French minister of finance and economics, Bruno Le Maire, has made comments recently which appear to extol the merits of cryptocurrency and blockchain technologies as being revolutionary.

Le Maire suggested that blockchain technology would offer startups the option to “…create a network of trust without intermediaries…and offer increased traceability of transactions” generating a climate for a more efficient French economy.

The minister suggested that France should become “actors” rather than “spectators” although he clarified that the government should still be wary of speculation, security issues and criminal activities such as money laundering.

French comments were made prior to the recent G20 summit this month in which there was at least some agreement on cryptocurrencies regarding the need for regulation. France and Germany are in agreement, both advocating moves towards a regulatory framework for cryptocurrencies. German banks have made it quite clear that effective regulation of virtual currencies is an international imperative.

Some French enthusiasm for cryptocurrency at a governmental level can be due in part to French National Assembly member Laure de La Raudiere, a Republican who represents the Eure-et -Loir region of France. As part of another investigation into the use of blockchain technology, she was asked to lead The National Assembly’s Mission d’information in order to inform legislators on how the technology should be used and regulated. La Raudiere’s is scheduled to take six months to complete this prior to the G20’s next meeting where cryptocurrency regulation will return to the agenda.

Less vague, and certainly more optimistic, comments were recently made by Raudiere when she suggested that recent legislative amendments attempting to ban peer-to-peer technology revealed a “total misunderstanding” of the nature of the technology, pointing out that most of the time it was the way technology was used, not the technology itself that required restrictions.

 

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