French government looks to spend €500 million in blockchain investments

France's government seems to be making a radical U-turn on cryptocurrencies and blockchain, with two Members of Parliament (MPs) campaigning for €500 million in investment

Politicians in France want to spend €500 million on blockchain investments over the next three years, according to a report by Les Echos.

Both blockchain and cryptocurrency interaction were high on the agenda for two French MPs, who are attempting to bring a motion forward to make France a “blockchain nation.”

The politicians are also looking at the possibility of playing an active role in Bitcoin mining, which would ultimately benefit France’s economy as a whole.

MP Jean-Michel Mis is quoted as saying: “2018 was the ‘year zero’ for blockchain popularisation in France. 2019 should be the year that an ecosystem emerges. The idea takes the shape of pumping in €500 million over three years.”

In an interesting proposal, the MPs want Bitcoin miners to have access to power tariffs that would see electricity costs reduced. They wish to “recognise cryptocurrency mining as an electro-intensive activity.”

“We should have our own mining farms in France,” Mis added.

The use case for cryptocurrency within France is building momentum day by day. The country is currently in disarray due to the ‘yellow vest’ protests. Large sections of the public are protesting against high tax, low wages, and rising transport costs.

Last month, France’s central bank rejected a plan to allow thousands of tobacco kiosks to sell Bitcoin from this January. However, this latest proposal suggests that the government may be taking a more positive view on cryptocurrencies and blockchain technology.

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