Front National wants to ban Bitcoin in France

10.11.2018 | 17:03

If it were up to the National Front, the Bitcoin should be banned in France immediately. The political party sees any form of virtual currency as a serious threat and they should protect and preserve the “real economy” at all costs.

Bitcoin has received the attention of many governments and politicians around the world. Yet no country except Russia wants to ban Bitcoin at all. But most central banks have issued a warning that one could get involved in assets that would not be covered by banks or governments.

Front National and the Bitcoin secret ban

The Front National is a political party in France that is more likely to belong to the right-wing spectrum and that initially takes a relatively aggressive stance towards the Bitcoin secret virtual currency like this: https://www.geldplus.net/en/bitcoin-secret-review/. The members of the party feel obliged to protect the “real economy” above everything else. They also assume that the euro will need all the support of the euro zone in times of imminent “Brexit”.

Front National MEP Bernard Monot told the media about cryptosoft:

“Cryptosoft and digital currencies are the result of a capitalism that is taking its final steps. Negative interest rates are becoming more common throughout the Eurozone. To overthrow the existing financial system is not the right way forward. Cryptosoft currencies are an incentive for end-users to empty their bank accounts to escape the fear of negative interest rates.”

Others, however, see the democratic value of Bitcoin and its companions as preventing citizens from becoming hostages to banks. Building on this, Monot said he believes that Bitcoin and other virtual currencies are a scam and that end consumers need to distinguish between electronic money and virtual currencies.

These clashing ideas have sparked a debate within the Front National, which will eventually lead to the proposal to ban Bitcoin and other crypto currencies in France. In addition, they want to create a new government authority to monitor within the euro zone that no one uses Bitcoin or other virtual currencies.

We would rather see the franc restored in France

“The euro should be the only legal currency within France and other European countries. It is possible to ban consumers from buying and selling Bitcoins, but then they could still buy them elsewhere internationally. But then on an equal footing with the euro.”

Contrary to what the Front National members think, it is impossible to ban Bitcoin. The popular crypto currency is not bound by rules and does not wait to be “allowed”. Building on this, the party plans to present a detailed economic programme on 29 July. The main topics there will be Bitcoin and crypto currencies.

Who of you feels reminded of a certain German party? I am myself partly amused, but also a little frightened. The Bitcoin system gives us democratic freedoms that no central government has been able to offer us so far. Everyone can be their own bank and the Bitcoin is not only stable at the moment, it is gaining in value, we are seeing ever greater acceptance and, I hope, better stability. On the one hand, I am amused because such a project is unlikely to be implemented. How do you even imagine this government authority to monitor, which nobody buys Bitcoins in the EU? And from here on I am a little frightened, is that the surveillance state that some fear? It remains to be seen how things will develop in the future, I am curious to see what the Front National will allow itself at the end of the month with its report on Bitcoin and other crypto currencies. What are your opinions?

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