Mica Law: after Bitcoin, Europe wants to ban stablecoins

I pretend to have it all figured out – And like Christine, the EU, and its mica billcontinue to sink into bills on technologies that they do not master.

Mica, the law that makes the cryptosphere cry

For ours, it would rather be because of the policies that govern us.

The current war is worthy of the internet versus minitel fight that we experienced in the 90s. When an emerging technology arrives on American soil, the USA generally lets it settle, and once they have understood what is it for, why and how, they install a regulation.

In Europe, the old continent which has never borne its name so well, we prefer to ban. Without understanding why it works well elsewhere, we don’t care. Technology is bad. But, at the same time, we want to create a european metaverse. Without even understanding what that could mean, but how can you not understand that what you do (or say) is a real problem in politics?

This is why the bill Micaso decried by Web 3 users in general, and cryptocurrencies in particular, is resurfacing with proposals that are still worse than the previous ones.

The latest good idea would be to outright ban the use of stablecoins. Not all of them, just those that are not backed by the Euro, or by an EU Member State currency. Yes, so all of them actually.

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Christine and the stable-couine

The hidden goal (well, not that much) would be to force the use of the famous European digital currency, over which the states will have full control. In other words, we will be able to know exactly what you do, when you do it and for what amount. The European Central Bank and its President Christine The guard are certainly already rubbing their hands.

Christine Lagarde

The groups Blockchain for Europe and the Digital Euro Association have already sent a letter to the Council of the European Union, to explain how this new idea would only push Europe a little further into stupidity.

Ban the current largest stablecoins, such asUSDTI’USDCthe BUSD and all the others would, according to these associations, have an extremely negative impact.

Restricting their use in the Eurozone would lead to a lockdown of crypto markets here, with potentially destabilizing effects and a major outflow of crypto business outside of the EU.

In place to help Europe to embrace digital currency, this wacky new idea would result in “stifling innovation in the EU”. At a time when the news GAFAM (which are already European?) are settling in, we are well on our way to helping the USA once again become the leaders in technical fields.

As Europe tries to deinvent gunpowder, well aware that the old order it embodies may well be its first victim, realize the importance of not staying out of the Bitcoin revolution. Start accumulating and trading your first BTC and ETH by registering on the FTX reference platform. In addition, you benefit from a lifetime reduction on your trading fees (commercial link, see conditions on official website).

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