Luxembourg: a new blockchain hub
At a conference in Luxembourg dedicated to the development of blockchain and cryptocurrencies, Prime Minister Xavier Bettel announced that Luxembourg is ready to become a new center for the development of blockchain technologies. According to the head of government, blockchain is an extremely promising technology for the entire economy.
At this conference, Bettel also indicated that his government intends to make every effort to ensure that innovative technologies in the state continue to be introduced in all areas of the economy.
An interesting fact is that Luxembourg, although it is one of the smallest countries on the European continent, is nevertheless a leader in the promotion of blockchain technologies. Of course, competition in this area continues to increase, so companies are looking for those jurisdictions that are ready to provide such opportunities.
The head of Government emphasized during his speech at the conference that the state has done a lot to introduce digital technologies, but this does not mean that everything is over.
In his opinion, if you stop using new technologies, then the country will quickly lag behind other states, and then catch up with them will be extremely problematic, if at all possible.
Therefore, Luxembourg will continue to increase its efforts to introduce blockchain and other services into the daily lives and activities of companies. As you know, at the beginning of this year, the authorities announced that cryptocurrencies will not be taxed, since they do not relate to tangible assets. In addition, 4 years ago, the Bitstamp crypto exchange received a license to operate in the country, and 2 years ago, a law was approved in the country, according to which, the blockchain is included in the financial system of the state.
Such measures could not go unnoticed for companies that are engaged in the development of the blockchain, and work with digital assets. They began to open their branches in Luxembourg, attract investment, and create new jobs. For their part, the authorities promise full support to all companies that are ready to implement blockchain technologies in the country’s infrastructure.
According to the head of government, the blockchain is able to significantly change the vast majority of business processes, to level out possible corruption risks.
In addition, the authorities of the country are ready to continue to introduce tax breaks for those companies that are engaged in the creation of blockchain technologies. Given the fact that there is now a real race in European countries among both companies and governments to attract investment in this area, it is understandable that the representatives of Luxembourg want to be leaders in this segment.
Will they succeed? Most likely, yes. And the desire of the head of government to make Luxembourg a new center for the development of blockchain will be realized in the near future.
It is worth noting that other countries are also trying to take a leading position in this area, so the fight will be fierce. At the same time, companies can expect that they will be provided with the most favorable conditions for the implementation of blockchain in the infrastructure and society.
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