The French MP passes the report in favor of cryptocurrencies

In a report on Wednesday, LREM Deputy Pierre Persson made 22 proposals to prevent France from missing the wave of cryptocurrencies.

A report that will help France become a leader in this sector

“Money, banking and finance: a new era of cryptocurrencies,” reads a new report released Wednesday by LREM MP Pierre Person (who is not running in the 2022 parliamentary elections). He is an expert in this ecosystem.

When bitcoin was barely around 2,300 euros. NFT was an obscure abbreviation at best. The major trading platforms through which billions of dollars flow today operate without any regulation. In June 2017, when LREM MP Pierre Persson took office, the French cryptocurrency ecosystem was just beginning.

Since then, the industry has lost its innocence. Almost 10% of French people own digital assets. The price of the most popular cryptocurrency fell sharply in early May to incredible levels, which repelled many novice investors, but unthinkable even two years ago.

In a report released this Wednesday, in the last days of his term, LREM Deputy Pierre Persson returned to the development of the sector and made 22 proposals to regulate and protect cryptocurrency owners without killing the French ecosystem.

He decided to write the report himself, without the permission of the Finance Committee. In 2019, the latter worked with Eric Wert as a speaker for the cryptocurrency information mission in the National Assembly. He has also contributed to several changes in cryptocurrency taxation and sector regulation in the Pacte law negotiations.

But since 2019, the cryptocurrency ecosystem has changed and matured greatly. According to a survey by Adan (Association for the Development of Digital Assets) conducted by Ipsos in December last year, now 8% of French people have cryptocurrencies, and 30% plan to invest in these assets during the year.

Pierre Person told BFM Crypto: “Our goal is to present and recommend according to the first report to summarize future French and European rules.”

“I tried to highlight the geostrategic problems caused by cryptocurrencies and the impact of technology in the next decade. We have met many players who have appeared in recent years and who will definitely change traditional finances, ”he explains.

All points of the ecosystem are covered

There is a section on decentralized finance, in particular Web 3, and the report specifically asks how to get an overview of new models in the light of new technologies. Thus, the latter addresses many ecosystem topics, from NFT (irreplaceable tokens) to DAO (decentralized autonomous organizations) and even oracles.

The release of the report on Wednesday was no accident. By the end, Pierre Person wanted to link the report to the news, especially against the backdrop of a storm in the cryptocurrency market, especially in the last month.

In addition, the report fits into the context in which Europe is considering its new European rules. The final agreement on European regulation of mica (the “cryptocurrency market” currently under discussion) is expected to be reached by the end of June. The report explicitly mentions this provision.

While he has some concerns about Mica regulation, including stablecoins, or NFT regulation in particular, the latter also has clear views on mining issues shared by MEPs last March.

Although the Paris MP is not running for a new term, he hopes that his report will give successors a better understanding of ecosystem issues.