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French Parliamentarians Are Interested In Blockchain Investments

19:22 13/12/2018

The representatives of the French parliament are going to turn the country into a “blockchain nation,” Les Echos reports.


Deputies Jean-Michel Mis and Laure de La Raudière suggested to allocate 500 million euros (almost $570 million) to blockchain projects and to accelerate the full-scale development of the technology.

Mis and Raudière declared 2019 as the year of blockchain in France and made 20 proposals that would help integrate DTL into people's daily lives. According to the politicians, blockchain has already gone beyond the scope of experiments and is ready for use in practice.


Moreover, the parliamentarians are confident that France will become competitive and start making money on the new technology, as China and the US already do. Raudière stressed that France had already missed a similar chance when it joined the Internet revolution in the 1990s too late.


The politicians also focused on the need to introduce DLT in the public services sector, as private entrepreneurs have already joined the blockchain industry.

For instance, in October 2018, Carrefour, a large French retailer, joined the IBM’s Food Trust blockchain platform, which tracks the goods from the recipient to the supplier in a few seconds, while traditional databases require several days or even weeks to do so.


The deputies also suggested that the French central bank should consider the issuance of its own crypto coin. 


The parliamentarians followed the example of IMF head Christine Lagarde, who had previously advised national banks to develop cryptocurrencies for fast, secure, and near-anonymous payments.

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