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Luxembourg Authorities Pass Law In Support Of Blockchain

17:09 16/02/2019
Deputies Of Luxembourg Parliament Pass Law On Blockchain

Luxembourg parliamentarians adopted a bill 7363, aimed at using DLT in the monetary and financial sphere, Cointelegraph reports referring to the publication of the country's legislative body — the Chamber of Deputies.

 

The principal goal of the law is to provide participants of the financial market with all the benefits of modern technologies when transferring money, handling securities, and conducting other operations. It will provide greater transparency and efficiency of transactions by reducing the number of mediators.

 

Under the new regulation, monetary transactions using distributed ledger technology will have the same judicial status as traditional ones.

 

Out of the 60 parliament deputies, just two left-wing representatives didn't support the adoption of the normative act.

 

Luxembourg gained popularity in the crypto sphere as a state loyal to cryptocurrency and distributed ledger. In the fall of 2018, the University of Luxembourg concluded an agreement with the local VNX Exchange to increase digital assets security and develop innovative solutions in this area in the future.

 

In 2018, the country's financial regulatory organization issued a document warning investors about the risks of investing their funds in crypto assets since they are not supported by any CB and are associated with high volatility.

 

As previously reported, the US Congress introduced a bill exempting crypto companies from liability in money transfers.

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