France’s National Assembly Approves Crypto Usage In Insurance
France National Assembly Members recently voted for insurance companies in the country to invest in Bitcoin and other cryptocurrencies in life insurance contracts. This is good news for the cryptocurrency world like Bitcoin.
With the recent changes in the French National Assembly votes, gave way for investments into SPF, that is the specialized Professional Funds to invest in Bitcoin and other Blockchain.SPF was not included in their policy before now but the recent changes have accommodated it.
The Insurance Code was overhauled through the Pact Act, with Article 21 giving way for life insurance contracts to invest in (SPF) specialized professional funds. Blockchain-backed assets were also considered in Article 26 giving way for the specialized professional funds to invest in Blockchain backed assets.
“With these two provisions, written and signed that SPFs can invest in cryptocurrencies like bitcoin.”, according to Emilien Bernard-Alzias, Attorney, Simmons & Simmons
while making his speech after the seating to a local news outlet, Joel Giraud explained that: “It was not the primary goal of Pact, but insurers will be able to offer products based on crypto-assets. They will be able to do so through specialized funds.
As a matter of fact, the journey and the decision of making Bitcoin and Blockchain based asset to be part of life insurance policies or plan wasn’t an easy one. The National Assembly members who are the policymakers and companies worked together to more than a year to make this policy a success. This rule adopts cryptocurrency could actually push other institutions to seek policy changes to include Bitcoin and Blockchain based assets into their dealings.
This decision for the adoption of bitcoin and other blockchain-backed assets to be accepted by insurance companies was agreed upon by two third of the 577 seats in the Assembly. Almost votes of 147 Assembly Members voting in favor while 50 votes were against that decision.
Bruno Le Maire, the Economy Minister, was happy with the results. With excitement, he said that he’s “very happy with the adoption of the law pact. Thank you to the majority of the house for your immense support and for all the efforts. We are determined to continue transforming our economy.”. It is our utmost concern.
Bitcoin rises in value will enhance the life insurance policies as they can increase the value of the policy purchase since there are no minimum or maximum limits a life insurance policy can invest in virtual currencies.
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