough test for the crypto world as more and more countries are fighting with crypto, but I'm sure crypto will get stronger and will dominate the financial system.

[xfaqs01]

this is not new and some other countries will follow it started in china, but this dips are just temporary, once more countries settled for it, the price of bitcoin will skyrocket, nit even china can stop it long before, so what else can a country do smaller than china? lets just be positive ok

[InvestMen]

It's not such a war, it's probably a way to legalize bitcoin.
French Minister of Economy Bruno Le Meir announced the creation of a working group to develop rules for crypto-currency regulation.

[carlisle1]

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.

then who cares?hows the important of france in this community for us to be bother?big countries are issuing banned about crypto do they succeed to stop this?so stop being weak guys,crypto can stand those countries that declaring war about us..

It's not such a war, it's probably a way to legalize bitcoin.
French Minister of Economy Bruno Le Meir announced the creation of a working group to develop rules for crypto-currency regulation.

Guess so mate,maybe misinterpreted by the OP,or maybe hes just a weak that easily be affected oevery negative news about this forum

[CherRic]

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.

Almost every month, new countries have been regulating cryptocurrencies. They are suppressing cryptocurrencies the way they wanted. It has been rocking down the market chart nowadays. If these things go on, it will really greatly affect the crypto world. Coins won't recover and I am afraid, they will dissappear.

[minthit]

It seems that French government's FUD has the least impact on cryptocurrency. Certain countries' FUD just evaporates in the air. Reviewing news that have the biggest impact on the market might tell us something.

[sorin90]

the french minister is doing this because he is a mascot. Those that want to scam the state will do it with or without crypto, drug traffic, arms dealers, human traffic, will all go on as they have done until now, without crypto. If he want's to protect the citizens against those things a war on crypto isn't the way.

[Senkuli]

Nowadays,Bitcoin as a cryptocurrency is growing very rapidly  as well as other altcoins, the development of cryptocurrencies as a whole has a positive and negative impact on crypto holders or investors, especially to the state governments in different parts of the world.
It is natural for the state government to have a concern for the interests of its people who are involved in the world of cryptocurrency,because basically cryptocurrency is based on a decentralized system where there is no government or central bank intervention in the world.
Although the popularity of bitcoin is very high, the development of cryptocurrency is very good, there are still many rejections that occur from state governments in various parts of the world to cryptocurrency such as France and some other countries that also reject and prohibit the use of crypto currency.
In my opinion, perhaps the government of the country needs a deeper review of the use of cryptocurrency in their country as well as establishing a fixed regulation about the cryptocurrency policy for their people and investors in the country.

[junoreactor]

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.

then who cares?hows the important of france in this community for us to be bother?big countries are issuing banned about crypto do they succeed to stop this?so stop being weak guys,crypto can stand those countries that declaring war about us..

It's not such a war, it's probably a way to legalize bitcoin.
French Minister of Economy Bruno Le Meir announced the creation of a working group to develop rules for crypto-currency regulation.

Guess so mate,maybe misinterpreted by the OP,or maybe hes just a weak that easily be affected oevery negative news about this forum

And stop being blind please, there is no blinder man then the one who refuses to see.
Yes, countries such as France committing to a "fight" against crypto-currencies is a big deal.
Being aware of it is the first step for better decisions in the future.
Ignoring it as it does not happen is silly.
Some facts (not related to France):
-Visa locks down bitcoin payment cards
-Mastercard issued by WaveCrest locked down as well (see Advcash, Payeer there are threads about it here)
-JPMorgan Chase & Co halting purchases of bitcoin
France will take a number of restrictive measures very soon (I am from there, everyone is expecting it would be naive to think otherwise). Germany will do the same thing, they are like brothers.

I am not saying crypto-currencies will be dead soon, but 2018 will be a year of transition, massive regulations. Knowing about it before you decide to buy/sell is better than keeping your eyes closed and say "don't be weak dawg, everything is gonna be alright."

My 2 cents.  

[September11Myth]

They just want the money! The fact that there is a thriving piece of society in an age where everybody is impoverished by their criminal high treason policies is unbearable for them. Cryptocurrencies could save the day in a totally corrupted and rotten mainstream financial system, and THEY DON'T WANT THIS. Why? They don't even know why the don't want. They are just obeying to the orders of their pupeteers, for they in reality decide nothing, they are just butlers of the really powerful. And the really powerful told them to go and get that f**cking decentralized money.

[TorbjornE]

If this is true, then this is bad news for holders of crypto coins - France has high authority and I am afraid that many countries will follow suit.

[mi56374100]

Most people are afraid of innovation, just look at what's happening on the computer, no one USES it at first, and now if you refuse to use them, you'll be fired.

But the fear of this new technology is that the right computers have replaced human beings in many jobs, and they will always do that, so I can't blame those who fear innovation.

[Laodungchun]

Because Europe wants to be more aggressive to compete with the U.S. and China. France agreed last month on stricter rules to prevent money laundering and terrorism financing on exchange platforms for bitcoin and other virtual currencies.

[paparexon0414]

If many of their fellow countrymen are into cryptos, this is a big trouble indeed. We know that France is one of the progressive country in the world. They are just being safe in trading with different crytos, as what they want is to make it more legal. Some talk of the town that cryptis re being used in different illegal works. Ofcourse if this is not regulated, those crime starters have nothing to worry of caught in the act or be imprisoned in doing this because there is no evidence that can be presented. But still we should just respect the countries jurisdiction about it

[Ilegendph]

If this is true, then this is bad news for holders of crypto coins - France has high authority and I am afraid that many countries will follow suit.

I doubt that other countries will follow the France's authorities action. After all, cryptocurrencies just prove their worthiness in today's time. Maybe its just another attempt ban that may lead to regulation as other countries having trouble doing ban on cryptocurrencies.