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The mood on cryptocurrencies at the G20 meeting in Argentina in recent days was definitely full of # 39; hope. Among the world’s leaders, Bruno Le Maire, France’s finance minister, helped set the tone, saying in front of the summit in an interview with Numerama that he wanted the country to be at home. vanguard of cryptocurrencies.
France is already a world leader in the field of fintech, especially crowdfunding and blockchain, said Le Maire, asking “so why stop there?”
He does not hear that France misses what he dubbed “the blockchain revolution” –
The message of the French finance minister is a reversal of his previous speech on the cryptocurrency market, in which he and his peers wrote a letter to the Argentine finance minister outlining their concerns about the market. The main concern was the potential of cryptocurrencies posing a risk to both the global economy and novice investors.
These fears must have been mitigated by revealing comments from Bank of England Governor Mark Carney that cryptocurrencies do not pose a systemic risk to the global economy.
Revolution of the Blockchain
The Mayor highlighted a blockchain revolution in which “bitcoin was only a precursor”, suggesting that more innovation will be developed in the country.
The Mayor also seemed to be kicking off the initial offerings, suggesting that startups would use this fundraising method by issuing cryptocurrency tokens “or not.” He mandated the former deputy governor of the Bank of France Jean-Pierre Landau with the development “an effective legal framework.”
The Mayor quickly pointed out that the blockchain revolution could disrupt the banking (including investment funds) and insurance sectors as we know them. He warned: “Anticipate them, let’s not be mere spectators: let’s become actors in this revolution.”
While striking a tone completely different from his remarks in relation to the letter, The Mayor fell short of abandoning a reckless, adding a cautious tone and enunciating some of the risks that accompany this fledgling market, Not the least of which the volatility in the price of bitcoin. He highlighted the recent performance of BTC, whose value has been cut in half since December 2017.
In accordance with the country’s focus on fintech innovation, The Mayor suggested a Visa program for ICO companies that meet certain criteria.
“France has every interest in becoming the first major financial center to propose a legislative framework ad hoc that will allow companies initiating an ICO to demonstrate their seriousness to potential investors.”
He ended his comments by calling his G20 colleagues to share responsibility for security to foster innovation, because development can not be done in a “regulatory vacuum”. As for France, it “will not miss the blockchain revolution”. Long live France!
Flickr / EU2017EE featured image of the Estonian presidency.
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