Day: March 17, 2021

French Lawmaker Signs Petition to Allow Central Bank to Trade Bitcoin

French Lawmaker Signs Petition to Allow Central Bank to Buy and Hold Bitcoin

A French parliament member has signed a petition to amend the laws to enable the central bank of France to buy and hold bitcoin as well as other cryptocurrencies. The petition urges lawmakers to urgently consider the matter, warning that not owning bitcoin will put France “in a financially weak position within 5-10 years.”

Petition to Allow Central Bank to Buy Bitcoin
Jean-Michel Mis, a member of the French National Assembly, the lower house of parliament, announced in a tweet Friday that he has signed a petition to amend the laws to enable the Banque de France, the country’s central bank, to buy and hold bitcoin, as well as other cryptocurrencies.

The petition residing on the French Senate’s e-petitions platform was started on March 5 by François-Xavier Marie Jean Elder Thoorens; it can be signed until Sept. 5. Petitions with at least 100,000 signatures within six months are forwarded to the Conference of Presidents, which will decide whether to follow up on the matter. At the time of writing, 583 signatures have been lodged.

“Many companies now have acquired large sums (of the order of several billion euros) of bitcoin,” the petition states, naming Michael Saylor’s Microstrategy and Elon Musk’s Tesla as examples. It further notes that “Some public entities like the mayor of Miami are positioning themselves to be able to buy bitcoin.”

Moreover, “The reason given is the risk of a weak dollar over the next 5 years destroying medium-term financing capacities,” the petition continues, adding:

France cannot decently remain as an observer of a race which has already started. Not owning bitcoin will put it in a financially weak position within 5-10 years. It is urgent to take up the matter.

Emphasizing that France must adopt a strategy in this area and apply applicable laws to implement it, the petitioner wrote: “I, therefore, propose an update of the monetary and financial code to endow the Banque de France with the capacity to buy, sell and hold bitcoins and other crypto assets.”

The petition also points out that lawmakers “will have to adopt a strategy that will correctly assess the risks and propose reasonable crypto-asset holding ratios in the application of this strategy.”

Source – Bitcoin News 

New Details About India Banning Cryptocurrency Emerges

New Details About India Banning Cryptocurrency Emerges

New details have emerged suggesting that the Indian government will go ahead with banning cryptocurrency, in contrast to what the crypto community believes. In her latest interview regarding cryptocurrency legislation, India’s finance minister said that there will be a window for experimentation for cryptocurrency, blockchain, and fintech.

Reports of India Banning Cryptocurrency
The Indian crypto community is closely watching whether the government will ban cryptocurrencies, including bitcoin. A cabinet note regarding cryptocurrency legislation is being finalized and will soon be submitted to the cabinet.

The latest information regarding the Indian crypto ban comes from Reuters which reported Sunday night that “India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets.” The publication cited an unnamed senior government official who claims to have direct knowledge of the plan. He said that bill “would criminalise possession, issuance, mining, trading and transferring crypto-assets.”

According to the official:

The bill would give holders of cryptocurrencies up to six months to liquidate, after which penalties will be levied.

Moreover, officials are confident that the bill will be enacted into law as Prime Minister Narendra Modi’s government holds a comfortable majority in parliament, the publication added.

Crypto Community Believes There Will Be No Ban
Many people on social media do not believe that India will go through with banning cryptocurrency, however, suggesting that the information provided by Reuters is outdated. They believe that the finance minister, Nirmala Sitharaman, has indicated in her recent interviews that cryptocurrency will not be banned.

Over the weekend, the finance minister talked about bitcoin and cryptocurrency legislation in an interview on India Today. She was asked if India was heading into the zone where it is inevitable that the government will have to come around to the realization that cryptocurrencies are here to stay.

The minister of finance reiterated that a “cabinet note” on cryptocurrency is “getting prepared” and is “nearing completion.” She confirmed that it will soon be taken to the cabinet.

Noting that the supreme court has commented on cryptocurrency and the Reserve Bank of India (RBI) will make a call on the official digital rupee, the finance minister affirmed:

From our side, we are very clear that we are not shutting all options off. We will allow a certain amount of window for people to use so that experiments in blockchain, bitcoin, or whatever you may want to call it, the cryptocurrency experiments, and fintech which depends on such experiment will have that window available for them.

However, she emphasized that specific rules about cryptocurrencies will be in the cabinet note, which will be “ready soon.”

Earlier this month, Bitcoin.com News reported that the finance minister said: “There will be a very calibrated position taken … We are not closing our minds. We are certainly looking at the ways in which experimentations can happen in the digital world and cryptocurrency and so on.”

Her statements have given the Indian crypto community hope that India will regulate cryptocurrencies instead of imposing an outright ban.

However, according to Reuters’ most recent report, the senior official said that the plan is to ban private crypto assets while promoting blockchain technology and fintech. He was quoted as saying:

We don’t have a problem with technology. There’s no harm in harnessing the technology.

He clarified that the government’s moves would be “calibrated” in the extent of the penalties on those who did not liquidate crypto assets within the law’s grace period.

In the cryptocurrency bill published in 2019, the interministerial committee in charge of drafting the bill recommended “jail of up to 10 years on people who mine, generate, hold, sell, transfer, dispose of, issue or deal in cryptocurrencies,” the publication conveyed, adding that the official declined to discuss specifics in this area.

Meanwhile, Indian crypto traders are enjoying the crypto boom as the price of bitcoin hit all-time highs several times over recent months. Leading cryptocurrency exchanges in the country have reported record-high trading volumes and numbers of new users. “The money is multiplying rapidly every month and you don’t want to be sitting on the sidelines, a crypto trader named Sumnesh Salodkar was quoted by Reuters as saying. “Even though people are panicking due to the potential ban, greed is driving these choices.”

Source – Bitcoin-India