French Finance Minister Criticizes Cryptos and Praises Blockchain
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Oct. 20, 2020

French Finance Minister Bruno Le Maire has recently criticized cryptocurrencies.

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Yesterday he said through his official Twitter account that some cryptos are associated with the purchase of drugs and weapons in addition to being used for money laundering. However, Le Maire has a very different opinion about blockchain, its underlying technology, as he does not "question the reliability and traceability of all blockchain technology."

It should be noted these statements are in line with his previous opinions on digital currencies. Thus, Le Maire said in the past stablecoin projects like Facebook's Libra can threaten "the monetary sovereignty of states."

France's finance minister has made these statements in response to Cyril Paglino, general partner of crypto fund Starchain Capital, who had said blockchain transactions have "no interest in terrorists," who in turn had made these statements after the FinCEN suggested many banks are allowing money laundering.

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