Category Archives: Emmanuel Macron

Auto Added by WPeMatico

Macron’s Got Problems but Blockchain Ain’t One

Macron's Got Problems but Blockchain Ain't One

French President Emmanuel Macron is seeing his popularity wane by the day due to his planned reforms for business and industry but new technologies appear to be flourishing under the current government, regardless of current discontentment.

Blockchain, in particular, has been earmarked and the latest news of IBM’s new initiatives and investments which should bring 1,800 jobs to France won’t hurt either. Nor will IBM’s new French project with P-TECH to support the disadvantages in finding work. In fact, France is on the crest of a blockchain wave currently, despite Macron’s reforms being soundly rejected. With overturned cars burning in Paris streets it seems hard to imagine that French politicians have got anything right under the current regime.

Perhaps a hint of this shifting focus towards new technologies by a Macron government was the dabbling with taxation this year, with the government finally settling on dropping the tax on cryptocurrency to 17%… for the time being. Clearly, the government doesn’t want to stifle an industry which it is now openly promoting, suggesting that it should now benefit from an EUR 500 million  state handout.

Member of the National Assembly, Laure de La Raudière, is one of those calling for the money, who sees efficiency as an end product arguing that government should follow private industry’s lead using DLT. She says: “I draw the alarm: it’s time to invest. There are not yet established positions in the world.”

She also cited the certification of diplomas or administrative documents as potential use cases. France’s Prime Minister Édouard Philippe is another sold on blockchain although taking some criticism on the subject of allowing Bitcoin to be dispersed in tabacs around France via a ticketing system. In other areas, he’s on safer ground:

“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.”

Carrefour was the first to set the blockchain clock ticking with its produce monitoring program being introduced into some of its supermarkets earlier this year, a move recently followed in Spain.

The multi-party suggestion that France should receive massive financial banking to promote blockchain has occurred according to De la Raudière because she believes that she is not alone in wanting to see France as a leader rather than a follower in Europe. She argues, “France must have a conquering philosophy on the subject with the State in the first place, both as a user and federator of projects.”

Other suggestions coming from the recent parliamentary report highlight a call for the opening of bank accounts for blockchain-centered businesses which must register with the Autorité des Marchés Financiers (AMF), the French stock market regulator.

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Macron’s Got Problems but Blockchain Ain’t One appeared first on BitcoinNews.com.

Regulation and Innovation, a Crypto Future in France

French finance minister Bruno Le Maire recently described cryptocurrency as a “revolution”; income tax on crypto has been axed  by the French government, and former French finance minister Christine Lagarde, now IMF head, described future international digital currency regulation as “inevitable”.

Lagarde even expressed interest in the creation of an IMF cryptocurrency last year, after comments she made about the benefits of weaker economies having their own digital currencies.

With such apparent Gallic positivity, where then, is France at this moment in time in its journey down the blockchain and crypto trail, and what lies ahead in the future?

A recent report in Coin Telegraph suggests that France is in a good position for more leadership in the crypto industry, providing that clarification of current rules is established and new legislation is brought to bear.

According to Jonathan Klein, president at Tresorio, a French-based blockchain mining and trading company, Emmanuel Macron was ahead of his peers launching discussions within France with other members of the crypto community even before his election as president. In 2017, Macron, as minister of the economy, passed a bill authorizing what could become a blockchain mini market. Klein also suggests that as a former banker and technophile, Macron could be at the forefront of driving cryptocurrency in France.

Likewise, Le Maire’s comments in Buenos Aires earlier this year, saying that “France will not miss the blockchain revolution” indicates that there is genuine interest at the highest level to continue to develop and regulate the space to promote, rather than curb, the new technology.

Clearly, the French government has not been static on the subject of regulation. In recent months a decree was published by the government related to the possibility of transferring financial securities through a blockchain. A government cryptocurrency working group was formed and new tax guidelines governing cryptocurrency were formulated.

ICOs have also been under the microscope. William O’Rorke, legal advisor at Blockchain Partner, explains:

“France is about to introduce a completely novel framework for ICOs: a voluntary visa system that incorporates much of the ‘best practices’ advocated for by the French crypto-industry. ICOs that comply with these best practices will thus be able to apply for official approval by the regulator.”

He continues, “As of today, simple things like opening a bank account can prove difficult for crypto-projects.” O’Rorke argues that the visa system will enable ICOs to interact simply with institutions such as banks who elsewhere might be overprotective to towards the client in case of cryptocurrency transactions, such as in the US.

France has recently been described as one of the most forward-looking governments in Europe. The French government’s latest announcement, to lower the tax rate for gains generated by cryptocurrencies, seems to indicate that France has set its path towards adapting to what lies ahead in the coming years, as it moves towards finding the right regulatory processes for the country’s crypto future.

 

*Follow BitcoinNews.com on Twitter at @BitcoinNewsCom*
*Telegram Alerts from BitcoinNews.com at https://t.me/bconews*

The post Regulation and Innovation, a Crypto Future in France appeared first on BitcoinNews.com.