The blockchain and cryptocurrency industry is here to stay, and governments around the world are finally establishing the frameworks necessary to move forward with it.
Prior to the March 17 release of the UAE Banks Federation initiative to establish a roadmap and frameworks for the crypto industry, the French government announced an upcoming governmental roadmap for blockchain regulation and implementation.
On March 15, 2019, the French Digital Economy Minister Mounir Mahjoubi provided details on the upcoming governmental blockchain roadmap, which he said will contain 4 main pillars:
The pro-blockchain French Minister wants France to become a global leader in blockchain technology and innovation, with nations around the world looking to France as a blockchain role model.
Mahjoubi explained that he wants everywhere on French territory to implement the best use cases of blockchain tech and have international influence in the industry, to the extent that foreign nations adopt France’s blockchain use cases.
However, while Mahjoubi has big dreams to establish France as a blockchain champion, he fails to recognize that blockchain innovation will stay on the back burner if the country keeps its 30% tax on crypto.
A 30% tax on crypto is not very attractive for cryptocurrency and blockchain startups, much less as investors. Blockchain innovators will simply seek to develop in countries with favorable conditions and as a result, France’s innovation may be slow and fall behind.
Mahjoubi proclaimed that France must be open to accepting blockchain technology on an international scale while federating its efforts around values, standards, best practices, and the market.
Moreover, the French Minister addressed the fact that France took a rather slow approach to the blockchain industry in 2018 as they took their time to identify what’s important in this industry and who are the key players.
Adding to this Mahjoubi said:
“What was important in 2018 was to identify the best players and to have a collective wake-up call and an international reach for French and European approaches to blockchain.”
While financing in the blockchain industry has primarily been sourced from the private market, including both retail and institutional investors, Mahjoubi said that the state will help to identify and find sources of financing while also providing state financing when need be.
Mahjoubi said:
“State money is here to accompany and accelerate, and private money will come, too, because more and more investors are ready to invest in a French blockchain or in a European blockchain.”
Adding to this, he said that France needs to have the correct presentation towards investors, explaining that France has a favorable frame to invest in blockchain that is both open and protective.
Nevertheless, Mahjoubi still failed to address the giant issue of a 30% crypto tax, which will more than likely stifle crypto and blockchain innovation in the country.
According to Mahjoubi, France’s blockchain industry will grow substantially, and a lot of new jobs will be opened up in both the short, mid, and long-term. He also proclaimed that blockchain technology will transform existing jobs, and that it’s vital that people are given the proper education to adapt to this industry.
He added:
“We need to support this vision. The government will accompany this transformation with financial support. But French companies must participate, too, in a nation-wide wake-up call to the transformation that is happening — and what it can bring to their customers.”
To end his speech, Mahjoubi provided some compelling words to move the blockchain industry forward and set France at the forefront of this revolution:
“We are at the beginning of this blockchain story. The game is not yet over. It barely started. France can play an essential role in this transformation. Our objective is to make France a blockchain champion in Europe. And make Europe the territory for blockchain.”
Do you think France will manage to be at the forefront of the blockchain innovation? Or will their extremely high crypto tax stifle innovation? Let us know what you think in the comment section below.
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