Uncategorized

French Deputy Says France Is Pro-Business And Should Welcome Crypto Innovation

Pierre Person, ex-deputy in the French National Assembly over the last 5 years, states that people are interested in cryptos and that “politics can no longer miss out”. 

Even as bitcoin and the rest of the cryptocurrency market are at lows not seen since 2018, Person believes that they are now more mainstream, and he hopes that people will be more open-minded towards them.

France Should Not Miss Out

In an interview for Euronews Next during the International Financial Forum in Paris, the ex-deputy and ally of President Macron, was optimistic for the future of crypto in his country. He stated:

“I think our decision-makers see crypto in a different way. Now we see that more and more people have started to get interested in cryptos and so politics can no longer miss out”.

In his tenure in parliament, Person was responsible for tabling several crypto amendments, and among them was a flat tax rate of 30% on digital assets. Another was for French companies to be able to pay their employees in crypto.

Headwinds

Person believes that the image that the French Assembly gives out on crypto, is very important, and he wants it to be an “open and more welcoming” one. However, he does recognise that the traditional banking sector is likely to be more sceptical. He said:

“It’s true that there are always some headwinds. There is traditional finance that doesn’t really understand the issues, that sometimes has trouble adapting and that, logically, doesn’t want to be pushed around,”

He also added:

“But that doesn’t mean that we should close the door and put up gates, because we see how it ends. We’ve seen what’s happened with streaming, with a lot of Web 2.0 activities, and we know that innovation and competition is a good thing for growth in a country”.

Person says that there is a conflict between regulators who are trying to make the rules for crypto based on what already exists, and that the innovative nature of crypto requires something different, while still protecting investors.

“We have to find an in-between in this new world where we have to allow innovation, but at the same time we have to protect our citizens”.

Importance Of Education

In his view, education on the crypto space is very important, for investors and regulators alike. He says that otherwise, there is the potential for France to miss out, just like it did when the internet was not fully understood as it first emerged.

“I think there is a misunderstanding sometimes of the technology. What it allows you to do is very often summarised in broad strokes, which doesn’t allow you to see its full potential,”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.