French Finance Minister Embraces Cryptocurrency Power, Calls for Regulations


French Finance Minister embraces cryptocurrency power, as he stated that due to the fact the this technology has a big impact on growing economies, a sufficient support will need to be provided for its development and integration.

28 March, AtoZForex Bruno Le Maire, the Finance Minister of France, appears as the latest government official to acknowledge the power of cryptocurrencies. He has admitted that cryptocurrencies might offer a number of different benefits.

French Finance Minister Embraces Cryptocurrency Power, Calls for Regulations

It is a known fact that cryptocurrency prices tend to be highly volatile and are somewhat unstable. Bitcoin was changing hands at around $20,000 at the end of 2017, while just some weeks later, is has dropped to $8,000.

Some of the high profile figures who initially had one kind of opinion about cryptocurrency market, are now changing their minds and adopting a completely difference stance. French Finance Minister is also monitoring Bitcoin, as the global cryptocurrency discussions during the recent G20 meeting have taken place.

According to a number of online reports, Le Maire has stated that cryptocurrencies have a big role in the global economy. He also has tweeted about his support for Blockchain technology. Due to the fact the these technologies have a big impact on growing economies, a sufficient support will need to be provided for their development and integration.

France Plans ICO Regulations

Following on this, another government official, the newly appointed Governor of the People’s Bank of China (PBOC), Yi Gang, has stated that virtual currencies can be regarded as a source of inspiration for the business sector. He also added that Bitcoin will stay as a subject of public attention even in the long-term.

Coming back to Le Maire, he has voiced the apprehension in regards to the risks that unregulated cryptocurrency market means for the global economy:

“If we want to move on and protect citizens from any kind of speculations or money laundering or terrorism financing, we need rules.”

He also has mentioned that France plans to develop a legal framework for ICO, which will help the country to become the world’s ICO center. In order to reach this goal, he has ordered Jean-Pierre Landau, former Bank of France Deputy Governor along with his regulation task force to develop regulatory legislation for virtual currencies.

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