Crypto, Cybersecurity & European Tech Sovereignty: What’s Next?

On this episode, host Mo Sayed welcomes Pascal Gauthier, CEO of Ledger, and Clara Chappaz, Minister Delegate for Digital and AI, to discuss France’s evolving role in the crypto landscape, its commitment to innovation, and the crucial intersection of AI and blockchain technologies.

“We are no longer afraid to talk about Bitcoin and cryptocurrency.” – Pascal Gauthier

Key Highlights:

Bpifrance’s Bold Move: Investing Directly in Tokens

A significant recent development highlighted is the Bpifrance (French Public Investment Bank) announcement of a 25 million Euro fund to invest directly in crypto tokens, rather than just equity in crypto startups. Pascal Gauthier notes this as a continuation of Bpifrance’s previous crypto involvement, but emphasizes the innovation of direct token investment.

He also adds that Bpifrance announced 250 million over 4 years of investment in crypto companies, signaling strong positive momentum.

The Indivisible Link Between AI and Blockchain

“[Those who say] AI necessarily say ‘blockchain and crypto’ because a large part of the challenges posed by artificial intelligence can be resolved by these blockchain technologies which ultimately bring more transparency, the ability to authenticate content, and identities.” – Clara Chappaz 

Clara stresses the inherent connection between Artificial Intelligence (AI) and blockchain technology, despite the recent public focus on AI. She affirms her commitment to the crypto sector, recalling France’s singular voice in Europe on this subject, having launched a national crypto strategy as early as 2016.

Shifting Perceptions and Widespread Adoption

Pascal Gauthier observes a positive shift in how crypto is perceived and Clara Chappaz challenges negative stereotypes, refuting the notion that millions of French people who use crypto are potential criminals.

The Pursuit of a Crypto Nation and Digital Sovereignty

The discussion emphasizes France’s ambition to remain a leading “crypto nation.” 

Pascal Gauthier suggests further steps like creating strategic reserves and potentially supporting mining in France. They highlight the importance of preserving fundamental freedoms, privacy, and security in the context of new digital initiatives like the digital Euro.

Pascal Gauthier firmly states that to be able to have private digital property today is to be free, without private property there is no democracy, there is no freedom. 

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Balancing Regulation and Innovation

A critical point of discussion is the delicate balance between regulation and fostering innovation. Clara Chappaz indicates that future discussions with industry players will evaluate together the different ideas to promote the sector and address points of friction.

Pascal Gauthier suggests that sometimes it might be necessary to decelerate. Clara Chappaz agrees that regulation, like France’s 2019 framework that influenced Europe, should strike the right balance between establishing a set of parameters so that the citizens can safely use those digital assets and not hinder innovation.

Global Entrepreneurship and European Strengths

Unlike traditional tech, which often starts locally, web3 is a significant advantage for promoting values like freedom and achieving economic sovereignty.

“When you are an entrepreneur in cryptocurrencies in blockchain technologies, in web3; you are immediately on a global playing field and you can immediately create global category leaders.” Pascal Gauthier 

Gauthier believes Europe, with its strong math and finance background, has the talent for success in decentralized finance, which he sees as the future. He positions French company Ledger as a decentralized security technology and a European leader, asserting the European crypto ecosystem already exists.

Reading List

Learn more about these topics mentioned in the episode, or explore our library of articles on Crypto, Security, and Regulation on Ledger Academy

• Bpifrance $25 Million Crypto Fund
• Decentralized Finance (DeFi)
• Web3