The Minister of Economy and Finance in France, Bruno Le Maire, is featured in the latest cryptocurrency news for his statement in which he endorsed blockchain technology and labeled it as a priority for his country’s government.
Le Maire was featured on many best cryptocurrency news sites for his statement given in an interview ahead of the Paris Blockchain Week Summit from April 16 to April 17. As proof of the country’s commitment to the nascent sector, Le Maire also revealed that the state plans to invest 4.5 billion Euros ($5 million) in breakthrough innovations – including blockchain – in a bid to fight Chinese and American technological dominance.
Aside from the funding, Le Maire also underscored the blockchain regulatory progress that was heralded by the PACTE Act which was passed by the French National Assembly earlier this week. During the interview, Le Maire characterized the bill as “an unprecedented and attractive legal framework for token issuers and digital asset service providers.”
When looking ahead to the agenda for the rest of 2019, Le Maire said that the government had identified a lot of new areas of focus for its blockchain policy. These apparently include the implementation of blockchain in French industrial sectors, the funding of innovative blockchain projects and the continuous support of these project in regards to the legal and regulatory issues.
The minister also proposed that France’s crypto taxation system offers a robust and transparent accounting framework that is specific to the new sector. Le Maire also cast the decline in the ICO market in a positive light, stating that it was necessary for the health of the sector and that the downturn “does not detract from the potential and benefits offered by the new funding method.”
He also stressed the need for blockchain protocols to evolve more energy-efficient mechanisms and to protect the financial system from crypto-facilitated money laundering risks.
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“Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.”Crypto enthusiast has avoided going to New York because the state has a very stringent regulations system for the crypto sector. For some, BitLicense is a classic move of regulation-before-innovation which is a law that creates an unnecessary burden for small startups by making them go through expensive procedures. For example, there is a $5,000 fee to NYDFs with no approval guarantee as well as the $45,000 worth of legal paperwork as it was revealed by one of the BitLicense applicants Coinsettler Jaron Lukasiewicz in 2015. Costs like these have influenced many New York startups to find a place with a friendlier crypto climate such as California or even European countries such as Switzerland. At the same time, crypto startups that managed to build a financial foundation for themselves, now are trying to find a comfortable place while entering New York. As mentioned in the altcoin news previously, Robinhood is the 10th company in a period of four years that received a BitLicense. According to the vice president of product Josh Elman, this decision to go into Wall Street is ‘’a crucial next step.’’:
“We’ve introduced millions of people to equity investing on Robinhood, and want to do the same for everyone interested in crypto.”The Fintech startup now has six million users around the US and by entering New York Robinhood plans to add a few million more. Their networth reached $5.6 billion after the last funding round that closed in March 2018. In the meantime, Robinhood managed to raise about $539 million capital so far.
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“Samsung Electronics appears to be moving to integrate cryptocurrencies to Samsung Pay, which accounts for 80 percent of the South Korean simple payment market. The company has recently transferred the blockchain task force (TF) of the mobile business division to the service business division.’’Previously in 2018, the Korea Herald reported that Samsung Pay made a 58 percent increase in its users base. The industry tracker WiseApp found that the platform was mostly used as a financial application in late 2018 where more than 10.4 million users got their hands on it. In 2017, the platform had about 6.6 million users which make an incredible step forward for Samsung. The 10 million users represent the 20 percent of the entire South Korean population and the platform has also thousands of users around the world that use the application because of its technology called magnetic secure transmission. This technology enables users to transact at a conventional point of sale terminals. Now, the strategy of Samsung Pay is to make sure that a niche market is secured and will expand its user base even further. Samsung already integrated a crypto wallet-the Samsung Blockchain Wallet back in February along with its Samsung S10 device which allows users to send, receive and hold cryptocurrencies in the built-in wallet. The South Korean altcoin news outlet Donga noted:
‘’Samsung Pay has recently extended the transaction period for overseas users and integrated an international payment processing service, aggressively targeting the global financial services market.’’With reports suggesting that the tech giant is considering the possibility of launching a blockchain network, it is expected that Samsung will continue to march forward to target the rapidly growing sector. Under the leadership of the current vice president of the business division Kim Yong-Jae, the blockchain task force at Samsung has started new other crypto projects.
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