Blockchain: how banks are shaping the future of the financial industry

ABBL Published 22.11.2019

Following the hype related to Distributed Ledger Technology (DLT) between 2015-17 in multiple industries throughout the world, the subsequent enthusiasm of market players, the many ‘proof of concept’ consortia and the latest phenomena of tokenisation, crypto-assets and stablecoins, the future of this technology in the Luxembourg financial services sector remains one of the most actively discussed topics by numerous national stakeholders.

FinTech firms and other innovative start-ups with DLT-based solutions establish themselves in Luxembourg with high expectations. There is the renowned progressive legal framework, the many national actors in the arena, as well as the academic environment provided by the University of Luxembourg’s Interdisciplinary Centre for Security, Reliability and Trust (SnT), all of which encourage and support DLT-related projects.

The government has also sent positive signals by amending relevant laws related to the use of DLT for the circulation of securities (Law of March 1st 2019 amending the law of August 1st 2001 on the circulation of securities), by launching a public services blockchain project and by announcing the first running nodes of the Infrachain initiative.

In this context, the Luxembourg Bankers’ Association (ABBL), through its DLT Working Group under the auspices of the Digital Banking and FinTech Innovation Cluster (DBFI) launched a survey among ABBL members to find out where the financial services sector is standing with regard to the experimentation with DLT.

The survey was presented on 21 November during the “Blockchain: How Luxembourg Banks are Shaping the Future of the Financial Industry” conference organised by our association and APSI.

Picture Gallery – Conference

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