France to Accept Bitcoin With the Help of Their New President?

Newly-elected President Emmanuel Macron might promote Bitcoin and Blockchain adoption in France.

The picture of France’s newly-elected President Emmanuel Macron with a Ledger Blue bitcoin hardware wallet has spread all over the Internet, giving crypto enthusiasts hope he will help cryptocurrency promotion in the country. But is it really so? 

In fact, there is no clear information on Macron’s stance towards Bitcoin and cryptocurrency. Even more, there is no clear indication that he is into the technology at all. As the former Minister of Finance, he was bound to show some interest in financial technology, even if he didn’t know a thing about it. 

A single source that might shed some light on Macron’s attitude to Bitcoin and blockchain is an article at Blockchainfrance.net. It was roughly translated and then published at News.bitcoin.com. Macron said: 

“Financial regulation to allow experimentation of blockchains dedicated to the market of Bonds…If the experimentation is conclusive, the government could extend it to unlisted securities in order to promote the emergence of a SME exchange.” 

It is known that Macron supports a left-leaning ideology which doesn’t support any money at all. It is also known that he is supporting the EU’s attempts to create communal environments, which is quite contrary to the spirit of Bitcoin. So it seems quite unlikely that he will become an ardent supporter of cryptocurrency. On the other hand, who might know for sure? 

A Flashback to 2014 

Back in 2014, France had already tried to impose some regulations over Bitcoin in order to ensure transparency of the Bitcoin market. The regulations required Bitcoin companies to verify and identify every Bitcoin transaction in order to prevent money laundering and made Bitcoin itself subject to capital gains taxes. 

Back then, Philippe Rodriguez, the President of the Association Bitcoin France, told Coindesk that “this is going in the right direction. Although we disagree on the verification on 'every transaction' of identity, we understand the principles.” 

French Government Is Exploring Blockchain 

Despite the uncertainty of Marcon’s attitude towards Bitcoin, the French government is making some attempts to explore the possibilities of Blockchain. This is headed by France Stratégie, a commission that reports to the office of French Prime Minister Bernard Cazeneuve. 

With the support of the French government, they have established a working group to investigate the practical use cases of blockchain that are being implemented in different industries, define the cost and benefits of developing blockchain-based applications for the public sector, and offer the government certain ways to support the technology development. 

So, after all, we might see some significant findings for Bitcoin and blockchain enthusiasts in France and - who knows? - maybe even worldwide.