French MPs have recently put our a proposal trying to make France become the Blockchain Nation. This is a raft of 20 different proposals all aimed at trying to make France the number 1 Blockchain Nation specifically citing that they do not want to miss the train on this like they did the internet.
MPs in France are proposing to have a 500 million euro investment fund in order to stimulate the blockchain industry in France. They are focusing on trying to get public institutions to get into blockchain. The proposals include the Central Bank of France issuing their own cryptocurrency and providing subsidies for cryptocurrency miners.
Recently we did have legislation coming out of France that they want to make it much easier to have ICOs in France. They are aiming to attract teams from all over the world o come to France and have their ICOs.
The central bank of different nations are planning to issue their own crypto assets but it recreates the problem that we are trying to solve with cryptocurrencies.
Giving subsidies to cryptocurrency miners is not actually good for the crypto community as the mining industry should remain competitive. The government of different nations should not be giving them preferential energy rates especially in France where it is mostly a nuclear-powered nation.
Setting up a legal framework for ICOs is exactly what is needed in terms of regulation.
Along with all of this, there is also a formal taxation policy which is coming up in France and all of this coming together is quite awesome. This is regulatory clarity and this is what a lot of companies and institutions are desperately asking for. This is the main reason why more and more companies are moving to nations such as Malta, Japan, and Switzerland as they have regulatory certainty. France which is one of the world’s biggest economies is hopping on board with the new proposals, the recent announcements about ICOs, taxation, tobacco shops to sell bitcoin from next year and recently setting up something called the ‘Mediterranean Seven’ which includes Spain, Portugal, Cyprus, Italy and Greece led by France with the mission to improve education in usage of blockchain technology in industries such as healthcare, transport, land, company registry, shipping and much more.
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