Le cryptofranc devrait encore se faire attendre

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Fort de ce fait, diverses initiatives priv茅es ont entrepris d鈥檃dosser 脿 une cryptomonnaie d茅termin茅e des actifs r茅els (stablecoin). 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small"> <a rel="category tag" class="text-dark-grey" href="https://cdbf.ch/category/banque-nationale-suisse/">Banque nationale suisse</a> <a rel="category tag" class="text-dark-grey" href="https://cdbf.ch/category/finma/">FINMA</a> <a rel="category tag" class="text-dark-grey" href="https://cdbf.ch/category/reglementation-bancaire/">R茅glementation bancaire</a> <a rel="category tag" class="text-dark-grey" href="https://cdbf.ch/category/surveillance-des-marches-financiers/">Surveillance des march茅s financiers</a> <a rel="category tag" class="text-dark-grey" href="https://cdbf.ch/category/too-big-to-fail/">Too big to fail</a> </h6> </div> </div> </article> <hr class="mb-4" data-aos="fade-up" /> <article class="item mb-4 " data-aos="fade-up"> <div class="row"> <div class="col-12"> <h4 class="h6 card-subtitle mb-2 font-light"> <a href="https://cdbf.ch/1288/" target="_self" class="text-red">Credit Suisse</a> </h4> <h3 class="h5 card-title mb-3"> <a href="https://cdbf.ch/1288/" target="_self" 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<a class="btn btn-secondary" href="https://cdbf.ch/category/banque-nationale-suisse/">Plus d'articles en relation</a> </div> <div class="col-lg-9 order-0 order-lg-1 the_content"> <div class="px-lg-4 px-xl-5 position-relative"> <h2 class="h5 font-light"><span class="text-red">Blockchain</span></h2> <h1> Le cryptofranc devrait encore se faire attendre </h1>  <nav class="mobile-only mt-4 d-flex align-items-center"> <a class="bubble bubble-lg mb-2 mr-2" href="https://cdbf.ch/author/m-depierre/"> <img class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2021/06/olivier-depierre-150x150.jpeg" /> </a> <h6 class="text-uppercase text-black font-light mb-2 mr-4"> <a class="text-black" href="https://cdbf.ch/author/m-depierre/"> Olivier Depierre</a> </h6> </nav>  <div class="d-flex align-items-center justify-content-start"> <ul class="nav translations-list"> </ul> </div> <div class="lead mt-4"> <p>Les cryptomonnaies au sens strict – comme le bitcoin ou l鈥檈ther – n鈥檕nt pour valeur intrins猫que que celle du protocole qui les sous-tend, fluctuant au gr茅 de la loi de l鈥檕ffre et la demande. Fort de ce fait, diverses initiatives priv茅es ont entrepris d鈥檃dosser 脿 une cryptomonnaie d茅termin茅e des actifs r茅els (<em>stablecoin</em>). A cet 茅gard, le projet <a href="https://libra.org/fr-FR/?noredirect=fr-FR">Libra</a> du groupe <em>Facebook </em>a us茅 bon nombre de claviers depuis l鈥檃nnonce de sa cr茅ation en juin dernier. S鈥檈n suivirent effectivement quelques retentissantes oppositions de politiques publiques, notamment <a href="http://www.assemblee-nationale.fr/15/cri/2018-2019/20190279.asp#P1769279">fran莽aises</a> puis <a href="https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=404118">am茅ricaines</a>. Et depuis 2016, certains Etats (Chine, Su猫de, Uruguay) ont amorc茅 la cr茅ation de leur propre cryptomonnaie nationale comme alternative ou compl茅ment au num茅raire et 脿 la monnaie 茅lectronique existante (cartes de d茅bit et applications de paiement).</p> <p>Actuellement et sous nos latitudes, si <a href="https://www.snb.ch/fr/mmr/speeches/id/ref_20190905_tjn/source/ref_20190905_tjn.fr.pdf">la BNS ne ferme pas la porte 脿 un cryptofranc</a>, elle estime toutefois que les paiements sans num茅raires sont d茅j脿 suffisamment efficaces ; non sans reconna卯tre qu鈥檜n 茅ventuel succ猫s des jetons d鈥檌nvestissement (cf. FINMA, <a href="https://cdbf.ch/wp-content/uploads/2019/12/wegleitung-ico1.pdf" target="_blank" rel="noopener noreferrer">Guide pratique ICO</a> ch. 3.1, 3.2 et 3.2.3) pourrait justifier une telle cr茅ation, du moins pour les seuls acteurs des march茅s financiers.</p> <p>Le pr茅sent commentaire s鈥檌nt茅resse au <a href="https://www.newsd.admin.ch/newsd/message/attachments/59637.pdf">rapport du Conseil f茅d茅ral du 13 d茅cembre</a> dernier (le 芦 Rapport 禄) intitul茅 <em>Monnaie 茅lectronique de banque centrale</em> (芦 MEBC 禄) et qui r茅pond 脿 un <a href="https://www.parlament.ch/fr/ratsbetrieb/suche-curia-vista/geschaeft?AffairId=20183159">postulat parlementaire</a> datant de 2018. Hasard du calendrier, ce Rapport suivait de quelques jour un <a href="https://www.banque-france.fr/sites/default/files/medias/documents/2019.12.04_conference_acpr_v5.pdf">discours du Gouverneur de la Banque de France</a>, annon莽ant (1) la modification structurelle du banquier central de l鈥橦exagone et (2) des r茅flexions sur la cr茅ation d鈥檜ne MEBC europ茅enne. Ce discours se r茅f茅rait d鈥檃illeurs au <a href="https://www.bis.org/cpmi/publ/d187.pdf">rapport 芦 Coeur茅 禄</a> remis en octobre aux ministres des finances du G7 suite 脿 des inqui茅tudes li茅es en grande partie au projet Libra.</p> <p>Somme toute, le Rapport est une suite logique du <a href="https://cdbf.ch/wp-content/uploads/2019/12/wegleitung-stable-coins2.pdf" target="_blank" rel="noopener noreferrer">Compl茅ment FINMA au guide pratique ICO</a> du 11 septembre dernier, lequel traite sp茅cifiquement des <em>stablecoins</em>, puisque comme en conviennent particuli猫rement la <a href="https://www.bis.org/speeches/sp191119.htm">BRI</a>, la BNS, le <a href="https://www.bis.org/cpmi/publ/d187.pdf">G7</a> ou encore r茅cemment la <a href="https://www.federalreserve.gov/newsevents/speech/brainard20191218a.htm">R茅serve f茅d茅rale am茅ricaine</a>, l鈥檈njeu est d茅sormais de ne pas laisser de grands groupe priv茅s damer le pion aux monnaies nationales en cr茅ant des <em>stablecoins</em> pouvant servir de syst猫mes de paiement transnationaux hors du syst猫me bancaire.</p> <p>A l鈥檌nstar des trois institutions pr茅cit茅es, nos sept sages distinguent deux types de MEBC 脿 savoir une MEBC universellement accessible bas茅e sur des comptes aupr猫s de la banque centrale concern茅e, voire obtenue en 茅change de monnaies scripturales sur les comptes des banques commerciales (jeton aussi dit de 芦 d茅tail 禄, cf. <a href="https://www.newsd.admin.ch/newsd/message/attachments/59637.pdf">Rapport</a>, ch. 4.1 et 4.2). L鈥檃utre MEBC serait r茅serv茅e aux paiements et ex茅cutions entre acteurs des march茅s financiers et repr茅sent茅e par un jeton dit de 芦 gros 禄 (<em>ibid.</em>). Dans un jeton de d茅tail de conception helv茅tique, le public aurait donc un compte direct aupr猫s de la BNS, par exemple via une application d茅di茅e mais avec une prise en charge d茅l茅gu茅e aux banques commerciales (cette question op茅rationnelle ne relevant pas des t芒ches et op茅rations de la BNS, du moins dans la teneur actuelle des <a href="https://www.admin.ch/opc/fr/classified-compilation/20021117/index.html#a5">art. 5 al. 2</a> et <a href="https://www.admin.ch/opc/fr/classified-compilation/20021117/index.html#id-2">9 al. 1 LBN</a>). Dans le jeton de gros, en revanche, les acteurs des march茅s financiers conserveraient leur MEBC dans des portefeuilles 茅lectroniques (芦 <em>wallets</em> 禄) comme cela est actuellement le cas avec les cryptomonnaies.</p> <p>Le Conseil f茅d茅ral rappelle 茅galement le cadre juridique actuel dont rel猫ve la monnaie, ainsi que la n茅cessaire stabilit茅 de sa valeur lui permettant de remplir ses fonctions de moyen de paiement (<a href="https://www.newsd.admin.ch/newsd/message/attachments/59637.pdf">Rapport</a>, ch. 6.1). La Conf茅d茅ration ayant le monopole de la cr茅ation de la monnaie, elle veille 脿 ce que la BNS m猫ne une politique mon茅taire servant les int茅r锚ts g茅n茅raux du pays (<a href="https://www.admin.ch/opc/fr/classified-compilation/19995395/index.html#a99">art. 99 al. 1 et 2 Cst</a> ; <a href="https://www.admin.ch/opc/fr/classified-compilation/20021117/index.html#a5">art. 5 al. 1 LBN</a>) et fixe les moyens de paiement ayant cours l茅gal (<a href="https://www.admin.ch/opc/fr/classified-compilation/19994336/index.html#a2">art. 2 LUMMP</a>). A ce jour, par cons茅quent, des moyens de paiement comme les ch猫ques REKA, la monnaie WIR, les cartes pr茅pay茅es, les cryptomonnaies – et m锚me la monnaie scripturale d鈥檃illeurs – ne b茅n茅ficient d鈥檃ucune obligation d鈥檃cceptation (<a href="https://www.admin.ch/opc/fr/classified-compilation/19994336/index.html#a3">art. 3 LUMMP</a>) et, 脿 d茅faut d鈥檜ne clause contractuelle sp茅cifique, ne peuvent valablement lib茅rer le d茅biteur d鈥檜ne somme d鈥檃rgent dans un rapport de droit priv茅 (<a href="https://www.admin.ch/opc/fr/classified-compilation/19110009/index.html#a84">art. 84 al. 1 CO</a>).</p> <p>Au demeurant, la cr茅ation d鈥檜ne <em>monnaie 茅lectronique de la Banque nationale</em> (ou 芦 MEBN 禄) n茅cessiterait de modifier la <a href="https://www.admin.ch/opc/fr/classified-compilation/19994336/index.html">LUMMP</a>, voire 茅galement la <a href="https://www.admin.ch/opc/fr/classified-compilation/20021117/index.html">LBN</a>. La fourniture de services financiers en lien avec cette MEBN impliquerait en outre la modification des <a href="https://www.admin.ch/opc/fr/official-compilation/2019/4417.pdf">LSFin</a> et <a href="https://www.admin.ch/opc/fr/official-compilation/2018/5247.pdf">LEFin</a>, comme de certaines lois sur les march茅s financiers (<a href="https://www.admin.ch/opc/fr/classified-compilation/20052624/index.html#a1">art. 1 al. 1 LFINMA</a>). Point crucial relev茅 par le Conseil f茅d茅ral, il serait indispensable de s鈥檃ssurer que l鈥檜tilisation de la MEBN garantisse la protection des donn茅es – tant sur le plan technique que juridique – et prot猫ge la vie priv茅e des utilisateurs (<a href="https://www.newsd.admin.ch/newsd/message/attachments/59637.pdf">Rapport</a>, ch. 6.2, p. 40 <em>in fine</em>).</p> <p>Finalement, il s鈥檃girait de garantir une exploitation sans faille de l鈥檌nfrastructure technique sous-jacente, ce en particulier en cas de d茅l茅gation 脿 des tiers (<a href="https://www.newsd.admin.ch/newsd/message/attachments/59637.pdf">Rapport</a>, ch. 6.3). Et il faudrait encore trancher la question de savoir si le r茅gime de responsabilit茅 applicable en cas de d茅faillance technique ou de survenance d鈥檃utres cyberrisques ouvrirait la voie 脿 une proc茅dure administrative ou civile.</p> <p>En conclusion, le Conseil f茅d茅ral rejoint la BNS en ce sens que la population suisse accepte actuellement tr猫s largement la monnaie fiduciaire. Une MEBC dans sa forme de jeton de 芦 d茅tail 禄 n鈥檃pporterait donc aucun b茅n茅fice suppl茅mentaire. En revanche, une MEBC dans sa forme de jeton de 芦 gros 禄 pourrait accro卯tre l鈥檈fficience des op茅rations sur titres. Reste 脿 savoir si la Suisse pr茅f茅rera suivre les avanc茅es 茅trang猫res dans ce domaine ou faire figure de pionni猫re.</p> </div> </div> </div> </div> </div> </main> <footer id="footer" class="py-5"> <div class="container"> <div class="row"> <div class="col-lg-2 mb-4 mb-lg-0 text-center text-lg-left"> <img class="img-fluid" alt="Unige" src="https://cdbf.ch/wp-content/themes/cdbf/img/unige.png"> </div> <div class="col-lg-6"> </div> <div class="col-lg-4"> <nav class="nav flex-column align-items-center align-items-lg-end text-right"> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/impressum/">Impressum</a> <a class="nav-link text-white font-sans-serif small" href="mailto:webmaster@cdbf.ch">Webmestre</a> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/charte-editoriale/">Charte 茅ditoriale</a> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/politique-dutilisation-des-cookies/">Politique d’utilisation des cookies</a> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/le-centre/contact/">Contact</a> </nav> </div> </div> </div> </footer> <div id="cookiebar" class="fixed-bottom w-100 text-light py-3" style="display:none;"> <div class="container"> <div class="row"> <div class="col-md-10 small"> Ce site utilise des cookies 脿 des fins de statistiques, d鈥檕ptimisation et de marketing cibl茅. 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Le cryptofranc devrait encore se faire attendre – CDBF