- The blockchain can disrupt the economy; however, its impact has to be controlled.
- The French government to eradicate money laundering, tax evasion as well as other criminal activities as a result of the digital asset.
France has come up with a proper working group that will regulate cryptocurrencies in the country. The group will also work on ensuring that the digital assets like Bitcoin and other altcoins do not infringe on the core economic industry.
The French government believes that the activities of this group will enable it to get rid of money laundering activities, tax evasion, and other criminal activities. The minister of the economy while speaking to the media earlier on this week said:
“No consumer … or entrepreneur can carry out a transaction, can invest, or can develop a business in a regulatory vacuum. This goes for France like the rest of the world. In this very moment in Buenos Aires, on the occasion of the G20 summit, I place this ambition at the heart of discussions with my international partners. This is France’s role: to be a driving force behind proposals for building the world of tomorrow.”
The group will e in the leadership of Jean-Pierre Landau, Deputy Governor of the Central Bank of France.The central bank in France shares the same sentiments about cryptocurrencies in France. The effect of the digital assets on the local economy has to be controlled.
Although France is intent on regulating cryptocurrencies, it is also aware that the assets can revolutionize the economy.
The minister added:
“A revolution is underway, of which bitcoin was only the precursor. The blockchain will offer new opportunities to our startups, for example with the Initial Coin Offerings (ICO) that will allow them to raise funds through ‘tokens."
As he closed his statement with the media, Le Maire argued that the blockchain technology could disrupt "our daily practices in the banking and insurance sectors, financial markets, but also patents and certified acts.”
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