France's National Assembly releases pro-crypto report

02 Feb, 2019
by Arthur Sillers
France's National Assembly releases pro-crypto report

The French National Assembly has released a report which delineates the current pro-crypto position which French regulators have been taking recently. The report indicates that the Assembly, the lower house of France’s bicameral system, has plans to regulate blockchain as a ‘link between central banks and citizen.’

The report mentions potential ‘public crypto’ which could be utilized for French citizens to open a bank account directly within the central banking system, foregoing private banks.

While the report is certainly pro-blockchain and pro-crypto in general, it goes against a certain political streak inherent in the technology. France is motivated by using crypto to increase government oversight over currency, as well as introduce new ways of funding public sector projects. This goes against the anti-government oversight tendencies of many in the crypto space, especially those who favor the original vision which Bitcoin was created in the spirit of.

The last mention of crypto from the National Assembly was at the end of last year, when according to the regulatory body rejected a proposal to loosen crypto taxes. This makes it even more clear that France’s vision for blockchain and cryptocurrency is a highly regulated and publicly implemented technology, including real-time monetary data collection, new options for monetary policy, and digitally enforced taxation over digital commerce.

Read more: France to invest heavily in blockchain, PM: we must have a 'conquering philosophy'Binance CFO following launch of new exchange: "France has tremendous potential"

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