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It is said that the French government is considering an investment of 500 million euros in the country's blockchain industry, with the use of funds spent between three years until 2022.
According to a French newspaper, Les Echos, members of parliament have urged the government not to repeat the mistakes made during the first days of the Internet.
The parliamentarians are supporting the redistribution of hundreds of millions of euros in various blockchain projects with the primary goal of making France a "blockchain nation".
Jean-Michel Mis, co-rapporteur of the recommendations given to the authorities. He noted that "2018 was the year zero of the disclosure of the blockchain in France".
Mis said that France needs to & # 39; arrow & # 39; the 500 million euros, which will come from the National Research Agency and the Public Investment Bank (Bpifrance) of the country, in projects that will make 2019 a year for the development of the blockchain ecosystem.
The government urged to "take the lead"
Laure de La Raudière, a co-chair on the blockchain initiative, reiterated the aforementioned sentiments, stating that France needs to "take the lead this time" with regards to developments in the blockchain sector.
However, Les Echos suggests that the estimated € 500 million sought for blockchain pales over the € 1.5 billion allocated for artificial intelligence (AI). In March, President Emmanuel Macron announced that money would be used to drive the AI programs of France.
But Jean-Michel Mis argued that the development of the blockchain in the country was "clearly behind artificial intelligence", although the question of how much money had been paid into the industry was not important at the time.
According to him, it is important to have the appropriate support systems and infrastructure for blockchain development.
The legislators' report recommends that the central government take a leading role in launching blockchain projects, although this should be done through appropriate consultations with companies and other stakeholders.
Central bank to issue a digital currency
The parliamentarians report also wants to see the central bank of the country create and issue a national "digital currency".
de La Raudière said that a digital currency of the central bank (CBDC) would have a "symbolic and practical impact", because the blockchain industry continues to suffer from "a slightly degraded image" deriving from the wild nature of criptovalute.
The report of the parliamentarians came out a few days before the national assembly rejected four amendments to the country's 2019 financial law. The amendments had essentially tried to loosen fiscal measures related to encryption.
Members of Parliament will vote on the recommendations of the blockchain public investment report within the first few weeks of 2019.
disavowal: This is not an investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.
