Bruno Le Maire, France’s Finance Minister, declared his country’s eagerness to “not miss the blockchain revolution” via an op-ed published by France’s media. Le Maire highlighted France’s role “in building the world of tomorrow” by focusing on promoting emerging technology. He also called the world to acknowledge the value of cryptocurrency and blockchain.
The Finance Minister’s statements are aligned with the focus of the upcoming G20 summit set to be held in Buenos Aires, Argentina. The summit is an international forum that gathers together twenty of the world’s leading and emerging economies. Le Maire’s piece stated the economic reality prevalent now, specifically on digital fintech, where he described that “No consumer … or entrepreneur can carry out a transaction, can invest, or can develop a business in a regulatory vacuum.” He also promoted for cryptocurrency-related discussions to be included in the summit as the topic suits the overall agenda of the G20 meeting: the development of policies that respond to evolving and emerging “new technologies”.
He also stressed France’s responsibility to lead the country’s tech development as it will spur job and economic growth – characteristics that are sources of national pride. Le Maire stated, “France is one step ahead in FinTech.. 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.'”
Le Maire similarly assigned Jean-Pierre Landau, one of the leading civil servants in France, to produce a novel legislative framework for digital currency and blockchain with the goal to bring France’s financial state guaranteed advancement as it enters the 21st century. Thanks to Le Maire’s public support of cryptocurrencies, a general market rally was evident for the past 24 hours since the release of his statement. The combined market cap of all digital currencies was seen to remarkably recover to a “two-week high”.