23
Jan
2025
Watch
Cryptocurrencies - need for global standards (debate)
Madam President, an aphorism that has become famous in recent years is that the rules of physics apply whether we believe in them or not. Paraphrasing and taking into account the regulatory proposal Markets in Crypto Assets (MiCA) we can say that these virtual currencies will exist, regardless of whether the European Union or any other Member State thinks they are good or tries to control them completely. What the European Commission does not understand is the raison d'être of these cryptocurrencies. The logic of a trust-based currency, citizens or markets applies to them. However, the emergence of these virtual currencies is rather the result of mistrust in the functioning of the economy and complex political-administrative systems. Many are taking refuge in crypto to protect the value of their property in the face of inflation, financial and economic turmoil, but also as an attempt to bypass a Big Brother system that wants to know every second what every citizen does with money. In its current form, Markets in Crypto Assets It will fail precisely because of too great a desire to enter into people's privacy and to check and control financial flows. This is exactly what happened with the attempt to ban or limit cash payments. The approach proposed by the Commission is therefore closer to China, where crypto transactions are banned, than to a financial system open to innovation. Even in this regard, Brussels would have to learn from the new administration in Washington.