- French legislation aims to standardize digital trade platforms, potentially benefiting IOTA by aligning with security criteria.
- IOTA could manage secure, efficient conversions between electronic and paper trade records under new digital guidelines.
The new legislation in France advancing the digitalization of trade finance could have significant implications for technologies like IOTA, especially in the realm of electronic trade records and reliable digital platforms.
France is ready to adopt digital trade documentation, which is already happening in the UK and multiple countries in Africa. It's a perfect match for the explicit trust enabled by #DLT and #crypto
Why is TLIP a big deal? And why do they use #IOTA?
👇https://t.co/2yKo2OXECm https://t.co/AL7heBoRRu— Jeff Riseden (@_JeffR) April 18, 2024
IOTA, known for its distributed ledger technology specialized in the Internet of Things (IoT), could benefit from these developments for several reasons:
Reliable Digital Infrastructure
The French law and the subsequent decree will define the criteria for what constitutes a “reliable” digital platform. For technologies like IOTA, which emphasize security and transparency through its Tangle technology, these criteria could provide an opportunity to adapt and meet regulations, positioning itself as a preferred option for those needing to comply with these new rules.
Read more: IOTA and UniMe Collaborate: Driving eIDAS 2.0 Compliance with the EU Identity Wallet
Digitalization of Trade Documents
Since the legislation will facilitate the interchangeable conversion of electronic and paper trade records, systems like IOTA could be used to manage these conversions efficiently and securely, ensuring the integrity and traceability of trade documents.
Opportunities in Trade and Financing
The law’s push to simplify and accelerate export financing could result in increased demand for technological solutions that streamline these processes. IOTA, with its focus on fast and low-cost transactions, could find a significant niche here, especially in foreign trade applications and supply chain financing.
The world is changing in front of you but you are blind with the price action.
Billions of DiDs in #IOTA will be created/stored. Machine economy will be 10x human economy. https://t.co/2XWE8RTyhZ
— IOTA investor (@IOTAinvestor) April 18, 2024
European and Global Standards
If France succeeds in establishing itself as a pioneer in digital trade finance and sets a standard within the European Union, technologies like IOTA could benefit from early adaptation to these standards, which would be advantageous as other European and global countries adopt similar approaches.
👀 Exciting news in European trade finance! France gears up for digital transformation with a new law inspired by the MLETR. 🇫🇷 Scheduled for Senate debate next month, it paves the way for digital trade documents, optimising trade finance processes. Similar to the UK's efforts…
— Trade and Logistics Information Pipeline (@TLIP_io) April 18, 2024
The French legislation on trade finance digitalization could open new avenues for IOTA to expand its use in commercial and financial applications, particularly if the platform can align with the new standards of reliability and efficiency defined by the decree.
Related: IOTA Identity 1.2.0: Unlocking New Dimensions in Digital Identification
This underscores the importance for developers and technology companies to stay alert to these regulations and adapt their products to meet new norms.
Currently, IOTA (IOTA-USD) is trading at approximately $0.242219, showing a recent increase of about 6.19%.
