France National Assembly has given somewhat a positive signal to the overall cryptocurrency market and blockchain technologies in particular. The assembly released a report on the bullishness of the distributed ledger technologies (DLT). Aside from that, it has recommended steps to regulate the gap between the emerging asset class and fiat currency. At the same time, such a bridge should be ‘within the blockchain space.’
Lack of Transparency
In a tweet, Emmanuel, the user who shared the statement, said that the report has acknowledged that there was a lack of transparency in the actual system thus leading to the crisis situation in 2018. He also felt that public crypto-currencies can exist and that it could pave the way for re-establishing a relationship among the citizen and central banks. At the same time, there should not be much of a difference from the fiat currency. However, this report failed to have any favorable impact on the overall cryptocurrency market as the weakness continued to hurt sentiments.
1/ https://t.co/NXF2GyKwbi FR National Assembly just released a report. Realistic, so rather bullish about blockchain technologies. Conclusions recommend to try to regulate the bridge between Fiat and Crypto, but a laissez faire “within the blockchain space” pic.twitter.com/yKHcssPTTm
— Emmanuel⚡️ (@mangicrypto) February 1, 2019
Emmanuel thinks that this kind of public crypto will have a big role in innovative funding while avoiding digital coin volatility. Also, such a new type could enable citizens to open a bank account from the central bank directly. This will provide transparency and real-time data besides offering fresh monetary policies and cost reductions. One of the key aspects of the report is that the DLT’s main objective is the disintermediation of the finance that is much similar to the internet is doing with the information.
Bullish On ICO
The report also talked about the intellectual property system and remains specifically bullish on the initial coin offerings (ICO) future. He believes that there is every chance of this becoming the norm in the private sector to develop projects in the future. Another surprising element of the report is that ICO can be used even for core function by the state. This included funding of political parties and tokenization of public housing. This will create a direct link among the citizens and the State.
The tweet said,
“This report basically recommend to embrace the disruption, it recognizes the lack of information of the population in general and the bad culture French have about new tech, leading to the loss of “licorns of tomorrow.”
The report called for students training in the emerging asset class sector and invites public funding for research and development. Emmanuel also pointed out that the report is “realistic about the need of Europe in this task” since the competition will come from Apple, Google, Amazon, and Facebook.