France Could Become ‘Blockchain Nation’ With $569m Proposed Budget

Wilfred Michael 

Wilfred Michael

News reporter

13 December 2018,
06:39

Blockchain and crypto-related activities in France will be taken to an entirely different level if a budget proposed by two members of the nation's parliament receives approval.

A Local news agency, Les Echos reported on Wednesday that MPs Jean-Michel Mis and Laure de La Raudière had written a report requesting that the French Government release €500,000,000 ($569m) for the development of state-level blockchain infrastructure within the next three years.

The politicians also acknowledged that €500 million for blockchain would be relatively small when compared with the €1.5 billion which the nation has mapped out for Artificial Intelligence, but should be enough to get the country in line to become a ‘Blockchain Nation.’

 

Rep, Laure de La Raudière is quoted in the report as saying,

"With the blockchain, we would like France to take the lead this time. France must define a state strategy around the blockchain." She stated.

MP Jean-Michel Mis also agrees and said "The idea would be to 'arrow' 500 million euros over three years," into blockchain technology. He also mentioned that 2019 should be the year when a blockchain ecosystem emerges in France.

Another blockchain sector that the MPs want attention to be given to is the crypto mining sector. As per the report, they are pushing for mining to be recognized as an electro- intensive activity, thus, paving the way for miners to receive subsidized power tariffs.

Such a setting will make France attractive for miners in the State, according to the MPs.

 

ICO Regulation is Also Shaping Up in France

As Stmarket.co reported in November, France is in line to release a regulatory framework for Initial Coin Offerings (ICOs), the fundraising process which has led to the creation of new cryptocurrencies.

The nation will hope to collect taxes from ICO projects as their compensation for releasing the framework, which is scheduled to go live by early 2019.