Luxembourg lawmakers have passed bill 7363 into law, facilitating the utilization of blockchain technology in monetary services, as per an official announcement published by the country’s parliament, the Chamber of Deputies, on Feb. 14.

The new law aims provide monetary market participants with more transparency and legal certainty in regard to the circulation of securities with blockchain technology. The bill is additionally geared to form the transfer of securities additional efficient by reducing the number of intermediaries.

According to local news outlet Luxembourg Time, the bill grants transactions through with blockchain technology the identical legal status and protection as those done through traditional means. Out of sixty parliamentarians, solely 2 members of the left party déi Lénk reportedly voted against the bill.

Luxembourg is understood for its proactive approach to blockchain technology. In Gregorian calendar month 2018, the University of Luxembourg partnered with Luxembourg-based commerce platform VNX Exchange in a bid to boost the safety of digital assets. Inside the collaboration, the University of Luxembourg supposedly helps VNX develop higher levels of network security for digital assets.

In March, the Luxembourg monetary Regulator CSSF issued a warning against investments in cryptocurrencies and initial coin offerings (ICOs). The regulator noted within the warning that cryptocurrencies don't seem to be backed by any financial organization, and warned against the volatility of virtual currencies, stressing that deals are typically not entirely clear and business models are incomprehensible.

Meanwhile, a study conducted by analysis company Ipsos on behalf of Dutch ING Bank B.V. in June unconcealed that the lowest rate of people owning cryptocurrency — 4 % — rate is in Luxembourg.

To know more on Cryptocurrency and Blockchain events, follow us on Facebook, YouTube,  Twitter, LinkedIn, Reddit, Telegram, BitcoinTalk, and we are also on Medium now