Banks are slow to embrace crypto and blockchain – The Association’s Vice President and head of the Advocacy Committee, Luca Bianchi, was quoted in this article in IFLR.

Last year legislators in France implemented the Plan d’Action pour la Croissance et la Transformation des Entreprises (PACTE law), which provides for a new optional visa regime for initial coin offerings (ICOs). Regardless of increased interest in the new framework, market participants have told IFLR that the majority of conventional financial institutions are not yet onboard with blockchain or crypto innovation.

“For bankers, it is very hard to let the competition in – but now they must. At the moment, my sense is that these entities do not want to hear about blockchain and cryptocurrencies,” said Remy Ozcan, chief executive officer at Tozex, a crypto asset financing platform and co-founder of consultancy firm, Crypto4All. He said that in his experience, financial institutions do everything they can to prevent the emergence of blockchain.

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