France sees blockchain as anti-monopoly weapons in the digital world

PARIS – France pushes blockchain technology as a means of preventing financial giants who have a monopoly on transactions, said Finance Minister Bruno Le Maire Monday.

"Blockchain protocols are a game changer," said Le Maire at "Paris Blockchain week", a flagship symposium attended by experts in technology who originally emerged as the digital cryptocurrency bitcoin infrastructure.

"Thanks to blockchain protocols, users have the opportunity to create and operate their own networks for money transfer, trading and services without any platform," he said.

France had already established legal, tax and accounting structures to control the collection of digital currencies as a pillar of the blocking economy,

Le Maire said he would ask France's EU partners to consider "a French-inspired single (European) regulatory (governing) crypto asset" [1[ads1]9659003] Earlier this year, Paris prepared a roadmap to regulate and implement investments in the blockchain ecosystem with a view to becoming a global leader in technology.

Supporters say the technology creates a comprehensive overview of transactions that cannot be counterfeit. [19659003] They say technology can revolutionize the global economy by allowing, for example, financial transactions to bypass financial intermediaries and even the use of fiat money.

A recent decline in the market value of cryptographic curves, not least the standard bitcoin carrier, after 2017's meteoric growth has doused enthusiasm.

But the expanding rollout of blockchain has seen it largely ride out the storm.

Meanwhile, the chairman of the French financial market regulator, Robert Ophele, told the conference Paris will shortly allow the collection of money for digital currencies after drafting a coinage bill, a means for businesses to raise money by offering digit all coins. or tokens to the audience.

"We believe we should be ready in September to receive the first dossiers and deliver the first permits," said Ophele. He adds that he is open to placing financial assets on blockchain to facilitate the exchange.

Blockchain "is faster," "costs much less," and has a global footprint, "Ophele said.

A sector that could benefit from faster transactions is the transfer of the property name," he said.

is well done … it can go faster than the transition period of two or three days "from market transaction to actual transfer of title.

© Agence France-Presse