A transcontinental state with a deep history, great creative heritage, picturesque alpine streets and lavender fields is one of the most economically developed in the world. France occupies a leading position in the top ten in the total economy among countries and second place in the European Union. This externally architecturally beautiful and internally economically strong state embraces the leading positions of technological progress.
The direction in which the French are actively developing is cryptocurrency innovation. In digital currency, both the government and local residents have found lively interest and diverse practical applications. Millions of euros in the development of technology, the development of the state cryptocurrency, the improvement of the agricultural sector with the help of the blockchain, and the thousands of goods that can be purchased with Bitcoin – this is not all that is in the plans of romantic French nature.
“France will not miss the blockchain revolution” – Bruno Le Maire
This is what the financial minister of France, Bruno Le Maire, said about the prospects of technology during the “Paris Blockchain Week” spring summit. According to him, financial transfers and trade without intermediary is possible thanks to the network registries, so the authorities created the necessary regulatory structures that form the basis of the blockchain economy. Since 2018, France has planned to invest €500 million ($569 million) in improving the digital ecosystem.
The government launched the first “Chain Accelerator” blockchain incubator in the West to develop technology, reduced the income tax on cryptocurrency trading by 19%, and also established the legal basis for the initial token offering (ICO) regulated by the Financial Markets Authority of France (AMF). Innovations laid the foundation for attracting blockchain innovators, capturing the trading liquidity of the market, reducing the risks of investment losses and increasing financial investments in the cryptocurrency sector of France. Apparently, the authorities are deliberately moving towards becoming a “blockchain state”. Is France really that eden of the cryptocurrency industry?
The country of hot croissants – a cryptocurrency paradise
Mark Zuckerberg would hardly agree with this statement, given that during the autumn meeting of EU ministers, the French side said that the Libra project from Facebook is a threat to financial stability that cannot be allowed in Europe. This was stated by the aforementioned Minister of Finance, Bruno Le Maire, explaining the position by the fact that a currency with about 2 billion users represents systemic risks that can lead to significant financial disruptions among consumers, as well as be used for criminal activities and threaten the sovereignty of European states.The Minister urged the EU to adopt uniform rules for regulating digital currencies and develop its own cryptocurrency. French President Emmanuel Macron also does not stand aside the technological debate, announcing large-scale digital plans.
The blockchain weapon of the agricultural sector and the know-how for Africa
During the 56th International Agricultural Exhibition, Emmanuel Macron called on European states to implement blockchain in the agricultural sector. The technology should help united rural producers resist their competitors: the USA, Russia and China. He emphasized that innovation should be applied widely and blockchain tools will help track agricultural production paths at all stages of production.The methodology should bring transparency to the distribution of agricultural products, depriving consumers of doubts about its quality. In addition, the president put forward an initiative to introduce the “know-how of France” on the African continent, supporting emerging markets. In accordance with economic analytics, by 2023, the blockchain valuation in the French agricultural sector will amount to $400 million.
A pack of cigarettes or a brand new Bitcoin?
In France, going to a tobacco shop, you can buy not only a pack of cigarettes, a cigarette case or lottery tickets, but also purchase cryptocurrency. More than 5000 tobacco shops will provide customers with coupons of €50, €100 and €250, which after purchase can be exchanged for digital money through the Keplerk crypto-service. The National Federation of Tobacco Sellers in France plans to expand the range of tobacco stores by adding Ethereum and other cryptocurrencies.The initiators of the introduction of the service assure that the offline sale of tokens will increase confidence in cryptocurrencies and increase demand for them. For tobacco counters, in turn, is a strategic decision to increase profits, which they invariably lose due to lower demand for cigarettes.
Head and crypt shopping!
In 2020, France promises to provide a grand cryptocurrency shopping experience. 25,000 stores of clothing, cosmetics, household appliances and many other goods will provide the opportunity to pay for purchases with cryptocurrency. They include market representatives such as Sephora cosmetics company, Decatlon sportswear store, and Boulanger Electronics Store. The initiative was also supported by: Foot Locker, World House, Intersport, Cultura, Maisons du Monde and Norauto. The creators of the project – Global POS – assure that they plan to introduce other altcoins in the calculation of stores.
There is a trend towards the dynamic development of cryptocurrency in France. The progress in the implementation of blockchain technologies is taking place in various economic fields, which gives reason to assume the stability of the state in relation to tokens, further financial investments and the implementation of new digital plans.
Editor: Alyona Deryabina