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Bruno Le Maire: “The blockchain is a democratic revolution beyond an economic revolution”

This morning in Bercy, the Minister of the Economy and Finance, Bruno Le Maire , opened the Paris Blockchain Conference 2019 .

The Mayor first said that the blockchain helped to restore confidence and authority , and he stressed his potential to fight against monopolies.

“The blockchain , by reintroducing the competition , can be one of the elements which makes it possible to fight against these monopolies and this economic domination”, he said while evoking the current monopolistic situations, which, according to him, are “dangerous” for the notion of competition.

According to the minister, the blockchain is a security given to consumers and a freedom offered to entrepreneurs against the digital giants.

“The blockchain is a competitive freedom in a world that tends to become monopolistic . […] The blockchain is a democratic revolutionbeyond an economic revolution. “

The Mayor returned to the recent adoption of the Pact Act and said it offers a ” unique framework in the world ” to ensure the security of token and cryptographic transactions.

“Deploy technology throughout the industry and all our services”

The Mayor said that the state would financially support the energy industry, construction and agribusiness to participate in the development of the blockchain.

It is also planning a regulation on a European scale , and will propose the setting up of a framework for crypto-actives, inspired by the French experience, to its European counterparts.

“Our regulation is the right one, I will propose that the French regulation of the blockchain serve as a model for the development of blockchain regulation at European level so that we have a single blockchain market.”

Finally, the Mayor has raised the various known problems related to cryptocurrency such as the financing of terrorism, money laundering or the high energy consumption of blockchain proof-of-work systems like the one used by Bitcoin .

“I also wish that we engage a mission of reflection to allow the development of a model of blockchain safe and compatible with the exercise of our sovereignty.”

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Poorva Virmani
As Global Chief Creative Officer at TechGrits, Poorva helps team ambition to burnish the media's creativity product and reputation.