[2019-12-05] France Announces Digital Currency Venture: Crypto Bulls Roar

[bL4nkcode]

France Announces Digital Currency Venture: Crypto Bulls Roar

According to a report from the AFP News Agency, France’s central bank will be launching a digital asset (decisively different than a crypto asset) in the coming year.

Source: NewsBTC

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[audaciousbeing]

France Announces Digital Currency Venture: Crypto Bulls Roar

According to a report from the AFP News Agency, France’s central bank will be launching a digital asset (decisively different than a crypto asset) in the coming year.

Source: NewsBTC

For me, this is not a surprise and it has continually put to rest the questions about when will countries begin to accept bitcoin in which the answer would be never because they would prefer to have their own digital currency which they can have the absolute control over rather than a bitcoin that they cannot control. France has just join the league of other nations and several others would follow soon. 2020 surprises are gradually unfolding in our very own eyes.

[CryptoBry]

Although we should be considering this as a good news and a confirmation that indeed many central banks are now entertaining the idea of digitalization (or whatever term we might call it), the point is that this has nothing to do with Bitcoin or with cryptocurrency. There is no big reason that the cryptocurrency industry should be excited with this news but for the sake of stimulating the market I would have no problem if we can use this as one of the reasons why we have to be positive on the prospect of cryptocurrency especially its future. However, we should note that governments do have the power and the resources to also be using the technology behind cryptocurrency without necessarily also adopting Bitcoin or Ethereum. In addition, I am sad that we should be looking for good news from the government in the same way that people are expecting positive developments coming from China and when we get nothing the market reacted negatively.

[LeGaulois]

The author twisted the story a bit, but it's not exactly what has been announced in the country.

Firstly they talked about a digital currency but not necessarily a 'crypto' currency. I haven't even read the word "blockchain".
Secondly, It will be for internal transactions only (between a few institutions).
And finally, It will be just an experiment to see if it can help to reduce the costs of financial transfers and the time needed.

[bbc.reporter]

The cryptobulls roared hehehe. This is clickbait. The article also mentioned that Crypto Bulls Excited. However, the comments on Twitter the article quoted were sarcastic. They were not bullish.

[Getmon]

France Announces Digital Currency Venture: Crypto Bulls Roar

According to a report from the AFP News Agency, France’s central bank will be launching a digital asset (decisively different than a crypto asset) in the coming year.

Source: NewsBTC

But does this mean that the existing coins will also have their bullish growth? I think it does not follow. Crypto Bulls may only refer to the adoption of cryptocurrency around the world. It means that crypto is going to become somewhat mainstream. But it does not point to any specific coin being chosen as their currency. This means that this will not necessarily push the prices up.

[Ozero]

States are gradually switching to the digitization of their national money. There are pros and cons to this decentralized cryptocurrency. This will significantly increase the credibility of people. If people see that the state itself creates its own digital currency, even if it differs significantly from a decentralized cryptocurrency, anyway, such a cryptocurrency will cause people more confidence than before when states say that cryptocurrency is fraud.
On the other hand, people can mainly use stable coins of various states as a means of payment, and in this regard, a decentralized cryptocurrency may be left without due attention.

[Kemarit]

Maybe we can compare such announcements from China's President "bullish" statement about a month ago and everyone was very excited, but we all know after that, the price goes on a downward spiral.

But it is good to hear news like this, but I wouldn't say that bulls are back and will push the price. Heck, maybe whales are going to used this news again to pump the price and take advantage of this so called bullish sentiments right now.

[CyberKuro]

I don't think there is any significant correlation between this news towards crypto bulls, purely misrepresentation.
Furthermore, French is not one of a bitcoin-friendly country;
The French Financial Market Authority (Autorité des marchés financiers, AMF) and Prudential Supervisory Authority (Autorité de contrôle prudentiel et de resolution, ACPR) recently issued a joint notice to investors, warning about the current unregulated nature of cryptocurrencies. This document notes that bitcoin and other cryptocurrencies are not considered financial instruments under French law, and therefore do not fall under the regulatory framework of actual currencies or under the AMF’s supervision

Source

[bbc.reporter]

@CyberKuro. It is not a misinterpretation. It is clickbait! Many of the cryptonews outlets spread paid for news, propaganda and clickbait disguised as real news.

[LeGaulois]

...

Your source is outdated and not really accurate. Probably 1-2 years late. Cryptocurrencies are considered assets and financial instruments and we do pay taxes accordingly, like a traditional asset, we (are supposed to) provide accounting, etc. On the paper, you don't make a difference.
Also, with the new law (Loi PACTE) companies will be able to invest in Bitcoin next year, via mutual funds and then random individuals too if they contact their bank/insurance.

Regarding the AMF supervision, it's too long to explain it but it's not totally true.

[stompix]

France Announces Digital Currency Venture: Crypto Bulls Roar

Do bulls roar when they are sent to the butcher?
Read and weep!

https://www.bis.org/review/r191204f.htm

The emergence, in parallel, of a new generation of crypto-assets is amplifying this disruption. The first wave of speculative crypto-assets such as bitcoin - which are very volatile, with no real underlying economic basis and perhaps no real future - has been succeeded by a second generation of assets - stablecoins - based on the same promising blockchain technology, but now backed by mechanisms designed to stabilise their value. Thanks to network effects, these stablecoins could offer a concrete solution for cross-border payments which are still - undeniably - far too costly and slow. But - and this is the downside - these crypto-asset projects, which are global in reach, also generate considerable compliance, financial and political risks. I'm thinking notably of money-laundering and terrorism, for which they could provide new channels of financing, and of the more systemic risks to financial stability.

Bullish, right?!!
Another hit of the bitcoin press!

[Argoo]

We see that large states such as China, the USA and even India announce the creation of their national stable coins. It is therefore not surprising if France follows them. I think that in the future, almost all countries will have their own stable coins. Their use is very convenient, since such coins will combine the capabilities of cryptocurrency and regular currency.