A
digital currency is a method of payment and exchange that is transferred,
gathered, and generated in electronic form. Digital cash permits borderless
transmission of ownership along with rapid transactions. Cryptocurrency, also recognized
as digital currency, depends on encryption to secure the procedures involved in
conducting transactions and producing items. Cryptocurrencies are monitored by
masses of computer operators called ‘miners’, and are built by thorough
mathematical calculations. Moreover, Bitcoin, the first decentralized digital
currency, has become a global phenomenon with its on-going popularity for
reasons such as the government has no control over the transactions exchanged
in cryptocurrencies, as well as it is very accessible and convenient for the
general public. However, there are some downgrades when using Bitcoins such as data
secrecy and lack of economic basis. Thus, despite of all the benefits of
bitcoins, there are still some action needed to solve such problems.

France
has taken numerous steps towards reducing the risks of investing into the
digital world. In fact, The Bank of France has delivered a strong notice
against speculation on bitcoin. “We need to be clear: bitcoin is in
no way a currency, or even a cryptocurrency,” The Bank of France Governor
Francois Villeroy de Galhau warned during a press conference in Beijing. “It is
a speculative asset. Its value and extreme volatility have no economic basis,
and they are nobody’s responsibility. The Bank of France reminds those
investing in bitcoin that they do so entirely at their own risk,” he added
during the conference. Moreover, the Bank of France added reasons why people
should be more cautious when investing in bitcoins. France stated that the
cryptocurrency has no economic basis and is a device of speculation instead of
a currency. Furthermore, the French Government has conducted regulations on the
industry of cryptocurrency. These rules came after when the French police attacked
and detained over 200,000 Euro’s worth of Bitcoin. The idea of these
regulations is that any wallet or trade should have information involving the
specific person to the location and removing the secrecy that Bitcoin offers.

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France
has been implementing further reforms to avoid such risks when investing in
digital currency. In fact, many proceedings are being done throughout France
around digital currencies and the Bitcoin. The House of Bitcoin provides an
area where individuals can meet to test, study, and work on developments associated
to Bitcoin. Occasional conferences are frequently held in some major cities in
France such as Lyon, Lille, and Paris. Further, the French Finance Minister has
proposed that the G20 assembly of major economies in April 2018, in Argentina,
should discuss regulation on Bitcoin virtual currency. 

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