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Macron Warns of ‘Wild West’ Crypto Risks, Urges Stronger Global Regulation
(MENAFN) French President Emmanuel Macron has called for stricter controls on cryptocurrencies, warning that digital assets could create what he described as a “new Wild West” vulnerable to abuse by criminal and terrorist groups, according to reports.
Macron delivered the remarks Tuesday during the fifth “No Money For Terror” conference held at France’s Finance Ministry in the Bercy district of Paris. During the event, he stressed the need to ensure that the growth of crypto assets does not weaken existing financial regulations or transparency mechanisms.
“There is no sustainable, peaceful world, no regulation, and no financial stability for our countries if, in a way, we reinvent a Wild West that we have regulated,” Macron said.
“Let us not allow crypto-assets to create an opportunity for criminals, terrorists, or ways to circumvent the rules we have created,” he added.
The comments came amid growing concern in France over an increase in attacks and criminal incidents involving cryptocurrency holders, according to reports.
At the same time, reports noted that transactions involving digital assets can still be monitored through blockchain technology, while certain crypto funds may be frozen by platforms or issuers in cases linked to ransom payments or other criminal investigations.
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