France to invest heavily in blockchain, PM: we must have a 'conquering philosophy'

12 Dec, 2018
by Alberto Arnaldo
France to invest heavily in blockchain, PM: we must have a 'conquering philosophy'

A parliamentary report released today gathering consensus from several parties across the political spectrum recommends investing up to €500 million in the field.

In the last times France seems to be going all in crypto, after lowering taxes for capital gains, signing joint declarations with other European countries promoting cryptocurrency use, and even starting to sell Bitcoin and Ethereum at local tobacco shops.

Today, several French media are reporting on a parliamentary recommendation of investing up to €500 million in blockchain technology during the next three years.

In an interview with local media, Laure de La Raudière, one of the signing PM’s , was giving a sense of urgency to the opportunity: 'I draw the alarm: it's time to invest. There are not yet established positions in the world'.

She believes that governments should implement blockchain to follow the example of the private sector: 'The state could therefore do the same to reduce public spending and be more efficient', citing the certification of diplomas or administrative documents as potential use cases.

A further implementation case is the agricultural business, where the PM cites the benefits of decentralization: 'Take the example of agribusiness. To have an interesting blockchain in terms of traceability and food security, it is necessary to bring together distributors, producers, logisticians, the industrialists ... And do not let only one actor manage the network as Carrefour or Casino can do today'. 

De La Raudière believes that blockchain technology has a profound change impact potential, and she wants to embolden the position of her country: 'France must have a conquering philosophy on the subject with the State in the first place, both as an user and federator of projects'. Also from a common European perspective, she approves the creation of multi-stated backed crypto, citing iniciatives coming from Sweden and Estonia, although she seems reluctanct towards having the European Central Bank as a backer.

Further legal modifications suggested in the parliamentary report include enabling the opening of bank accounts for blockchain-centered businesses which must register with the Autorité des Marchés Financiers (AMF), the French stock market regulator, apparently a much demanded change by local companies.

Read more: Can Crypto be the solution for Yellow Vest protestants in France ?French finance regulator approved an ICO funded company to become assets manager

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