France approves bill that allows insurance companies to invest in cryptocurrencies

coincrispy   16 Apr, 2019   news.eBitcoinics.com   Views: 523

The French parliament has approved a bill with which insurance providers in France can invest in cryptocurrencies. This is reported by foreign exchange news agency FXStreet  in a publication on Thursday, April 11.

The National Assembly of France granted its approval to the " Action Plan for the growth and transformation of companies ", also known as " Le Pacte ". He obtained 147 votes in favor and 50 against, according to the Reuters website.

The measure comes after the beginning of March, Eric Woerth, head of the Finance Committee of the National Assembly, proposed to ban the Monero and Zcash cryptocurrencies.

Now with this new announcement, insurers can make investments in cryptocurrencies and tokens without limitations on quantity. In addition, it will allow individuals to redirect their savings as an investment in the business.

So the law is designed to stimulate the development of local businesses. A double provision of the same will allow the service providers to invest in cryptocurrencies through specialized professional funds. Likewise, they may offer life insurance policies in cryptocurrency, as well as professional capital investment funds (PCIF).

Olivia GrĂ©goire, a member of the French parliament who participated in the drafting of the project, gave some details, according to the report of Les Echos on April 12:

"Two types of transfers will be possible: from a life insurance policy to a contract subscribed later, in the same insurer; and, until January 1, 2022 only, of a life insurance policy to a new retirement savings plan, in the format foreseen by the same provisions of the agreement ".

This publication also indicates that the law points to the privatization process. This includes the sale of the state participation in the group of airports ADP, which would raise funds for the creation of a new fund for innovation.


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