Pro-Crypto French MPs are looking to Invest 500 Million Euros to Create France ‘Blockchain Nation’

More Financial Firms are open to Cryptocurrency trading

Reports coming from the European nation show that two cryptocurrency supporters in the French Parliament are proposing that the country invests about €500 million into the Blockchain initiative to make France a Blockchain nation.

The two members of the French Parliament including deputies Laure de La Raudiere and Jean-Michel Mis released a report that outlines their proposals for the development and mainstream deployment of the Blockchain initiative on December 12. The report was published by indigenous financial newspaper Les Echos.

The blockchain is Moving Past the Experimental Phase to Industrial Deployment

According to Jean Michel Mis via a rough translation of the report:

2019 is going to be the year that France deploys the Blockchain. This 10-year technology has started moving past the experimental stage. It is now mainly about industrial implementation. Members of the public will like to see the emergence of the uses of Blockchain technology in their day to day lives.

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Similarly, fellow member Laure de La Raudière showed a sense of urgency regarding the need for the country to capitalize on the technology before its international rivals (notably, the United States and China) do. According to her France came late to the 1990’s Internet revolution and shouldn’t repeat the same mistake by missing the boat once more.

“Sound the Alarm: This is the Time to Invest in Blockchain”

De La Raudière in an interview with Journal du Net the French financial website said:

We must propose a conquering philosophy regarding this subject. I’m now sounding the alarm: this is the time to invest. We must ensure the acceleration of our nation with French and European public money.”

According to Laure de La Raudière and Jean-Michel Mis, to maximize France’s position, Agence Nationale de la Recherche (the French National Research Agency) must make significant investments into Blockchain research. Both members of Parliament recommended that the public sector looks for ways to implement the Blockchain initiative the way private sectors have started to.

CCN initially reported in October, that Carrefour the French grocery mega-chain started using Blockchain technology for the management of its supply-chain to prevent the contamination of food.

Carrefour is actually using the distributed ledger technology to track eggs, chicken, and tomatoes as they are moved from farms to stores. This seen as a way to prevent the outbreak of salmonella a serious problem troubling the food industry. Carrefour is Europe’s largest retailer has launched 12,000 locations around the globe. The grocery chain plans to use Blockchain technology to track its fresh produce for the next few years at least.

Bank of France Should Issue Cryptocurrency as Well

French Parliament member Laure de La Raudière suggested that central banks, like the European Central Bank and the Bank of France, should consider issuing virtual currencies. Back in November, the managing director of IMF (the international monetary fund) Christine Lagarde, also made a similar proposal.

According to Lagarde, the central banks of China, Sweden, Uruguay and Canada have already started working on this. According to the IMF director:

The advantage is clear. Your payment will take less processing time. It will be immediate, more secure, cheaper and potentially semi-anonymous. Central banks would be able to retain a sure footing when it comes to payments.”

 

 

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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