Brune Le Marie, the French Finance Minister has changed his stand on the digital currencies after attending the recent G-20 Financial Summit in Argentina and has claimed that cryptocurrencies can play a major role in the global economy. Through his Twitter account, the minister also declared full support for digital currencies including Bitcoin, Blockchain technology, and much more.
Though Le Marie agreed that the cryptocurrencies could be used for the illegitimate activities, the financial technology is crucial for the markets to be expanded across the world. According to the finance minister, the crypto-assets and particularly the blockchain technology are the best for the global economy hence there is need to support them for the growth of the economies around the world.
Le Marie is also supported by various world leaders including China’s Central Governor, Mr. Yi Gang who recently termed the crypto-assets as a source of inspiration to the business companies. France is already supporting the development of fintech especially the advancement of crowdfunding and blockchain technology hence there is need to incorporate the use of cryptocurrencies such as Bitcoin.
Le Marie’s latest decision to support the crypto-assets comes as a surprise since he had previously expressed his concerns about the rapid growth of the cryptocurrency market and its risks to the global economy if the sector is not regulated.
The finance minister through his recently published opinion piece unveiled that the country intends to create a legal policy to support the initial coin offerings (ICOs) as part of the plans to become the leading ICO hub across the globe.
Le Marie also urged Jean-Pierre Landau, former central bank official to come up with a proposal for implementation of a legislative framework on how the cryptocurrencies can be regulated. If this will be realized, France will become the first financial hub to develop a legislative framework for companies that need to launch their ICOs.
In addition, Le Marie appealed for his G20 colleagues to support the cryptocurrency sector in order to foster innovation in the global economy.