French Government To Establish €4.5 Bln Blockchain Innovation Fund

The French government is seriously aiming at making a serious commitment to the development of blockchain technology. Finance minister Bruno Le MAIRE stated this in his interview with TrustNodes before his speech at the Paris Blockchain Conference. He noted that the government intends to allocate investments in the amount of about 4.5 bln euros in the upcoming years.

According to the minister, the French government "identified more than 200 innovative blockchain projects developed in France." Investments will be provided gradually over the next five years to make the country a global leader in the blockchain sphere, aiming to compete with "the Chinese and American technological giants."

The minister also spoke about creating an increasingly friendly atmosphere for crypto projects in terms of regulations. Loi Pacte created the legal framework for token issuers, and France's 2019 Finance Act saw a new ruling on capital gains tax concerning crypto assets: the tax rate was reduced from 36 to 30%. The Finance minister expects these steps to make France more attractive in terms of investments in the growth of crypto projects.

Image courtesy of TrustNodes