This report, of more than 200 pages, aims to make an inventory of the French and European regulations to come. All the subjects of the ecosystem are screened.
“Money, banks and finance: towards a new crypto era”, this is the name of the latest report published on Wednesday by LREM deputy Pierre Person (who is not standing for the 2022 legislative elections), known to be a connoisseur. of the ecosystem. This report is now available for download here.
This time, he decided to write it alone, and without a mandate from the finance committee. In 2019, the latter had been rapporteur for an information mission on cryptocurrencies within the National Assembly, with Eric Woerth. He also contributed to numerous amendments on the taxation of cryptocurrencies as well as to regulate this sector, within the framework of the negotiations of the Pacte law (the action plan for the growth and transformation of companies, editor’s note).
But since 2019, the cryptocurrency ecosystem has moved a lot and matured. Today, 8% of French people hold cryptocurrencies, and 30% plan to invest in these assets within the year, according to a survey carried out last December by Ipsos for Adan (Association for the development of digital assets). “The objective was to make a presentation and recommendations in the vein of the first report in order to carry out an inventory of the French and European regulations to come”, confides Pierre Person to BFM Crypto.
“Some players will change traditional finance”
The latter went to meet more than 200 French and foreign actors for more than a year, to take the temperature of this ecosystem.
“I tried to gain height on the geostrategic issues induced by crypto-assets and the impact of technology in the next decade. We met many actors who have emerged in recent years, and who will certainly change the traditional finance,” he explains.
The report, which BFM Crypto was able to consult before its publication, is structured in four main parts: decentralization, a new relationship to value, monetary sovereignty or even the question of the “digital finance of tomorrow”. A substantial part of the report deals with monetary issues related to cryptocurrencies.
“In my opinion, and this may seem counterintuitive, the major issue for States is not the competition between private currencies and public currencies like the Libra case, but the competition between States and their currencies. If we take the he example of the stablecoins of Tether or Circle, the Americans are delighted to be able to count on these players which make it possible to extend the hegemony of the dollar. Faced with this, the Chinese built their central bank digital currency from 2019. It allows them to create a new zone of monetary and economic influence.For our part, Europe has been making painful progress for two years on its digital euro, but we have difficulty in distinguishing the European doctrine, for example on questions of anonymity “, specifies the latter.
A section is also devoted to decentralized finance and in particular to web 3, the report questioning in particular how it is possible to glimpse new models in the light of new technologies. The latter has thus scrutinized many subjects of the ecosystem, from NFTs (non-fungible tokens), to DAOs (decentralized autonomous organizations) or even oracles.
“Uses that will irremediably transform the world of tomorrow”
The publication of the report on Wednesday is no coincidence. Until the end, Pierre Person wanted to link the report to the news, and in particular to that of a month ago, in the context of a storm on the cryptocurrency market.
“Even if there was the Terra episode, volatility and sometimes even bleaching, these technologies are full of uses that will transform the world of tomorrow irreparably and will serve individuals well beyond simple sterile speculation”, admits the latter.
Furthermore, the report is part of a context where Europe is considering its new European regulations. A final agreement on the European Mica regulation (for “Markets in Crypto-Assets” currently under discussion) should be reached at the end of June. The report makes particular mention of this regulation.
“We are in the process of building European texts. They will allow homogeneity between all the Member States. This is positive. However, there is still a misunderstanding regarding the technological issues on the part of European decision-makers. I think that there new standards have to be considered in the light of new technology”, explains Pierre Person.
If he expresses certain concerns about the Mica regulations, in particular on the question of stablecoins or in particular the supervision of NFTs, the latter also has a clear opinion on the question of mining, which MEPs shared last March. .
“Certainly, carbon energy mining should be banned. However, it does not exist in Europe. This is not the approach that has been adopted. We must stop stigmatizing the technology, it is the first time that a technology cannot exist because it has too much energy consumption”, he underlines.
While the MP for Paris will not stand for a new term, he hopes that his report will allow those who will succeed him to better understand the issues of the ecosystem. Will its future be in cryptocurrencies? “I will continue to help the ecosystem as a whole. This subject is intimately political and I will remain committed,” he concludes.