What does the MP Pierre Person Encoder report contain?

This report, consisting of more than 200 pages, aims to make an inventory of upcoming French and European regulations. All ecosystem topics are examined.

“Money, Banking and Finance: Towards a New Era of Cryptocurrency,” is the name of a recent report published on Wednesday by LREM Deputy Pierre Pearson (who is not running in the 2022 legislative elections), who is known as an expert. environmental system. This report is now available for download here.

This time he decided to write it alone and without authorization from the Finance Committee. In 2019, the latter was scheduled for an information mission on cryptocurrency within the National Assembly, with Eric Woerth. He has also contributed to several amendments related to the taxation of cryptocurrencies as well as the regulation of the sector, in the framework of the negotiations of the Pacte Act (Action Plan for the Growth and Transformation of Companies, Editor’s Note).

But since 2019, the cryptocurrency ecosystem has moved a lot and matured. Today, 8% of French people own digital currencies, and 30% plan to invest in these assets within the year, according to a survey conducted by Ipsos last December for Adan (Association for the Development of Digital Assets). “The aim was to provide a presentation and recommendations in the context of the first report in order to make an inventory of upcoming French and European regulations,” Pierre Persson told BFM Crypto.

‘Some players will change traditional finance’

The latter went to meet with more than 200 French and foreign representatives for more than a year, to measure the temperature of this ecosystem.

“I have tried to gain prominence in the geostrategic issues caused by crypto assets and the impact of technology in the next decade. We have met many actors that have emerged in recent years, who will certainly change traditional finance,” he explains.

The report, which BFM Crypto was able to reference before its publication, is organized into four main parts: decentralization, a new relationship to value, monetary sovereignty or even the issue of “digital finance for tomorrow.” A large part of the report deals with monetary issues related to cryptocurrencies.

“In my opinion, and this may seem counterintuitive, the main issue for countries is not competition between private and public currencies such as Libra, but competition between countries and their currencies. If we take the example of stablecoins from Tether or Circle, Americans are happy to be able to rely on these Players who make it possible to expand the dominance of the dollar. In the face of this, the Chinese have built their own central bank digital currency from 2019. This allows them to create a new digital currency area of ​​monetary and economic influence. For our part, Europe has been making painful progress for two years over the digital euro, But we have difficulty distinguishing European doctrine, for example with regard to questions of anonymity,” the latter identifies.

A section is also devoted to decentralized finance and in particular to Web 3, and the report particularly questions how it is possible to peek into new models in light of new technologies. The latter thus examined many topics of the ecosystem, from NFTs (non-fungible tokens), to DAOs (Decentralized Autonomous Organizations) or even oracles.

The uses that will irreparably change the world of tomorrow.

The publication of the report on Wednesday was no accident. To the end, Pierre Persson wanted to link the report with the news, and in particular what it was like a month ago, in the context of a storm in the cryptocurrency market.

“Even if there is a Terra loop, volatility, and sometimes even bleaching, these technologies are full of uses that will irreparably change the world of tomorrow and will serve individuals well beyond mere sterile speculation,” the latter admits.

Moreover, the report is part of a context in which Europe is considering its new European regulations. A final agreement on the European Mica regulation (“for markets in crypto-assets” currently under discussion) should be reached at the end of June. The report refers specifically to this regulation.

“We are in the process of building European texts. They will allow harmonization among all member states. This is positive. However, there is still a misunderstanding regarding technological issues on the part of European decision-makers. I think there is a new standard that has to be taken into account in light of the new technology”, he explains Pierre Pearson.

If he expresses certain concerns about the MEA regulations, in particular on the issue of stablecoins or in particular the supervision of NFTs, the latter also has a clear opinion on the issue of mining, which MEPs shared last March.

“Certainly, carbon energy mining should be banned. However, it does not exist in Europe. This is not the approach that has been adopted. We should stop stigmatizing technology, this is the first time that technology cannot exist because it is so much energy consuming” , Confirms.

While the MP for Paris will not run for re-election, he hopes his report will allow his successor to better understand ecosystem issues. Will its future be in cryptocurrency? He concludes, “I will continue to help the ecosystem as a whole. This topic is closely political and I will remain committed.”

Leave a Reply

Your email address will not be published.