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Far-right political party presidential candidate calls for bitcoin ban in France

Far-right political party presidential candidate calls for bitcoin ban in France

Since becoming popular once again, bitcoin has sparked lots of attention from numerous politicians and governments from all around the world. While not all countries are supportive of bitcoin and its prospects, Russia seems to be the only country that is seriously considering the idea of banning the digital currency.

However, things may change. According to recent reports, the head of a powerful far-right political party in France has recently called to end the use of bitcoin and other cryptocurrencies in the country. Marine Le Pen, who is the leader of the French National Front, and who will likely be a candidate for the 2017 French Presidential Election has published a note accusing world leaders of seeking a world with no cash, and of pushing bitcoin forward to fuel this scheme.

French National Front

In the note, Marine Le Pen stated that: “The powerful business lobby Wall Street banks (JP Morgan, Goldman Sachs) relayed by the World Economic Forum in Davos in 2016, sold two ideas to states and institutions like the EU: virtual currencies or cryptocurrencies (the best known is the bitcoin) and a cashless society."

Le Pen considers that a national currency represents a national public good, which is given to the sovereign people of the region. In return, the digitization of money can result in broader financial monitoring by the world’s governments. To most bitcoin community members, this seems farfetched. Leaving aside the fact that bitcoin is almost anonymous and untraceable, most of the community does not see how making the coin more popular would grant governments the possibility to keep a closer eye on their people.

She also stated that: "Therefore, in the context of the implementation of its model of economic patriotism, the National Front will prevent the use of cryptocurrencies such as bitcoin in France," 

According to recent polls, the French National Front should not be ignored, as it has the potential of capturing a significant number of votes in the upcoming presidential election. Do keep in mind the fact that the first round is set for April 2017, whereas the run-off will be carried out in May among the two top candidates and their parties.

Luckily, Le Pen will face off the current, sitting French President, Francois Hollande, but also Nicolas Sarkozy, the former president of the country, unseated by Hollande back in 2012. This makes her chances of winning fairly blunt, but it’d be interesting to see what other proposals the country has against digital currency, in a time where most governments are embracing bitcoin and its underlying technology, the blockchain.

Based on everything that has been outlined so far, what do you personally think about the potential bitcoin ban that the candidate of the French National Front would issue? Let us know your thoughts in the comment section below.

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