The French Finance Minister, Bruno Le Maire set a positive tone during the G20 meeting in Argentina concerning cryptocurrency and blockchain and wants his country to be leading the blockchain revolution. according to an interview with Numerama.
Bruno Le Maire is working with former central bank official Jean-Pierre Landau to draft a proposal for a legislative framework for cryptocurrencies.
“FRANCE HAS EVERY INTEREST IN BECOMING THE FIRST MAJOR FINANCIAL CENTER TO PROPOSE AN AD-HOC LEGISLATIVE FRAMEWORK FOR COMPANIES MAKING AN INITIAL COIN OFFERING,” LE MAIRE WROTE.
The first stage of action will be to present a proposal to the French government in a few weeks. After review, the AMF ( French market regulator Autorité des marchés financiers) can authorize companies to allow companies to perform an ICO to raise funds, as long as they respect certain criteria to protect investors.
France has been a leader in the Fintech world since 2014 after the created a legal framework for crowdfunding. securities transfers used via the blockchain has been legal since December of last year. (Reuters report) The French government has already cracked down on unregulated crypto futures and derivatives.
“OUR TARGET IS SIMPLE: ENTER INTO THE WORLD OF FINANCE OF THE 21ST CENTURY BY GUARANTEEING ALL PLAYERS THE NECESSARY SECURITY FOR THEIR DEVELOPMENT … WE SHOULD NOT MISS OUT ON THE BLOCKCHAIN REVOLUTION,” LE MAIRE WROTE.
The French minister claimed that Bitcoin was the first step in the blockchain revolution. More innovation and startups are popping up around the world to help people understand the potentials the blockchain has. LATAM is doing it in Spanish, and Blockchain at Berkeley in English. We need initiatives from world leaders and regular citizens alike to thrive in this revolution.