According to an article published recently, the French government has given the nod for trading unlisted securities using the blockchain technology. The article also said that the French government has adopted new rules that enable both banks and fintech firms to establish blockchain platforms for unlisted securities trading.
This change will certainly allow trading of assets at the French market without relying on any intermediaries or middlemen. According to the country’s finance minister, Bruno Le Maire, the new rules would be a boon for Paris as a financial center. He said:
“The use of this new technology will allow fintech firms and other financial actors to develop new ways of trading securities that are faster, cheaper, more transparent and safer.”
This move follows the country’s goals to get in the trending topics and make Paris a financial hub for innovation. In times when the cryptocurrencies and blockchain are a hot topic, there is no better opportunity to do that.
What’s good is that the French government is not only talking – but also working on many blockchain efforts as we speak. There is even a blockchain-assigned group that launched this May and whose aim is to research the blockchain implementations, explore its benefits and applications for the public sector.
In the meantime, the London Stock Exchange Group is also making efforts towards a similar situation. They partnered with IBM in July to trial a private platform for unlisted securities, one that is designed to digitize security ownership and the capital structure of small and medium sized businesses.
This means that Europe is embracing the new technologies too and that it is about time for us to see them in official markets.
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