French Senate holds hearing on Bitcoin

A senate hearing was held in France yesterday on the matter of Bitcoin. The hearing was broadcast live on the

A senate hearing was held in France yesterday on the matter of Bitcoin.

The hearing was broadcast live on the French Senate’s website, and discussed the concept and use of digital currencies, how and if it could be regulated, the potential impact Bitcoin might have on France’s economy.

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Bitcoin sub-Reddit user mmitech provided translated bullet points throughout the broadcast.

It is not clear what they will do next or how to regulate Bitcoin but they want to catch up and making it illegal is not an option.

It seems that adopting Bitcoin will be a competition between powerful countries as USA, Germany, UK and now France to follow.

They know that there is a real innovation behind Bitcoin and France is already missing the train.

How Bitcoin will benefit users.

The senate and his board do not fully understand the decentralized and the distributed concept and he asked who owns the protocol? And “no one” as an answer was not enough clear for him even though they tried to explain the protocol in a simple way.

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The illicit use was brought up, which is something normal, but I didn’t have the feeling that they focused negatively on this.

Volatility and investment risk also was brought up, but one of the board members said that it is due speculation, and said that speculation is good to a certain point….

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“The general Idea I’ve got is that they know they can’t keep ignoring Bitcoin, they have to jump in and adopt it, but they don’t know in which class Bitcoin fits,” mmitech summed up in his post.

Until now France seemed to be on fence with choosing a stance on Bitcoin, providing vague statements, mainly focused on the possible dangers behind it. After more positive advances made by the US, the UK, and Germany, France has joined the countries who see the potential value of Bitcoin in its local economy, concluding to the fact Bitcoin cannot be made illegal and needs to be regulated is similar to the US congressional hearings held on the matter.

Check our breakdown of the current regulatory status of Bitcoin in multiple countries.

 

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