Jean-Michel Mis, a member of the French Parliament National Assembly signed petition to the French Senate. The petition aims to authorize the bank of France to purchase cryptocurrencies. 

Clearly, Wall Street is already plunging head foremost into Bitcoin. The petition was filed earlier this month by Ark Ecosystem CEO Francois-Xavier Thoorens.  

French Parliament Pushes for Adoption of Cryptocurrency

The petition cites: 

“MicroStrategy and Tesla as the companies that have purchased large sums of Bitcoin while also mentioning Miami’s plan to potentially invest its treasury reserves into the cryptocurrency.”

Francis X. Suarez, Miami mayor stated:

“France must adopt a strategy in this area and a law enabling it to be applied. I, therefore, propose an update of the Monetary and Financial Code to endow the Banque de France with the capacity to buy, sell and hold bitcoins and other crypto-assets that it sees fit.”

At present, only 293 out of 100,000 signatures are needed to meet the threshold for knocking the discussion on the Senate floor. 

France’s New Crypto Revolution

Jean-Michel Mis has intentions to turn France into a cryptocurrency nation. The Co-founder of the French Federation of Blockchain Professionals (FFPB) aims to bring together companies, universities, and local authorities.

The goal seems to be too far-fetched for now, considering that France is way behind being a crypto-friendliest nation. In December 2020, the French ministers also introduced a ban on anonymous crypto accounts to restrain illegal financial activities.

Clearly, France is on the brink of the crypto revolution. The spread of Bitcoin infrastructure enabled transparent and decentralized ways of transactions. The adoption of cryptocurrencies is majorly driven by perceived failings of traditional financial systems. A decade after the invention of Bitcoin, the currency has acquired the position of digital gold of the market, making even the safest asset i.e. the real gold lose its shine. Not to forget the statement from Vitalik Buterin stating “Gold is Lame” is proof of this.