French politicians suggest investing $570 million in blockchain development

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French politicians suggest investing $570 million in blockchain development
Dennis van de Water/Shutterstock

As reported on December 12 by the local news publication Les Echos, French politicians want to invest € 500 million ($ 569 million) in the development of blockchain projects at the state level over the next three years.

Parliamentarians believe that investment will allow France to become a “blockchain state.” They also intend to play an active role in the development of the mining industry in the country.

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One of the authors of this initiative, MP Jean-Michel Mis, said:

“2018 was the“ zero year ”in the process of popularizing the blockchain in France. 2019 will be the year of development of this ecosystem, which can be fully realized within three years, thanks to cash injections in the amount of € 500 million. “

Investment initiators also demand that France become a more attractive environment for miners. In particular, they want the mining to be recognized as an “electricity-intensive activity” – then miners will get access to favorable electricity tariffs. Mies said: “France needs its own mining farms.”

French authorities continue to send ambiguous signals to the cryptocurrency sector. Last month, the central bank rejected a proposal to allow thousands of small shops of tobacco products (kiosks) to sell bitcoins from January of next year.

Lawmakers cite the need to regulate the circulation of cryptocurrencies at the international level, after which it will be possible to talk about a national policy on digital assets. At the same time, they advise the authorities to show gentleness and flexibility in this matter.