The regulation of Bitcoin and digital currency will be debated upon in France, as the government is taking the risk of money laundering and terrorist funding very seriously. Although there is little to no proof to back up these claims, authorities feel the need to debate further on Bitcoin regulation. Bitcoin’s public image of being a currency used primarily by Internet criminals is rearing its ugly head once again.
Also read: Bitcoin Price Watch; Sellers Take Control
French Senate Ponders Over Bitcoin Regulation
While the efforts by the French Senate to combat terrorism and organized crime are commendable, the decision to make Bitcoin regulation more strict could end up hurting the local economy more than anything. Although this topic is still in the discussion phase right now, the rise in popularity of Bitcoin and other digital currencies has not gone by unnoticed.
The main purpose of this revised Bitcoin regulation is determining whether or not Bitcoin transactions would be subject to taxes. Given the European Union’s current stance on digital currency as a monetary unit exempt from taxation, this proposal by the French Senate seems rather strange. At the same time, taxing Bitcoin would elevate Bitcoin to