Cryptocurrencies Are Here To Stay – Luxembourg Finance Minister

News, Regulation | January 16, 2018 By:

Luxembourg Finance Minister Pierre Gramegna said that cryptocurrencies are here to stay.

During an event in Hong Kong, Gramegna was asked about possible new regulations on the European Union level pertaining to cryptocurrencies. He replied by saying that “cryptocurrencies are here to stay because they are convenient and that they bring added services.” He added that cryptocurrencies are more simple and so consumers love them. He believes global regulators will have to monitor and regulate it to a certain extent.

“The dangers of anti money laundering are known,” said Gramegna. “There are other issues at stake. Europe will probably handle it together because obviously it is something that touches upon the European single market, so it has to be done at the European level.”

In 2016, Gramegna acknowledged the potential of bitcoin’s underlying technology. At the time, Gramegna said he was confident that blockchain would revolutionize banking and financial services.

“Blockchain will revolutionize banking and financial services as we know it,” said Gramegna. “I think it is possible that blockchain will replace the word ‘Internet.’ By the time our children have children, the only time they will see the word ‘Internet’ is in science and history books.”