a development of its position on cryptocurrencies

The Davos Economic Forum in 2018 was an event in which Bitcoin and the cryptocurrency sector were the target of particularly strong criticism from key figures in the political and economic world. Emmanuel Macron was no exception to the general consensus and went out in favor of strict regulation of cryptocurrencies.

Meeting between Emmanuel Macron & Mark Zuckerberg, Source: Christophe Petit Tesson / AP / SIPA

Four years later, while the crypto industry is not ready to disappear and is gradually imposing itself on the general public, has she changed the position of the candidate for her own successor to the Elysée on the subject? Emmanuel Macron has no doubt become aware, like many of his contemporaries, of the many benefits that blockchain technology and cryptocurrency offer. As a result, it is no wonder that these technologies are now included in his election platform. Among Emmanuel Macron’s many statements on the crypto sector, there were two in particular that caught the eye: the one relating to a European metaverse, and, not surprisingly, the one on regulation.

The creation of a European metaverse

During a press conference held on March 17, 2022, Emmanuel Macron had for the first time mentioned the idea of ​​a “European metavers” and pleaded for cultural and informative independence. The aim of the meta-verse, however, is the creation of a borderless and decentralized world, which seems to be the exact opposite of what Mr Macron wants. Minister of Foreign Affairs of Digital, Cedric O, has thus provided the following details to BFMTV:

“The project is not to create a public metavers, but to support certain underlying technologies, starting with graphics engines. For example, by creating European competitors for American engines UnrealEngine and Unitthe most widely used in the video game industry. “

Macron once again took up this idea during an interview with the media The big whale. Its aim would be to make Europe a key player in the development of web3, without being dependent on the major European or Chinese players, in contrast to what has happened to date. The construction of this European metavers would also be a means of mastering and promoting cultural and creative content. Macron also noted that he wanted to see cultural institutions develop a policy around NFTs.

According to the economist Pascal of LimaHowever, this project lacks realism, especially in the light of the main problems facing society as a whole, namely the erosion of purchasing power, employment and economic recovery. He adds that it is also necessary to consider the impact of the project on social cohesion and the risk of disruption of reality.

Skepticism about self-regulation of the crypto industry

Macron also wants to create an environment that promotes the development and financing of start-ups, while technological mastery becomes an issue for Europe beyond financial innovation. However, he notes:

“… I do not believe in a self-regulated financial sector. It would be neither sustainable nor democratic. It is up to the public authorities to define the right conditions to enable the sector to develop with confidence while encouraging innovation. “

In this context, Emmanuel Macron believes that the application of uniform standards at European level will make it possible to establish a single market and is in favor of rapid progress with the MiCA (Markets in crypto assets) bill. At this point, he insisted that France will remain aware that the bill does not hinder innovation and remains as neutral as possible in terms of technology. In the same way, the outgoing President also wants to promote work on the digital euro as soon as possible.

Although he mentioned the “buzz” terms of the cryptosphere, namely NFT, metaverse and web3, Emmanuel Macron did not make clear what his position was on cryptocurrencies, namely Bitcoin, Ethereum and others. He seems to want to focus on innovation so that France becomes a “start-up nation”, A nation at the forefront of technological change.

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