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Interest in cryptocurrencies is growing throughout the world. First of all by the “geeks” who see them as a great success of financial technology (FinTech). Secondly, by those who wish to make payments outside the usual financial circuits in order to limit their traceability. Finally, in order to safeguard its assets (and even the financial system as a whole) after the risks generated by the 2008 crisis on the global banking system based on the centralization of the issuance and control of the currency.

The Bitcoin (the oldest and best known cryptocurrency) is at historic highs by the end of May 2017 for two main reasons: first, the quantity of bitcoins in circulation is deliberately limited and the annual growth of quantity in circulation is known in advance by algorithm; then for reasons of securitization of the financial system several ETFs have filed applications for approval on the American stock exchange, the ETFs would greatly facilitate the purchase and the conservation of these crypto-currencies even by the individuals and so mechanically increase the demand .

But Central Banks also see an interest in holding crypto-currencies.

In a parliamentary question, MPs Diane Adehm and Gilles Roth (CSV) remind that in an article in the weekly “Letzebuerger Land” the author seems to have identified a certain interest of a growing number of central banks for cryptocurrencies which could be used even if the banking systems stop working.

It is on the basis of this observation that MPs ask the Finance Minister Pierre Gramegna whether:

  • Are the Luxembourg and European central banks analyzing the opportunity to launch a cryptocurrency?
  • If so, are there real debates and discussions?
  • What is the position of the Luxembourg government in relation to such cryptocurrencies?

The Minister has one month to reply to the MPs.

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