法國通過加密支持的倫巴第貸款邁出了一步

在這個貨幣控制塔中，六角形不想扮演孤獨的狼。

France is Europe. And Europe is the temple of regulation. In this monetary control tower, the Hexagon does not want to play the lone wolf. No question of embracing bitcoin before the 27. Yet, sometimes, it winks at the most daring. Latest twist? A legal clarification on Lombard credit backed by cryptos. Not a revolution. But a step, even if disguised, is still a step.

法國是歐洲。歐洲是監管神廟。在這個貨幣控制塔中，六角形不想扮演孤獨的狼。毫無疑問，要在27歲之前擁抱比特幣。但是，有時候，它最大膽地眨了眨眼。最新扭曲？由加密貨幣支持的倫巴第信貸的法律澄清。不是一場革命。但是，即使偽裝，一個步驟仍然是一步。

Crypto as collateral: yes, but with a cautionary vest

加密作為抵押：是的，但是帶有警示背心

The crypto Lombard credit was not born yesterday. It was already discussed in hushed banking circles. This loan, guaranteed by a crypto wallet, offers a promise: liquidity without liquidation. You lock your cryptos. You receive euros. In case of default, the collateral goes to the scrapyard.

加密倫巴德（Crypto Lombard）信貸昨天不是出生。在安靜的銀行界已經討論了它。該貸款由加密錢包保證，提供了承諾：沒有清算的流動性。您鎖定加密貨幣。您收到歐元。在違約的情況下，抵押品將用於廢料。

But where France is finally moving is on the legal framework. The DDADUE 5 law, in force since April 30, allows “the establishment of a pledge by signed declaration of the owner of the cryptos“. One more formality. And one less ambiguity.

但是法國最終移動的地方是在法律框架上。 Ddadue 5法律自4月30日起生效，允許“通過簽署了加密貨幣所有者的宣告建立誓言”。另一種形式。還有一個較小的歧義。

This change fits the MiCA logic, the great European crypto market charter. “The crypto Lombard credit is a great tool for structured HODLers,” comments Arnaud Touati. But beware: perhaps we structure, but we do not democratize yet.

這種變化適合雲母邏輯，這是歐洲偉大的加密市場憲章。 Arnaud Touati評論說：“加密隆巴德信貸是結構化霍德爾的好工具。”但是要當心：也許我們的結構，但我們還沒有民主化。

Dan Arroche tempers:

然後是Arroche的脾氣：

« No revolution, just a legal clarification. »

«沒有革命，只是法律澄清。 »»

And still, this is only on paper. The ground remains minefielded. French banks remain skeptical. The risk is too volatile. Solvency ratios too fragile. In short, real use remains marginal.

而且，這只是在紙上。地面仍然被雷電。法國銀行仍然持懷疑態度。風險太波動了。償付能力比太脆弱了。簡而言之，實際使用仍然很邊緣。

MiCA, taxation: the shackles of progress

雲母，稅收：進步的束縛

A regulatory advance does not always rhyme with practical progress. Because in detail, the French tax system is a true labyrinth. And in this labyrinth, crypto Lombard credit might well fall into a trap.

監管進步並不總是隨著實際進步的押韻。因為詳細說明，法國稅制是一個真正的迷宮。在迷宮中，Crypto Lombard信用很可能陷入陷阱。

Dan Arroche warns:

丹·阿羅奇（Dan Arroche）警告：

« The question is whether placing cryptos as collateral = transfer of ownership = taxable event? »

«問題是將加密貨幣放置為抵押=所有權的轉讓=應稅事件嗎？ »»

In other words, using your bitcoins as a pledge could activate… taxation. And there, no one is joking anymore.

換句話說，將您的比特幣用作承諾可以激活……稅收。在那裡，沒有人在開玩笑了。

Two cases must be distinguished:

必須區分兩個案例：

* Crypto sold to repay the loan: this generates a capital gain or loss, to be declared in the year of the sale.

*加密出售以償還貸款：這會產生資本收益或損失，並在銷售年份宣布。

* Crypto kept in the wallet despite default: remains in the patrimony, no taxable event in the year of the loan, but capital gain or loss to be declared in the year of sale or donation.

*儘管違約，加密貨幣仍在錢包裡：仍然存在於貸款年，沒有應稅事件，但是在出售或捐贈的一年中要宣布的資本收益或損失。

In other words, a tax lawyer becomes mandatory. To avoid innovation turning into an administrative disaster.

換句話說，稅務律師成為強制性的。避免創新變成行政災難。

Here are the key data to remember :

這是要記住的關鍵數據：

* DDADUE 5 law in force since April 30, 2024

*自2024年4月30日以來，Ddadue 5法律生效

* Article 93 of the General Tax Code defines the taxable events

*一般稅法第93條定義了應稅事件

* Capital gain or loss on the sale of crypto to repay the loan

*出售加密貨幣以償還貸款的資本收益或損失

* Undetectable transfer of ownership if the crypto remains in the wallet despite default

*如果加密貨幣仍在錢包中，所有權無法檢測到所有權的轉讓

* No specific provision for crypto in the tax code, requiring interpretation by the administration

*稅法中沒有針對加密的具體規定，需要政府的解釋

This new legal framework might encourage banks to offer crypto Lombard loans, a product already proposed by some European institutions. However, it remains to be seen whether French banks will be interested in this type of product, given their risk aversion and the potential difficulties in integrating it into their existing systems and reporting requirements.

這個新的法律框架可能會鼓勵銀行提供加密倫巴德貸款，這是一些歐洲機構已經提出的產品。但是，鑑於法國銀行的風險規避以及將其集成到現有系統和報告要求中的潛在困難，法國銀行是否會對這種類型的產品感興趣還有待觀察。

A psychological factor is added to this legal equation: fear of banks. Their cautiousness slows adoption. “Obtaining crypto Lombard credit on acceptable terms is almost impossible,” concludes Arroche.

心理因素被添加到此法律方程式：對銀行的恐懼。他們的謹慎減慢了採用。 Arroche總結道：“以可接受的條件獲得加密貨幣倫巴德信貸幾乎是不可能的。”

We pretend to legalize, but no one is playing along.

我們假裝合法化，但沒有人在玩。

Between patrimonial tool and golden mirage

在遺產工具和黃金海市樓之間

For whom is this new credit? For the average saver? No. For private banking clients, maybe. For large crypto portfolios, surely. This loan remains a wealth optimization tool, not a gateway to regulated DeFi.

這個新信用是誰？對於普通儲蓄者？否。也許是私人銀行客戶。對於大型加密投資組合，肯定是。這項貸款仍然是一種財富優化工具，而不是通往受規範的門戶的門戶。

In fact, very few players are ready. Few institutions accept this type of pledge. The crypto market is still deemed too unstable. Yet, some see an opportunity here.

實際上，很少有球員準備好了。很少有機構接受這種承諾。加密市場仍然被認為不穩定。但是，有些人在這裡看到了一個機會。

This credit can become an alternative to asset sales, maintaining exposure to the market. So it appeals to those who want to “hodl while buying a house“. But provided they are well advised, and well capitalized.

該信貸可以成為資產銷售的替代品，並保持市場敞口。因此，它吸引了那些想“買房時hodl”的人。但是，只要他們得到了很好的建議，並且大寫了。

And while some move forward, others denounce. On X, a user mocks:

而有些人向前邁進，其他人則譴責。在X上，用戶模擬：

« Historically all war loans were scams. Luxembourg life insurance, crypto in self-custody, the threat is serious. »

«歷史上所有的戰爭貸款都是騙局。盧森堡人壽保險，自我顧客的加密，威脅是嚴重的。 »»

An amusing take on the crypto narrative! 😉

對加密貨幣的敘述很有趣！ 😉

"The year is 2024. War broke out in Ukraine. Faced with this crisis, the French State launched a large-scale bond issue, named "Imperium," to mobilize the nation's savings and support the war effort.

“這一年是2024年。在烏克蘭爆發了戰爭。面對這一危機，法國國家發起了一個大規模的債券發行，名為“ Imperium”，以動員美國的儲蓄並支持戰爭努力。

People were encouraged to subscribe to these bonds, presented as a patriotic duty and a way to participate in the collective destiny.

鼓勵人們贊同這些債券，以愛國義務和參與集體命運的方式。

The bonds promised a low interest rate of 1%, but they were also subject to an original clause: in case

這些債券承諾的低利率為1％，但它們也受到原始條款的約束：以防萬一