France Might Soon Become the Next Blockchain Nation

December 13, 2018 | AtoZ Markets-France’s newest ambition to become one of the leader’s in the blockchain industry is supported by the country’s politicians and the local blockchain entrepreneurs. However, both share the common opinion that the new technology needs financial and legal support from the government. 

Blockchain Industry Needs Investments

Blockchain technology is a new industry that is actively developing in France. However, the country’s ambitions to become one of the leaders of the blockchain require financial support from the government. Recently, two pro-crypto members of the French parliament, Jean-Michel Miese and Laure de la Raudière, expressed a desire to turn France into a “blockchain nation”. In support of this initiative, the aforementioned politicians explained that the country needs to invest up to 500 million euros in blockchain programs. Jean-Michel Mies and Laure de la Raudière suggested that the French national research agency should invest in the blockchain research. According to French media, in its report published on December 12, French deputies put forward 20 proposals to support the development and widespread adoption of the blockchain. La Raudière explained that such measures would help France not to miss the blockchain revolution and establish the country’s position in the cryptography market. She expressed the urgent need for France to benefit from the new technology earlier than its international competitors, such as China and the U.S. The politician noted that France “should have a philosophy of conquerors”, and “it’s time to invest.” “We must accelerate with the help of French and European public money,” the French deputy shared with the French media.

Blockchain Invades Public Sector

La Raudière noted that the blockchain technology moving out of the experimental stage and can already be successfully implemented in the industrial sector.”The public will see the emergence of its uses in their daily lives,” she added. According to the French deputy, the public sector finds ways to implement blockchain technology the way the private sector has begun to. As the media reports, French grocery mega-chain Carrefour started using blockchain for its supply-chain management to track chicken, eggs, and tomatoes as they travel from farms to stores to prevent salmonella outbreaks. In their turn the financial institutions of France such as Bank of France or the European Central Bank are beginning to consider issuing a cryptocurrency. According to Christine Lagarde, managing director of the International Monetary Fund (IMF), the central banks of Sweden, China, Canada and Uruguay are already working on this. “The advantage is obvious,” said Lagard. “Your payment will be immediate, secure, cheap and potentially semi-anonymous, and central banks will maintain a solid basis for payments.”

France Is a Future Blockchain Hub: Truth or Myth?

French politician and a Minister of the Economy and Finance since 2017, Bruno Le Maire stated that the French the government fully supports the blockchain and the crypto sectors. Le Maire added that “France will not miss the Blockchain revolution”. Well-known French crypto experts such as Pierre Noizat, Amandine Doat, Etienne Laborde, and Jonathan Chester also expressed their positive thoughts about the future of the blockchain in France. Pierre Noizat a seasoned entrepreneur in the blockchain space and a founder of Paymium now leading said that he believes that “France has the potential to become a blockchain hub in the future.” Noizat who is one of France’s pre-eminent experts on cryptocurrency explained that “the blockchain community is constantly expanding” as the number of the well-trained European engineers’ rises.“However, this will only be possible if the government takes matters into its own hands and does not let our talents flee to other countries due to the lack of regulations encouraging the industry to grow,” a founder of Paymium added. Amandine Doat Head of Public Policy, and Etienne Laborde, Corporate Development and Strategy Analyst stated that “France is one of the best places in the world for startups.” The blockchain experts explained that the election of Emmanuel Macron has improved the confidence of business leaders. Also, according to the Doat, Brexit caused a lot of Fintech talent to exit Great Britain for France. Lastly, the PACTE (Plan d’action pour la croissance et la transformation des entreprises) bill, currently under discussion, will bolster additional growth.

Does ICO Have a Future in France?

After suspicious attitude towards cryptocurrencies and ICO‘s by the AMF (Autorité des Marchés Financiers) the French authorized governmental authority drafting ICO regulations France has changed its tone in more positive. Pierre Noizat explained, that the French government ” is not hiding its ambition to make France an ICO capital.” “They are currently speaking with French blockchain and crypto-entrepreneurs in France in order to to understand the crypto market problems, and attempt to regulate it accordingly” the French blockchain entrepreneur added. 

Jonathan Chester another veteran in the crypto space, who founded Bitwage stated, that France “seems to be quite forward-looking when it comes to cryptocurrencies.” Bitwage a service allowing employees and freelancers to receive payments in cryptocurrency received a grant from the French government. This grant includes money, mentorship, office space and access to a local accelerator for the international startups within the French ecosystem. The government seems to have a favorable attitude towards blockchain and technological innovation in general. Seeing as France’s finance minister is planning to create a legal framework for ICOs, the country may become a hotbed for raising capital within the industry.

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