French Regulators Focus On Bitcoin's Risks Instead of Its Rewards
A conference on the challenges arising with the emergence of new payment services and digital currencies was held last week in Paris by the Autorité de Contrôle Prudentiel et de Résolution (ACPR). The goal of the conference was to clarify the regulatory body's stance on licensing and reporting requirements faced by businesses in new payment services. ACPR, which can be translated as 'French Prudential Supervisory Authority', monitors the activities of banks and insurance companies in France. It is directly linked to the country's central bank, la Banque de France, with its president being....
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Bitcoin wallet hardware maker Ledger and bitcoin exchange Paymium are among the 36 fintech startups backing France FinTech, a new trade group that has garnered support from the French government. The group, which formally launched on 11th June, seeks to facilitate connections between the country's fintech startups and act as a collective voice when communicating with regulators, investors and parties both domestic and abroad. Eric Larchevêque, CEO of Ledger, framed his startup's involvement by saying that the overall goal is to be a part of conversation as French regulators look to....
India's authorities are allegedly preparing a public advisory to warn against the risks associated with emerging digital currencies. The problem is not with the digital currencies themselves, but some worrying trends involving bitcoin and other cryptocurrencies. Indian regulators are concerned that increasingly popular bitcoin investment schemes could become a source of volatility, eventually turning into an electronic version of investor fraud. An unnamed senior Indian official told the Press Trust of India (PTI) that a public advisory may be issued soon to warn against the "possible....
The French Senate recently published a report on bitcoin which warned that a continued focus on the digital currency's risks could distract from its true potential, especially its "nearly inexistent" transaction fees and robust security. Though the document calls for some level of state regulation, it seems fair to say that the French government's approach to bitcoin is becoming increasingly positive. But do changes at Senate-level reflect a real shift in French attitudes towards digital currencies? Is bitcoin really catching on in the country? Advocacy centres and hackathons. "The....
The UK payment gateway company, Bitwage has won the French Tech Ticket competition and qualifies to join one of France’s top incubators. La French Tech. Described as the French Program For International Startups, the French Tech Ticket is a program designed for entrepreneurs from all over the world who want to create their startups in France. The main organizing group for this program is ‘la french tech’, which is a part of the French government that helps to develop French technology by either helping French entrepreneurs internationalize or choosing specific high growth potential....
Representatives from the Bitcoin and cryptocurrency economies presented their cases before the French Senate. The hearing, chaired by Philippe Marini — whose other functions include membership in a joint fact-finding mission with the EU to determine government roles on the Internet — featured representatives from the Bank of France, the French Ministry of Finance’s money-laundering department, and many others. Gonzague Grandval, whose company Paymium operates a Eurozone Bitcoin exchange and payment processor, spoke on behalf of Bitcoin. As with the hearings that have taken place in senates....