French MPs Want Government to Invest 500 Million Euros in Blockchain

Blockchain technology is set to become the catalyst in the next technological mini-revolution. Even as cryptocurrencies saw a steady decline of their prices throughout 2018, blockchain technology has been getting a lot of attention in the tech industry. Only after the hype of crypto currencies have died down that the tech pundits and industry giants like IBM, Amazon, Walmart, Unilever, and Samsung are realizing the powers of the underlying technology of all cryptocurrencies.

For-profit organizations are not the only stakeholders in this race for distributed ledger adaptation. Even governments of the US, Thailand, South Korea and now France are showing interests in blockchain powered projects.

According to French news site LesEchos.fr, pro-crypto members of the French Parliament are pushing for the country to invest nearly 500 million euros in blockchain development; the MPs expressed their wishes to turn France into the future’s “Blockchain Nation”.

Deputies of the French Parliament Jean-Michel Mis and Laure de La Raudiere outlined 20 proposals to push forward blockchain adoption into the mainstream economy. “2019 will be the year of the blockchain in France,” Said Jean-Michel Mis as reported by Les Echos. “This 10-year technology is moving out of the experimental stage into industrial implementation. The public will see the emergence of its uses in their daily lives.” 

De La Raudiere was also quoted saying, “French must have a conquering philosophy on this subject. I am sounding the alarm: It is time to invest… We must accelerate with French and European public money.” Laure de La Raudiere also said that Bank of France or the European Central Bank should consider issuing digital currencies.

Central banks of Sweden, China, Canada and Uruguay already have plans in place to implement and invest in blockchain-powered technologies as stated by the managing director of IMF, Christine Lagarde last month. “The advantage is clear. Your payment would be immediate, safe, cheap and potentially semi-anonymous… And central banks would retain a sure footing in payments.”

The French MPs also insisted that the French National Research Agency should make significant investments in blockchain research. Moreover, recommendations were also made for the public sector to find ways to implement blockchain technology.

These are clear indications by international powers and corporations to invest in the future of cryptocurrencies and blockchain-powered technologies. It could be the beginning of the end for cryptocurrencies as we know them today, and the new age for the innovation in the blockchain-based technologies sector.