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Op Ed: France’s Emerging Cryptocurrency Policy Appears Optimistically Vague
On March 19, 2018, in an op-ed published by the French news website, Numerama, France’s Minister of Finance and Economics, Bruno Le Maire wrote what appears, at least at first glance, to be an uncharacteristically optimistic exposition on the profound and pioneering nature of cryptocurrency and blockchain technology:
“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,’ crypto-actives or not. It promises to create a network of trust without intermediaries, to offer increased traceability of transactions and, overall, to make the economy more efficient.”The op-ed is a message to the French public that this emerging technology will be an agent of change both disruptive and beneficial. According to Le Maire, blockchain technology and cryptocurrencies “could upset daily practices in the banking and insurance sectors, financial markets, but also patents and certified acts.” He goes on to warn what has been echoed by leaders of other nations, that there should be anticipated consequences for traditional players. “Let’s not be mere spectators: become actors in this revolution,” he urged. Le Maire goes on to state that France’s policy should be benevolent yet cautious. He expressed weariness for the chaotic nature of decentralization by questioning speculative products, investor security and the ever-present possibility that the technology could be used to launder or fund criminal activities. “Clarifying the law to attract innovation, identify risks without hindering our ecosystem, that's our approach,” wrote Le Maire. He goes on to advocate for a former French central bank governor, Jean-Pierre Landau, who has been assigned to further investigate cryptocurrencies to formulate a proposal for a more navigable regulatory framework. The op-ed concludes with, “Il s’agit là du rôle de la France: Être force de proposition pour construire le monde de demain,” which loosely translates to, “This is the role of France: Be proactive in building the world of tomorrow."Blockchain Bisque Le Maire’s op-ed is uncharacteristic for two reasons. First, the news website, Numerama plays to an audience who are in favor of the open source movement. Founded as Ratiatum in 2002, the publication originally focused only on peer-to-peer and culture-related topics until it was rebranded as Numerama. While Numerama is said to defend the “free-sharing culture” and “respect of privacy,” a reader (Mmastoc) complained in the comments section of the mismatch between Numerama and the blunted public-announcement style of Le Maire’s op-ed, “For pity’s sake, I beg you, not the government soup.” The sentiment is repeated in some way by several other commentators; the point being, that a publication as critical of centralized authority as Numerama publishing a public message about cryptocurrency adoption by the central government gives an overly optimistic, if not artificial and incomplete,

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