Have the French gone a bit overboard with regulations and crackdown on its own citizens since the recent unfortunate events on their soil? It definitely looks like that, especially after three French members of the European parliament decided to table a resolution during the proceedings calling for tough measures against bitcoin and other digital currencies.
The absurd resolution tabled by the French representatives call for ban of virtual currency transactions across the European Union. According to reports, this absurd resolution of less than 200 words was tabled by Sophie Montel, Florian Philippot and Dominique Bilde who are part of various committees in the European Parliament.
The resolution follows Rule 133 of the European Parliament’s Rules of Procedure. According to the Rule 113, any member can table a motion with a resolution of less than 200 words as long as it concerns the matters falling within the spheres of activity of the European Union. The motion submitted by the French trio refers to the earlier decision by the European Court of Justice exempting bitcoin exchange from VAT, similar to the taxes applicable for forex transactions. They also express concern about the risk associated with bitcoin transactions owing to the degree of anonymity associated it. They compare bitcoin top a Ponzi Scheme and also mentions Russia as an example for banning the exchange of digital currency.
The motion calls for the European Union to enforce stricter control over the virtual currency, especially when it comes to exchanging it to fiat currency. It is yet to be seen whether the European Parliament accepts this motion and acts upon it or not.