Wednesday, April 24, 2019

France Plans to Invest €500 Million in Blockchain Technology

The French parliament has proposed an investment of €500 million into promoting the growth of Blockchain Technology in France. The funds will lead to the development of Blockchain-based projects in the country for the next three years. A local media outlet revealed this on December, 12.

MP Says, Government Should Be Involved in Blockchain Technology

Laure de La Raudière, one of the signing members of Parliament (MP) said the best way to take advantage of the potentials of Blockchain is for the Government to be actively involved. This means that the widespread use of the Distributed Ledger Technology (DLT) should not be left only to the private sector of the economy.

The MP also added that France needs to take the lead when it comes to countries that are adopting modern technologies. The State is to lead the private sector and encourage companies in this industry. In her own words, the country must have a well-defined strategy when it comes to the DLT

France to Launch Blockchain-Based Projects

The first step to foster this growth is for the government to launch Blockchain projects. This is after they may have consulted with reputable companies in the Blockchain industry. Specifically, the government through the National Research Agency and the Public Investment Bank (bpifrance) will issue funds to these companies. These funds will then be used to launch projects based on Blockchain.

The MPs also proposed the issuing of a cryptocurrency by the Central Bank. This digital asset will be a stable coin that is less volatile than Bitcoin. The Parliament outlined ways on how to encourage crypto companies in the region. Some of these are by improving the power supply needed for mining digital assets and reducing the internet network cost.

France’s Recognition When it Comes to Blockchain Technology

France has been in the spotlight of recent when it comes to cryptocurrency and Blockchain Technology. In November this year, news began circulating that the western European country will be selling Bitcoins from Tobacco shops. However, the Country’s central bank disputed this claim stating that they are not in support.

Eddie Hughes, a member of the British Parliament, earlier this week also proposed that Bitcoin and other virtual currencies should be accepted for tax payments. The MP recommended the same for Utility bills paid by households. According to him, if cryptocurrency is accepted, it will give people the impression that the UK is a progressive country.

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