French Prez Macron Supports Blockchain but wants Regulations

He said that private startups valued at $1 billion or more, have witnessed a rise from 3 to 26 unicorns during his presidential term.
French Prez Macron Supports Blockchain but wants Regulations

In a discussion with local media, French President Emmanuel Macron revealed his support for Web3 and Blockchain Innovations but still restated the need for a pan-European approach to financial technology regulation. 

President Emmanuel Macron spoke with the French media to share his thoughts on the digital economy, just days before the second round of the presidential election.

Responding to a series of questions pertaining to digital economy, Web3 and crypto, the present president reiterated his cautiousness towards innovation. 

Calling it a social and societal challenge, the President said, “It represents a requirement, as well as an opportunity not to be missed.”

Further elaborating on the “European metaverse,” he said that it is necessary that European players do not rely on American or Chinese tech giants “mastering the technological building blocks associated with Web3.” 

He emphasized on the country being a breeding ground of players, in both virtual and augmented reality fields, and also in blockchain technologies.

By European metaverse, he means producing, promoting and mastering the cultural and creative content. Citing metaverse having a huge potential in culture and leisure, the president wants important cultural institutions to develop an NFT policy. 

This policy would promote, disseminate and protect the digital forms or variations of their physical collections.

Further he believes, the metaverse will be home to the dematerialized museum of French history including its language, heritage, cities, villages and monuments.

He did mention that Europe has always had a headstart in the NFT space due to its immense cultural heritage. 

Expressing his views on the European Parliament’s recent crypto regulations, Macron said, “I don’t believe in a self-regulated financial sector. This would be neither sustainable nor democratic. It is up to the public authorities to define the right conditions to allow the sector to develop in confidence while encouraging innovation.”

He added that it is up to public authorities to ensure the uniformity of rules on the European territory for a unified market. 

France has always been optimistic when it comes to crypto ventures. This became evident when crypto exchange Binance was considering relocating to France for its headquarter. Recently, CEO Zhao also pledged a €100 million (about $108 million) commitment to make France the “heart of the European crypto community”.

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