French Government Recommends $570 Million USD Investment In Blockchain Via Report

French Government Recommends $570 Million USD Investment In Blockchain Via Report

Looks like France is set to invest in the blockchain technology soon. A new report made by the government of France has affirmed that the government should invest at least half a billion Euros (around $570 million USD) on state-level blockchain projects from 2019 to 2021.

Les Echos, which reported on this story, used a report published yesterday, December 12, to affirm that crypto and blockchain were very high at the priorities of the French Parliament. This is all part of a larger effort to turn France into the “Blockchain Nation” and to attract more blockchain investments.

The Member of Parliament Jean Michel Mis has affirmed that 2018 was the “Year Zero” for the blockchain in France and that an ecosystem will emerge in 2019 as the government will start to pump a lot of money in the area.

Part of the plan is to also turn France into something more attractive for miners and to create incentives for private mining enterprises beneficiated by the power tariffs in France.

The announcement comes at a time in which mining tokens is not really the best idea in the world. As the price of Bitcoin is falling together with the whole crypto market, mining is becoming less and less profitable, so it remains to be seen how France will profit from helping miners so much.

Mixed Signals Despite Blockchain Plans

While some politicians in France are calling for more blockchain, the nation is sending constant mixed signals. Some lawmakers in the country have not allowed a national plan to endorse cryptos tobacco kiosks, which would sell Bitcoin. Also, the regulation in the country is very thorough, so some crypto entrepreneurs are not hyped about it.

In any case, the country is making a clear effort, which is better than nothing. It is simply too soon to know for sure whether France is actually the new “Blockchain Nation” or not, but it will certainly not be a very hostile country to it.

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