One of the smallest countries in Europe aims to be comparatively progressive in its adoption of blockchain and cryptocurrencies, according to the country’s leaders.
Speaking in a pre-recorded message to attendees of the Luxembourg Blockchain Week conference, Prime Minister Xavier Bettel said the country plans to “keep looking ahead” and “keep taking risks” when it comes to innovative technologies like blockchain. Bettel described the blockchain as primarily “cryptocurrencies and hype,” joking that he could create a non-fungible token, or NFT, out of his scarves and “make a lot of money in a very short period of time.”
“My government’s objective is to make Luxembourg the digital pioneer that it already is”, declared the Prime Minister. “It is in the nature of the trailblazer to keep moving forward, rather than keeping the lead of the moment.”
As Prime Minister since 2013, Bettel made it clear that he was “not a technician” or a developer. However, he said he was “100% convinced of technology that can make our lives easier and help us focus on our human relationships.”
Many consider Luxembourg to be one of the most proactive countries when it comes to blockchain and crypto. The local government has previously referred to cryptocurrencies as “intangible assets” that are not subject to income tax until they are exchanged for fiat. Additionally, the country is home to the payment institution behind the Bitstamp cryptocurrency exchange.
Luxembourg Blockchain Week is a week-long conference organized by the Luxembourg Blockchain Lab, which takes place from April 26 to 30.