The National Assembly of France passed a new bill allowing local insurance markets to invest in crypto.
French insurance markets can now invest in cryptocurrencies, following the passage of a new law, foreign exchange news agency FXStreet reports April 11.
On April 11, the National Assembly of France adopted a bill that is designed to stimulate local business development, including redirecting savings from individuals to businesses, according to local news agency Les Echos. According to Reuters, the Assemblee Nationale voted 147 in favor and 50 against.
Known as “Plan d’action pour la croissance et la transformation des entreprises,” (Pacte) the act reportedly allows insurance providers in France to invest in cryptocurrencies such as Bitcoin (BTC) with no limit on the amount of investment.
According FXStreet, a dual provision of the act enables insurers to invest in crypto through specialized professional funds, and allows them to offer life insurance policies exposed to crypto. The new measure will also impact professional capital investment funds.
Joel Giraud, deputy and budget manager of Emmanuel Macron’s party La République En Marche, confirmed the news, while claiming that the new crypto-related initiative “was not the primary objective of the Pacte,” according to tech news website TrustNodes.
The bill mainly targets privatization process, including a sale of the state’s stake in airports group ADP in order to raise money for a new innovation fund.
Earlier in March, Eric Woerth, head of the Finance Committee of the National Assembly, proposed to ban anonymous cryptocurrencies like Monero (XMR) and ZCash (ZEC).
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.