France approves bill to allow insurance companies to invest in cryptocurrencies!
The French parliament has approved a bill allowing French insurers to invest in cryptocurrencies.
The French National Assembly approved the “Action Plan for the Growth and Transformation of Enterprises”, also called “The Pact”.
It got 147 votes for and 50 against, according to the Reuters website.
The measure comes after Eric Woerth, chairman of the Finance Committee of the National Assembly, proposed to ban cryptocurrencies Monero and Zcash.
Bitcoin in life insurance policies.
Now, with this new announcement, insurers can invest in crypto-currencies and tokens with unlimited quantity.
In addition, this will allow individuals to redirect their savings as an investment in a business.
The law is therefore designed to stimulate the development of local businesses.
A dual provision of this kind will allow service providers to invest in cryptocurrencies through specialized professional funds.
Similarly, they can offer life insurance policies in the form of cryptocurrency, as well as professional investment funds (PCIF).
Olivia Grégoire, a member of the French parliament who took part in the drafting of the project, gave some details, according to the financial newspaper Les Echos report of 12 April 2019:
“Two types of transfers will be possible: from a life insurance policy to a contract subsequently subscribed, at the same insurer; and, until January 1, 2022 only, from a life insurance policy to a new retirement savings plan, in the format prescribed by the same provisions of the agreement”.
This publication also indicates that the law refers to the privatization process.
This includes the sale of the state’s participation in the ADP Airports Group, which would raise funds for the creation of a new innovation fund.
This important news will therefore allow companies or even individuals to invest more easily in cryptocurrencies.
One more step towards the mass adoption of cryptocurrencies in the everyday life of the general public and companies that would not wish to do it themselves but would prefer to delegate an investment in Bitcoin or other cryptocurrencies through insurance companies or professionals in financial investments.
