France's central bank wants to keep banks and other financial institutions out of the cryptocurrency business.
In a report published at the beginning of March, the Bank of France proposes to ban insurance companies, banks and trust companies from "taking part in deposits and loans in crypto-assets." It also advocates prohibiting all marketing of "crypto-asset" savings products to the public, save for the "most informed investors."
The report, which provides an overview of the technology and suggests strict regulatory provisions, claims that cryptocurrencies do not constitute money and emphasizes that they are not legal tender.
The document labels them instead as a medium of cyberattacks, money laundering and terrorism financing.
"Very little value is expressed in these crypto-assets," the authors claim. They remark further:
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