French lawmakers propose lower electricity rates for cryptocurrency miners

December 14, 2018 Cryptocurrency

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Economics and regulation

Two French lawmakers have put forward a series of proposals aimed at transforming France into a driving force in the development of industry built around cryptocurrencies. One of the ideas is to allow cryptic companies to exploit the preferential prices of electricity.

Read also: Ukrainian Village distributes dividends from Crypto Investment

"France must have its own mining farms & # 39;

<img class = "alignright wp-image-260309 size-medium” title=”French lawmakers propose lower electricity rates for cryptocurrency miners” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_769297789-300×200.jpg” alt=”French lawmakers propose lower electricity rates for cryptocurrency miners "width =" 300 "height =" 200 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_769297789- 300×200.jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_769297789-768×511.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/ 12 / shutterstock_769297789-696×464 .jpg 696w, https://news.bitcoin.com/wp-content/uploads/2018/12/shutterstock_769297789-631×420.jpg 631w, https://news.bitcoin.com/wp-content/ uploads / 2018/12 /shutterstock_769297789.jpg 1000w "sizes =" (maximum width: 300px) 100vw, 300px”/>In the context of a parliamentary mission to explore the implementation of crypto and blockchain technologies in the French economy, two pro-cryptic deputies, Jean-Michel Mis and Laure de La Raudière, presented a proposal to recognize mining as an "electro-intensive" activity "This status would allow cryptocurrency miners to pay the electricity needed for their facilities at preferential rates.

According to Jean-Michel Mis, France should offer the mining companies good conditions to operate in the country, reported the French newsletter Cryptonaute. He believes that cryptocurrency miners should be well distributed all over the world because the concentration of mining power mainly benefits the big players in China and the United States "We have to have our mines here in France", said the French legislator, as quoted from Les Échos daily financial.

France relies heavily on cost-efficient nuclear energy to meet its energy needs. Almost 60 nuclear reactors account for over 70 percent of total electricity production in the country. According to data compiled by the statesman, electricity tariffs in France averaged $ 0.19 per kilowatt hour in 2018, which is cheaper than many other European countries. In comparison, the prices for this year in Germany were around $ 0.33 per kWh.

500 million euros to build the blockchain industry

During a presentation of their report this week, the two lawmakers warned that France "should not miss the blockchain train". They urged the French government to allocate 500 million euros (568 million dollars) to support the development of the industry until 2022. Their idea is to relocate some of the funds managed by the French Investment Bank public, Bpifrance, and the National Research Agency, ANR.

"We would like France to proceed this time," said Laure de La Raudière, who believes that the authorities in Paris should develop a state-wide strategy for the whole sector. The two members of the French parliament, whose report contains a total of 20 proposals, also revealed that they recommended the "test of a digital currency" issued by the European Central Bank or the Bank of France.

According to Jean-Michel Mis, 2019 will be the year of the blockchain. "This ten-year technology is moving from the experimental phase to industrial implementation, and the general public will see the emergence of uses that influence their daily lives," he said, as quoted by the weekly business paper. French La Tribune.

In recent months, France has gradually changed its attitude towards the cryptic economy in a positive direction. In September, French lawmakers approved a law defining guidelines for initial coin offerings (ICO). A recent report by the Financial Market Regulatory Authority, Autorité des marchés financiers, estimates that the global ICO industry has raised nearly $ 22 billion since 2014. Last month, the Finance Committee of the Assembly the national team has supported an amendment to the 2019 budget that will cut the capital gains tax on sales of cryptocurrencies from 36.2 to 30 percent.

What do you think of the new French policies towards the crypto industry? Tell us in the comments section below.

Images kindly provided by Shutterstock and Jean-Michel Mis (Twitter).

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French lawmakers propose lower electricity rates for cryptocurrency miners

"France must have its own mining farms & # 39;

500 million euros to build the blockchain industry

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