Things can turn around quickly in Crypto Land. The French Finance Minister, Bruno Le Maire, was quite skeptical of blockchain and cryptocurrency in the recent past, but seems to have seen the light. The European Union shows its willingness for taking a more leading, worldwide role in blockchain and cryptocurrency technology research and development.
Bruno Le Maire, has become the first top leveled European official that expresses openly his enthusiasm for cryptocurrencies declaring that this space has his “total and determined support.”
In a meeting with Alex Stachtchenko, the co-founder of a French start-up Blockchain Partner, Le Maire said:
“I was new a year ago, but now I’m passionate. It took me a year. Let us educate our fellow citizens to make France the first place for Blockchain and crypto-assets innovation in Europe.”
Their discussion focused on issues regarding the main barriers of the space, beginning with anti-competitive practices by banks that choose to deny accounts to Blockchain firms.
Reportedly, Stachtchenko said that the French minister finds the situation dramatic and alarming for the companies involved.
A bank account is obviously the first element of competitiveness for France, as without it, no business proceeds. Le Maire is paraphrased as saying before Stachtchenko further continues:
“On this subject, between the State on one side and the project promoters on the other – I quote – ‘the interests are aligned.’ The first because it needs to keep the creators of value and the second because it is better to take a known and strong French bank than to risk its capital on foreign accounts or foreign risky banks. The minister thus undertakes to support our cause with the French Central Bank in particular.”
They also discussed taxation and hopefully, the suggestion of exempting crypto-crypto exchanges from taxation was put on the table.
The minister seems to believe that the best way to tax crypto is once, presumably when they are sold for fiat currency and sent to a bank account.
Furtherly, they discussed Initial Coin Offerings (ICOs). The minister is paraphrased as stating that it “is necessary to professionalize the ICOs and their evaluation, whether by independent rating agencies, the AMF label, or other methods, in order to promote the adoption of the general public in a sustainable and secure way.”
Finally, the minister wants to move quickly, seize the opportunity and seize the momentum, so that in the autumn legislative calendar he “wishes to discuss a maximum of topics to ensure that we take advantage of the momentum in order to remove the most obstacles to the development of the French ‘crypto’ ecosystem.”
We cannot, however, forget that two months ago we saw Le Maire as a strong opponent of European officials through the G20 mechanism.
Now, we are starting to see the wind of change. A change that provides a global access to crypto industry, minus China.
“You have with me a total and determined support to change things.” – Bruno Le Maire, the French Minister of Finance.