what do the candidates think about cryptocurrencies and the digital euro?

After a section on the protection of rights on the Web, and a decryption of the programs of the candidate lists on digital, here is our last article dedicated to Europeans, which this time concerns cryptocurrencies and the digital euro. These two subjects will in fact be on the table of the European legislator in the coming months – which has not, however, sparked debates or proposals among the 38 lists in the running, with a few exceptions.

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Cryptocurrencies: the proposals of LFI, EELV, PS-Place publique and the Pirate Party

On the cryptocurrencies side, we can distinguish three approaches: the lists which do not talk about them at all – that is to say the vast majority of candidates -, those which are for more regulations like LFI , EELV, and PS-Place publique, and those who campaign, on the contrary, to use them more widely, like the Pirate Party.

As a reminder, cryptocurrencies such as Bitcoin or Ether are digital currencies that operate using cryptography, a means of securing and verifying transactions in a decentralized and non-state manner. They are based on the blockchain, a register which records transactions made on the network in a transparent, secure manner and without a central control body.

These digital currencies are therefore not issued by a central bank and are not regulated by a state or a third party – which, for its detractors, makes it possible to finance illicit activities. In recent years, the sector has gone through several crises, with various cases that have tarnished the image of these digital currencies. They are also criticized for their speculative and environmental aspect.

It is also on these two points (speculation and energy consumption) that the three left-wing parties wish to work. On the LFI side, it is necessary “ drastically strengthen European regulation of the cryptocurrency sector and ban the most speculative or environmentally harmful practices “. The EELV list led by Marie Toussaint wishes “ take a new step in the regulation of cryptocurrencies “. It’s necessary “strengthen national and European controls on the activity of service providers on digital assets and (strengthen) the fight against the financing of criminal activities via cryptoassets “.

For the camp of Raphaël Glucksmann (PS-Place publique), same story. The list defends the idea of ​​“ obtain stricter regulation of cryptoassets in Europe, to guarantee the traceability of transactions (in order to) better fight against the financing of terrorism “. To avoid a banking crisis, the PS and Place publique plead for “ finalize the regulation of cryptocurrencies through their integration into the Regulation and Directive concerning markets in financial instruments (MIFIR and MIFID), and by supporting new regulation of cryptocurrencies (MICA 2) “.

Last year, the European Union adopted the “MiCA” regulation (Markets in Crypto Assets Regulation), the very first EU regulation on cryptocurrencies which is scheduled to come into force at the end of the month of June. The law introduces new requirements for transparency and consumer protection. But many are calling for a MiCA 2, like Raphaël Glucksmann’s list, because the MiCA regulation does not cover the entire sector. Crypto-loans, decentralized finance (i.e. cryptoasset services provided in a completely decentralized manner without an intermediary) and non-fungible tokens (NFT) are in fact excluded from the scope of this regulation.

In contrast to this pro-regulation position, the Pirate Party wants cryptocurrencies to be used more, because they “ can play a positive role in economic development », specifies its electoral program. The organization also campaigns for cryptocurrencies to be able to finance political parties, particularly through donations. Interviewed last week by 01net.comPierre Beyssac, number 2 on the list led by Caroline Zorn, recognized that cryptocurrencies were based on “ a solution which is not optimal, because it consumes a lot of energy “. But this solution, “ although currently imperfect “, ” has the merit of existing “, he added. Proof, ” the bitcoin experience made it possible to create a first decentralized currency, a first imperfect equivalent of cash, that is to say species, in a digital way “.

Cryptocurrencies are nevertheless struggling to be adopted today “ due to technological and legislative obstacles », Estimates the computer scientist. For the latter, “ cryptocurrencies must be accepted by the legislator as a potential equivalent of cash “.

Haro on the digital Euro

The digital euro, the European Central Bank’s (ECB) response to the rise of cryptocurrencies, was also unsuccessful during this European campaign. The digital counterpart of the single currency is nevertheless cited in several European candidate lists, almost always to argue against it.

Initiated in the wake of the health crisis, the digital euro project aims to become the digital equivalent of cash: ultimately, the objective is for it to be used in everyday life, including for all small amounts.

The initiative had sparked an outcry when the ECB approached Amazon, in particular to design “ potential user interfaces for the digital euro “. For some observers, entrusting part of this project to an American actor would endanger the monetary sovereignty of Europe.

Also read: Amazon will participate in the creation of the digital euro, the future European alternative to cryptocurrencies

Its emission should take place between 2027 and 2030, if the project manages to complete all the remaining stages. The latest was last January, when the ECB launched a call for tenders to develop the platform and technical infrastructure.

Other critics believe that this experiment should not completely replace cash, a means of payment that respects the privacy of users. This position is found among France Insoumise, which demands that safeguards be provided for this digital euro. For Manon Aubry’s camp, we must “ guarantee a 100% public digital euro, which is neither developed or marketed by private platformswhich respects the privacy of users and which does not replace cash “.

We find this last idea within the list defended by Place publique and the PS. The two parties wish, for their part, “ ensure that the digital euro does not come at the expense of access to liquidity “. A concern also relayed by Pierre Beyssac of the Pirate Party. For now, he explained to us, “ we don’t really know what this central bank digital currency project will deliver. We are quite skeptical about the potential interest of a digital euro, but we ask to see what can be done “. “ The advantage of cryptocurrencies is that they are not centralized. But here, it would be a centralized currency “, he added.

Conversely, certain far-right parties are opposed to it – note that there is no mention of this subject in the proposals of the National Rally, whose list is led by Jordan Bardella. This is not the case for Reconquête, defended by Marion Maréchal, which supports the idea that “ the digital Euro, if it is truly established, does not (must) replace other means of payment such as cash or checks. It does not (must) benefit from primacy or exclusivity for certain uses compared to other means of payment “.

The message is similar among the Patriotes, whose list is carried by Florian Philippot. The fact of “ constitutionalize cash, a guarantee of freedom, and refuse the digital euro, a tool of generalized surveillance ”, without further details. We also find “ no to the digital euro » in other lists, such as those of “Fortress Europe – nationalist unity list” and “No! Let’s take charge” – the latter not being classified on the far right of the political spectrum.

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