The prime minister of Luxembourg looks forward to making a blockchain-friendly nation for the country’s future. Luxembourg is referred to as one of the smallest nations within Europe and is intending to comparatively be progressive in its blockchain adoption along with cryptocurrencies, according to the leadership of the nation. With no particular crypto regulations within Luxembourg, the legislative attitude of the government towards cryptocurrencies generally happens to be progressive.
According to the prime minister of Luxembourg, the nation is planning to keep taking risks and looking forward as far as innovative technologies like blockchain are concerned. Prime minister of Luxembourg, Xavier Bettel, commented that the nation’s goal is to make the most of the digital frontrunner of Luxembourg. He stated blockchain to be mainly about cryptocurrencies, thereby helping people make a huge amount of money in a short period of time.
According to the Finance minister, provided the widespread use of cryptocurrencies, they are required to be accepted as a payment medium for goods and services in Luxembourg. Although cryptocurrencies do not happen to be legal tender, they are concerned as intangible assets when it comes to tax purposes.
On the other hand, Xavier Bettel, serving as Luxembourg’s prime minister since 2013, clarified that he did not happen to be a developer or technical person. Rather he was 100% convinced of new innovations and technologies that can help facilitate human relationships, thereby focusing on our lives.
Earlier, the local government had labeled crypto as an intangible asset and they were not subjected to income tax until they were exchanged for Fiat currency. But, things have changed lately. As far as the tax rules are concerned of Luxembourg, concerning tax purposes, using cryptocurrencies as a payment means does not affect the true nature of income. It is one of the reasons why people consider Luxembourg to be one of the most productive nations around cryptocurrency and blockchain.