Cryptocurrencies are now an integral part of the global economy. Even if some leaders continue to have doubts about virtual currencies, others want to see things differently. President Macron, for example, wants to make Paris the capital of digital currencies in Europe. However, this project could come up against US and European regulatory constraints.
President Macron wants cryptocurrencies and NFTs to support the French economy
France, through its President Emmanuel Macron, wants to take advantage of the consumer craze for cryptocurrencies in order to make the country a hub of decentralized finance.
However, it should be noted that the US regulator and the European regulator could pull the rug out from under it, as the regulation of cryptocurrencies in the US market as well as in Europe is just around the corner.
Also, the American market and the European market being essential for the crypto exchanges, the latter will be obliged to comply with it, which could lead the French president to revise his ambitions downwards.
Indeed, the legal framework that will be imposed by the United States and the European Commission in the cryptocurrency market might not really be to France’s advantage.
And for good reason, the new regulations can slow down investments in certain countries of which France is a part. The latest example concerns the French NFT platform Sorare.
Since its creation, the NFT Sorare platform has been very successful on the market and has been supported by several prestigious clubs as well as by football leagues both in Europe and in the rest of the world.
However, shortly after his last fundraising, Sorare was the subject of a financial investigation by a British institution.
The latter considers society not as a crypto trading platformbut rather as an online gambling platform requiring a license to operate in England.
Soon it will be around the institutions of the other States to enter the dance and contain French ambitions. Can France surpass them? Only the future will tell us.
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