France Now Has a 'Mr. Bitcoin' Who’s Charged With Finding Ways to Regulate the Crypto
France’s newly-appointed Mr. Bitcoin stands ready to craft regulations for the volatile crypto.
As Bitcoin continues its dramatic up, then down, up, then down, price movements this week, leaders in another country are taking steps they think will help protect its citizens from criminal activities that may come from the crypto’s use.
This week, France’s finance minister appointed a person who is being referred to as a “Monsieur Bitcoin,” or Mr. Bitcoin. His charge is to establish some ground rules on how the country should regulate the volatile Bitcoin, as well as other cryptocurrencies.
He is Jean-Pierre Landau, and his background includes being an economics professor, as well as being a former Bank of France deputy governor. The country’s finance minister, Bruno Le Maire, made the appointment as he’s been very vocal in his calls for regulations being needed in the crypto space.
The French daily news outlet Les Echos reported the appointment.
Mr. Bitcoin’s stance on Bitcoin
Landau has been critical of Bitcoin, once saying it was unsuitable as a means of exchange. He also has taken issue with Bitcoin being the currency of choice for money launderers and tax evaders.
In an opinion piece for the Financial Times, he wrote:
“Bitcoins are the tulips of modern times. The mania is not yet over. But the longer it lasts, the more investors are likely to be burnt.”
So it is fitting that Mr. Bitcoin’s charges will include coming up with sound ways to make sure the crypto won’t be used for the criminal activities like money laundering and tax evasion.
If all goes as finance minister Bruno Le Maire wants, the topic of how to regulate cryptos will be discussed at this year’s G20 summit. He’s said that he thinks the issue of how to regulate Bitcoin should be discussed among all the other G20 members.
“I am going to propose to the next G20 president, Argentina, that at the G20 summit in April we have a discussion all together on the question of bitcoin. There is evidently a risk of speculation.
It will be interesting to see if Mr. Bitcoin’s work will be done in time to be presented at this summit, which is slated to begin in April.