Thank you, Mr. Chair.
I'll use my turn to make a few comments.
I have some significant concerns about crypto currencies. First, I think that it would be more accurate to call them “crypto assets” instead of using the term “crypto currencies.” This doesn't cover all the uses of the currency, including its use as a medium of exchange.
I also have serious concerns about the potential for these currencies to ultimately be recognized as legal tender. If they compete with government money, this would limit the central bank's ability to stabilize the economy in a crisis. In my view, this would take us back to the crises experienced a century ago, and we wouldn't be able to use the tools acquired since then.
From my perspective, these currencies are assets now, and purely speculative assets. Crypto assets don't have any intrinsic value. By producing and using them, we don't generate more goods or services in the economy. Moreover, like any speculative asset, their value is bound to fluctuate wildly. I sincerely hope that a possible drop in their value doesn't negatively affect the real economy.
I'm also sorry to see all the energy wasted during the mining of crypto assets. I understand that the basic idea is to compensate for the seigniorage right of crypto assets with a cost, even though that cost doesn't give them an intrinsic value.
Lastly, I'm obviously concerned about the use of these tools for illegal activities and in tax havens.
Thank you, Mr. Chair.