Andorra has approved a law on digital assets, creating a basis for the introduction of cryptocurrenc
In Andorra, the Government of the country has adopted a law on digital assets. Thus, a regulatory framework for cryptocurrencies and blockchain technology has been created. The national newspaper Diari d'Andorra reported that the Law on Digital Assets is a step towards making cryptocurrencies a daily reality in the life of society.
The law contains 2 parts. The first part concerns the creation of digital assets, or "programmable digital sovereign money", which can be exchanged in a closed system. This will give Andorra the opportunity to create its own token.
In the second part of the law, digital assets are considered as financial instruments, and due to regulatory acts, it is planned to create an environment where blockchain will be regulated.
At the same time, there is no mention in the Law on Digital Assets that cryptocurrencies can be a means of exchange. Back in May, the Minister of Economy of Andorra J. Gallardo said that with the help of blockchain technology, the country will attract investors.
The authorities have not yet clearly stated their position on how they will treat Bitcoin, NFT and other digital assets. In this regard, there is a bureaucratic confusion in Andorra.
Will Andorra introduce Bitcoin into its financial system?
According to J. Tunnel, co-founder of StackinSat, despite the fact that while the authorities have not fully figured out cryptography, tokens and cryptocurrencies, there is a chance that Bitcoin will still be accepted. He believes that Andorra is now one of the few countries in the EU that can not comply with the rules of the European Parliament.
The country has a low tax rate, and it is much lower than in nearby France. Although in 2018, the authorities adopted a norm of the law, where the rejection of bank secrecy is implemented. However, this should not prevent Andorra from accepting Bitcoin, as well as other digital assets.
If the government succeeds in doing this, then Andorra can count on the influx of a large number of investments from companies working in the field of blockchain. Moreover, the Law on Digital Assets has already been adopted, and several by-laws need to be adopted on its basis.
Author: Elvir, analyst Сoin-signal.com Club
https://coin-signal.com/cryptonews/andorra-has-approved-a-law-on-digital-assets-creating-a-basis-for-the-introduction-of-cryptocurrencies/
#Andorra, #Approved, #Assets, #Basis, #Creating, #Cryptocurrencies, #Cryptonews, #Digital, #Introduction, #Law
#CryptoNews