France, a startup nation »? Who still believes? National sclerotic education with mediocre school results, policies that no longer listen to professionals in the field (in all fields), heavy and punitive administration for entrepreneurs: how bitcoin (BTC) and cryptocurrencies can pave a path in such a context ? After we have lost many technological changes, will the French political class also miss the blockchain revolution?
French administrative and tax burdens
In France, we have great people, who have innovative ideas, not counting their hours to create a business. Unfortunately, administrative and fiscal red tape, the prudent lack of prudence of our politicians, and even theirs, are a major obstacle to the country’s economic growth. And this is even more true in the field of cryptocurrencies. For example, Paymium, the French cryptocurrency platform, has never been a long-term French banking partner and, although born in 2011, is only 155th ranked in Coinmarketcap, far behind FTX (2019) or Crypto. .com (2016). French legislation is so complex that the helpful messages on the forums are very numerous, as can be read on the famous forum bitcointalk.org, so it is no wonder that great French entrepreneurs choose to go abroad.
French politicians still in the rear guard
With incredible assertion (or incredible arrogance?), French politicians have a mania that always wants to control everything that is cross – border, even global. Although we have already lost the turn of the Internet by continuing to adhere to the Minitel God, Sarkozy himself was a “nerdy” man at the G8 trying to regulate the Internet. In 2009, it is also mandated that Hadopi was born to fight illegal and highly expensive streaming (82 million euros in 11 years) on almost zero results (€ 87,000 in fines).
France and its digital and technological fiscos
We could cite so many examples of other technological failures, which are not good for the development of cryptocurrencies in France. Of course it is not an exhaustive list:
2005 : Dailymotion, then known as the “French nugget”. It could compete with YouTube and become the largest online video sharing interface in the world. Poor management, lack of resources, injection of public funds, a local fiasco reported on Youtube.
2016 : Bankruptcy of Viadeo, a social network like the French. Bankruptcy that would cost the French almost 20 million euros. LinkedIn is an American that will establish itself in the French market.
2016-2018 : the attack alert system (SAIP) is a fiasco set up after the Bataclan attack. Between false and late alerts, the Minister of the Interior decides not to do so. Alerts are now being forwarded by Google, Facebook and Twitter.
Submitted October 2020, Salto is a French streaming platform. Trying to compete with Netflix, Disney +, or Amazon Prime Video, cumulative losses have already exceeded 72 million euros by mid – 2021.
2016-2021. Scribe, another digital fiasco: software to facilitate the administrative life of our national police cost 12 million euros. He wanted to be modern and intuitive, he drove the police crazy. A new call for tenders for new software will be issued by 2024. French police are desperate to be able to work on 21st century computing tools.
2020. Another good example is the StopCovid application which was downloaded by only 3% of French people of the annulment of the “startup Nation”. Cost: 6.5 million euros.
2022. SNCF link. another fiasco that benefits its rival Trainline (+ 28% customers, + 50% tickets).
French political class and cryptocurrencies “funny business”
As we have just seen, in a country that is not even able to offer reliable and worthwhile naming software to its police officers, how can we expect the leaders to be able to understand the promises of the technological revolution and are they walking? A non-exhaustive overview of some of our politicians.
In general, the French political class does not look too much to understand the world of cryptocurrencies. She stays on her stance: bitcoin (BTC) is, in essence, linked to money laundering and crime in general. (While the dollar and money laundering practiced by banks are primarily the currency most used by criminals). Sometimes we feel, all the same, a little clarity.
Emmanuel Macron: regulation and control
Jean-Luc Mélenchon: the crypto casino
” This is not a separate matter for us. We are not going to create an extremely favorable tax framework for cryptocurrencies and crypto-resources, as suggested by other candidates. It has no economic interest and does not produce wealth. »
Bruno Le Maire: cryptos and terrorism
“Cryptocurrencies are a real problem for terrorist financing, I have been saying this for years. »
Marine Le Pen: regulation
The RN candidate in 2016 thought she could ban bitcoin (BTC). Today, regulation is seen as more useful (and more feasible) to avoid “out of control” traffic.
“Yes, I will probably have to think about regulating cryptocurrencies, because money is a complete tool of sovereignty. »
Nicolas Dupont-Aignan (DLF): crypto and tax evasion
Nicolas Dupont-Aignant Party Wants Also »ensure the traceability of cryptocurrencies required for tax so that everyone pays a fair contribution and that international tax evasion, which is already huge, no longer increases “.
Anne Hidalgo (PS): Harmonized European regulation
“It is necessary to work together in a community framework, on the scale of the European Union, for digital switchover. An efficient and successful common market presupposes the harmonization of national legislation and the adoption of a European regulatory framework for the management of cryptocurrencies and blockchains. »
“We cannot miss the blockchain and cryptocurrency revolution that challenges public authorities. It is an opportunity and a threat for States to dispose of their sovereign functions in favor of foreign companies. »
Philippe Poutou (NPA): Quotes to remember for the future
“Criminals love cryptocurrencies. In 2021, the amounts received from illicit addresses increased: the equivalent of 14 billion US dollars went through addresses related to illegal activities, compared to 7.8 billion in 2020. »(…)«It is a feature of crypto-currencies, under the guise of modernity capitalist casino. In addition, they have a devastating ecological impact. “mining” consumes a significant amount of energy.»(…)«Crypto-currencies are not a breakthrough in terms of large population mass. Any provision aimed at promoting their use must be eliminated.»
Eric Zemmour (Reconquest!): Lucid
“[Il faut]end the administrative hell for professionals in the cryptocurrency sector, especially due to the European over-transposition“. (…) “We need to end these unequal regulations between countries, French blockchain startups are at a permanent disadvantage in terms of taxation and standards compared to their established competitors in Estonia, Cyprus and Switzerland. This is not fair!»
Unfortunately, France, and in particular its political class, are in danger of losing the ongoing technological revolution. At a time when American banks are doing everything so that their customers can buy bitcoins (BTC) easily and safely, some French banks refuse their customers a simple switch to a legal cryptocurrency platform. Entrepreneurs looking to startencryption businessthey leave the country or leave the country because the administrative and tax constraints are complex and often unrelated to reality. Investors are heavily taxed on their capital gains when they succeed in figuring out how to assert them. We can only hope the class is political finished by listening to professionals in the sector.
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Subprime, financial crises, galloping inflation, tax havens … Bitcoin was designed for more transparency and possibly to eventually change the game. I try to understand this new environment and I try to explain it to myself. The road is long, no doubt, but it’s worth it.