#768: DAC8 Is A Kidnapping Factory with Francis Pouliot

**SPEAKER_2** (0:07)
You've had a dynamic where money's become freer than free.
When you talk about a Fed just gone nuts, all the central banks going nuts. So it's all acting like safe haven.

**SPEAKER_3** (0:18)
I believe that in a world where central bankers are tripping over themselves to devalue their currency, Bitcoin wins. In the world of fiat currencies, Bitcoin is the victor.

**SPEAKER_2** (0:29)
I mean, that's part of the bold case for Bitcoin.

**SPEAKER_3** (0:31)
If you're not paying attention, you probably should be.

**Marty Bent** (0:36)
Francis, I'm ashamed to admit it, but it's been seven years since you've been on the show. Welcome back.

**Francis Pouliot** (0:41)
It has been seven years. Wow. Yeah. The last time was in San Francisco, I believe, at the Bitcoin 2019 conference.

**Marty Bent** (0:49)
The first ever Bitcoin conference. I found out I was expecting my first child that day, right after we recorded. So I remember that day vividly.

**Francis Pouliot** (0:59)
Nice.

**Marty Bent** (1:01)
But we progress.
Children have been born, raised a little bit since then. Bitcoin has persisted and things are going on. We got the bulls on parade in France. We're going to start off with what you and your team at Bull Bitcoin have been doing in terms of trying to protect your users' right to privacy, particularly in France, where they've implemented this DAC8, D-A-C-8, which stems from MiCA, I believe, which is very invasive to privacy. Obviously, France is a hotbed for $5 wrench attacks. You guys are on the ground there, obviously serving customers and are having to deal with this up close and personal. I think we just start there. What's going on with DAC8, MiCA, however you pronounce it and how oppressive are these governments get in terms of trying to collect user data?

**Francis Pouliot** (1:57)
DAC8 is a very interesting piece of legislation because very few people know about it and it is, in my opinion, the single biggest threat to both the cypherpunk principles of Bitcoin and to the lives of our users. The backstory of DAC8 is that in 2021, at the peak of the COVID tyranny, the G20 countries had a meeting, probably in Davos or something, one of those globalist hangouts, and they decided during that meeting that Bitcoin posed an existential threat to the ability of governments to finance themselves.
When you look at the minutes and announcements of that meeting, they basically decided that tax evaders are going to bankrupt the state with Bitcoin, and that they needed to do something about that.
The G20 mandated the OECD, another globalist organization, to come up with a solution to that problem. That solution is something that they came up with, which is called CARF, the Crypto Asset Reporting Framework.
CARF is basically a program or methodology of collecting all of crypto users' transaction information and identity into a big database, and allowing countries to share that database with each other. In the EU, as soon as the OECD came up with CARF, like 70 countries on Earth pledged to implement CARF. This is a purely technocratic, globalist thing. But then the national governments need to implement this in their national legislation. In Europe, they did that at the European Union level with something called DAC8, Directive 8, or also called DAC8. So what DAC8 does is basically turn every single crypto company into a data collection, aggregation, and transmission platform, where every year you have to report all of your users, kind of like financial transactions, like their volumes and their cost of acquisition and their identity, their home address, everything about them, to your national government. But what's even worse than that is that DAC8 allows EU countries to share that data with each other. So for example, we in Bull Bitcoin were incorporated in France. So we share this data with the French tax authority. But then the French tax authority shares this data with the German tax authority, with the Dutch tax authority or whatever. So what it in effect creates is a big fucking list of crypto users and how much Bitcoin they're buying and how much Bitcoin they're selling every single year. And that is what I would say a very big rupture compared to the system of KYC that we've had before. And I'm going to go off on a little tangent here, but we've already had a globalist institution force national governments essentially to implement these kind of KYC regimes. And that is the FATF, the Financial Action Task Force. So the Financial Action Task Force was the, and I believe that is the IMF, that is like the head of the FATF.

**Marty Bent** (5:30)
Might be the BIS, I think.