France: Insurance Providers can now invest in Cryptocurrencies

According to foreign exchange news agency, FXStreet’s report on April 11, insurance markets in France will not be able to invest in cryptocurrencies.

The National Assembly of France, on April 11, adopted a bill designed to stimulate local business development which includes redirecting savings from individuals to businesses. The National Assembly voted 147 in favor and 50 against.

The act, known as “Plan d’action pour la croissance et la transformation des entreprises,” (Pacte), allows insurance providers in France to invest in cryptocurrencies like Bitcoin (BTC) without a limit on the amount of investment.

Insurers will be able to invest in crypto through specialized professional funds as a result of the dual provision of the act, and also allows them to offer life insurance policies exposed to crypto. Professional capital investment funds will also be impacted by the new measure.

Joel Giraud, the deputy and budget manager of Emmanuel Macron’s party, La République En Marche, confirmed the news. He also claimed that the new crypto-based initiative ‘was not the primary objective of the Pacte.’

The bill targets the privatization process which includes a sale of the state’s stake in airports group ADP with the aim of raising money for a new innovation fund.

This article was originally sourced from CoinTelegraph.

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