France joins in on recognizing digital currencies and its a boon for gaming
France finally decided to dip their toes in the proverbial water, by testing the use of digital assets and blockchain technology in an official capacity – specifically in the form of bond transactions. Some of the biggest financial players in France were using a new cryptocurrency together – one issued by the French Central Bank for the duration of the 10-month experiment.
This is to date one of the most significant moves in crypto – the lack of legitimacy compared to Fiat currencies has long since been a sticking point for many crypto skeptics who insisted that the lack of tangible assets behind it would end up making the coins worthless sooner or later.
“We have together successfully been able to measure the inherent benefits of this technology, concluding that the central bank digital currencies can settle central bank money safely and securely.” Said Isabelle Delorme, deputy chief exec of Euroclear France, one of the organizations involved.
When El Salvador announced that they would be accepting Bitcoin and a form of legal tender in September, international reactions were mixed. Some people celebrated the mainstream move, while others ridiculed the country for accepting the ‘worthless’ coin. While it’s true that crypto doesn’t have the same backing as a fiat currency, it’s far from worthless – and after El Salvador, it seems like more countries are starting to recognize its potential… finally.
What it means to us long-term
The legitimization of crypto in mainstream markets could have huge impacts on crypto and crypto gaming in the medium and long term. The culture of distrust for everything blockchain and crypto might soon be shifting. Backing from different countries gives crypto a lot more credibility, and that means that more and more users will accept it as a normal form of currency – and thus, it will also be a more natural thing to include in gaming or esports.
Especially in a market like France, where both esports and gaming development are strongly entrenched, a move toward blockchain and crypto acceptance will surely boon an industry wide period of growth. There are already some pretty impressive projects out there, as far as crypto gaming goes. Now, with a major financial power showing official interest in crypto, a lot of people that so far have ignored crypto won’t be able to anymore.
Smaller creators may well find themselves more tempted to enter the world of crypto gaming if they know it offers stability – something that so far, only a few select coins and blockchains have been able to claim for themselves.