Andorra, a tiny European nation between France and Spain, is a glimmer of progress. The General Council of Andorra, the nation’s government, recently gave the Digital Assets Act, a legal framework for virtual currencies and blockchain technology, its blessing.
There are two sections to the act. The first is developing “programmable digital sovereign money,” or digital currency, which may be exchanged within a closed system. This would essentially let the Andorran state design it’s token.
Launch of the Final Fantasy VII NFT Collection Announced by Square Enix
What Are The Act Proposals?
The act’s second section refers to digital currencies as financial products and aims to establish a framework for regulating distributed ledger and blockchain technologies. According to Paul (who opted not to use his last name), the new rule may bring in new customers, including the CEO of the local bitcoin company 21Million.
He said that Their goal is to attract new businesses to the country by providing legal clarification making it convenient and more transparent. They consider this a method of attracting talent and entrepreneurs to the new economy.
Notably, Andorra does not recognize cryptocurrencies or other digital currencies as legal currency, and there are no proposed exchange methods under the Digital Assets Act. Only the euro, the preferred currency of the European Central Bank, is granted that privilege. Paul, a fervent Bitcoiner, continues to argue for the adoption of Bitcoin (BTC) in Andorra despite this:
I've been working on this one for a while but I've finally decided to share it ! Here's the case I make for a bitcoin adoption in Andorra 🇦🇩! https://t.co/xHxl78YChO
— Paul ADW 👀 (@PaulADW) July 14, 2022
Paul emphasized in a blog post that Andorra should adopt a Bitcoin standard by embracing Bitcoin as a reserve asset, mining Bitcoin with sustainable energy, and welcoming Bitcoin-centric businesses from all over the world.
More Stories:Â Bitcoin Price Analysis: Bitcoin Must Not Drop Below $22,000
“The Digital Assets Act is a step toward “making cryptocurrencies a day-to-day reality,” according to the national newspaper.
If you like surfing and Bitcoin, we have the perfect event for you : @SurfinBitcoin pic.twitter.com/zGHrhZIie6
— Joss Tonn (@Joss_do_it_BTC) June 18, 2022
According to a recent KPMG survey, French individuals are more exposed to “crypto” than the stock market. It is well known that “shitcoinery” thrives in France.
Although there isn’t a list of “shitcoins,” they are tokens other than Bitcoin, which, in the opinion of its proponents, is in danger of going to zero. One of the most noteworthy shitcoins of 2021 was Squid Game Token.
More About Andorra:
Andorra is one of the smallest nations in Europe, with a total area of less than 500 square kilometers. Despite what many people think, Andorra is not a tax haven; the tiny nation ended banking secrecy in 2018.
Even so, taxes are far lower than in France or Spain’s close neighbors, and up to 20% of the country’s GDP comes from financial services.
Even though it is unknown which digital assets the government plans to control through the Digital Assets Act, the economically driven movement may assist in diversifying the Andorran economy and luring blockchain- and crypto-based businesses. Paul sees it as a step toward Andorra accepting Bitcoin.
More stories:Â Yahoo Hong Kong Will Introduce Pet-related NFTs
Comments are closed, but trackbacks and pingbacks are open.