The French are getting closer to defining their own rules regarding crypto currencies such as Bitcoin, but there’s still a bit to go before they are finalized.
According to a report released by the French Senate, crypto currencies remain nothing more than a type of virtual bartering tool, rather than a proper currency. Even so, they have a “long-term trend raising important legal and economic matters, that can no longer be disregarded by public authorities.”
The report takes into consideration the regulations used by other countries in the world and what France could do to accommodate the possible uses of digital currencies in the future. In fact, France seems to be modeling its stance towards Bitcoin after its geographic position – somewhere between the light regulations of the United States and the tight ones of China.
Legislators continue to be highly aware, however, of the increased volatility of virtual currencies, the dangers of the anonymity that accompanies them, and the lack of a legal guarantee.
There is also the idea that perhaps it would be best to wait for the entire European Union to adopt a stance towards crypto currencies, rather than have individual positions throughout the member states. This would have the European Union set up rules and the member states adopting them.