Elon Musk and Twitter are under the sights of French regulators and could soon be sanctioned.
France concerned about the fall of Twitter
A month ago, the French government, under the leadership of the Minister for Digital Transition Jean-Noël Barrot, decided to double down on cybersecurity. While the crypto sector, often the victim of thefts and scams of all kinds, could be affected locally by possible new regulations aimed at protecting French users, it is now a whole new entity that must be held accountable.
Indeed, the social network Twitter has recently been talked about a lot. On the one hand with the arrival of billionaire Elon Musk at its head, then with large waves of layoffs exacerbated by the latest ultimatum from its new owner. Faced with the desertion of employees, the French government is beginning to wonder if moderation is still and always present on the platform and, above all, if it is still as effective despite the circumstances.
In addition, since Elon Musk insisted on freedom of expression and withdrew all measures previously adopted by Twitter to curb fake news or other abuses, many users wondered whether moderators would have the right or not. to sanction. The great freedom advocated by the CEO of Tesla is therefore far from unanimous.
However, France intends to make things clear and asks Musk to prove that its platform still follows both local and European regulations. For his part, Jean-Noël Barrot insists on the moderation of hate speech and the manipulation of information while brandishing the threat of punishment.
Towards a platform regulated by MiCa?
However, Twitter may also have to meet new regulations. Indeed, Elon Musk has promised to integrate cryptocurrency payments into the social network. Once this implementation is done, although challenged by the many difficulties experienced by the company over the past three weeks, the platform will have to submit to the various crypto regulations and therefore, by extension, to the MiCa law.
While the Tesla CEO’s true plans for crypto still remain unclear, setting up a wallet for each user could require Twitter to show the European Commission its credentials.
The social network will therefore have to prove that it is able to protect the assets of Internet users while in turn fighting against money laundering. A business that could prove difficult since cybercriminals have made the blue bird platform a tool of choice to find their targets, while the phenomenon could worsen with the implementation of the crypto wallet.
Finally, Twitter is also the favorite playground of crypto influencers. The latter should no longer be allowed to openly earn money in exchange for advertising and those who do so may be accused of market manipulation. A new type of moderation will therefore have to be put in place in order to ensure the proper monitoring of crypto regulations, in particular in France and within the European Union.
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