Bitcoin has recorded a 28% drop in its price since March 5, bringing with it the entire sector. Ethereum and Ripple were down respectively 41% and 27% over the same period. Even NEO, a crypto-active Chinese who had the wind in its sales in recent weeks is obliged to surrender: -41%.
There are several reasons for this bloodbath, including recent statements by the SEC, the US Stock Exchange Constable. Other elements, such as the liquidation of bitcoins on the Japanese MtGox platform, have also helped attract investors. while bitcoin is based on a technology that allows its users to be traced, some exchange platforms.
FRANCE IN THE CAMP OF ANTIS
France and Germany have plans to provide joint proposals. In mid-December, the Minister of Finance Bruno Le Maire had mentioned the creation of a common legal framework without being more precise. Central banks are also on the rise.
All consider bitcoin and other cryptocurrencies dangerous assets because of their high volatility. Several public statements have emphasized this point, sometimes at the expense of factual errors.
If they wish, ministers can simply prohibit the use of bitcoin in their economic space (but this is not the preferred option. They can also agree on excessive taxation in order to discourage investors.
JAPAN IN THE PRO-CRYPTO
A spokesman for the Japanese government said on March 13 that his country would be particularly attentive to the debates. Indeed, Japan has chosen to be open to crypto-active. Bitcoin has been recognized as a legal means of payment since the spring of last year.
Many Japanese companies are entering the sector. Tokyo intends to prevent illegal activities without stifling its new economy. Japan is a world laboratory. According to The Nikkei, the main economic daily of the archipelago, about 22,500 businesses accepted bitcoin at the end of the year.
This opening was accompanied by a strong regulation: trading platforms are subject to high standards in terms of verification of the identity of the customers.
A TARGETED REGULATION RATHER THAN A GLOBAL FRAMEWORK
The president of the European Banking Authority (EBA), the organization in charge of the stability of the European financial system, advocated on 9 March a targeted regulation rather than a global framework that he considers difficult in the short term.
Andrea Enria believes that a good strategy could be to prevent regulated financial institutions, such as banks, from buying, holding or selling crypto-assets. It would also be possible to prevent these institutions from having links with the actors who manage cryptocurrencies.
According to him, one of the other priorities lies in informing consumers. “This strategy should avoid giving any formal recognition to a sector that is still very heterogeneous, rapidly changing, and as such difficult to regulate and supervise.
This should also send users and investors a clear and credible message that there is no public protection of these investments in these often highly speculative assets “. A feeling shared in France by the Autorité des Marchés Financiers.