Luxembourg Blockchain Week Gets Underway at Chamber of Commerce

On Monday 9 December 2024, the 4th edition of Luxembourg Blockchain week got underway at the Luxembourg Chamber of Commerce in Luxembourg-Kirchberg.

The main topics of the conference are the future of money, digitalisation of assets: challenges and opportunities, and the future of finance.

Luxembourg’s Minister for Digitalisation, Research and Higher Education, Stéphanie Obertin, opened the event on Monday.

In her address, Minister Obertin described Luxembourg as a leader in innovation, technology and financial services. She spoke of how the integration of blockchain financial technologies aligns with Luxembourg’s strategies and research priorities and of how combining robust infrastructures with cutting edge advancement in security, data management, artificial intelligence (AI) and blockchain helps develop the financial tools of the future. Compliant, secure and trustworthy ICT solutions are at the heart of Luxembourg’s financial, legal, insurance and government sectors.

The minister highlighted that Luxembourg has placed significant emphasis on research and cybersecurity. The government’s National Research and Innovation Strategy identifies key technologies that underpin innovations that will enable the sector to tackle the challenges of privacy protection and cybersecurity.

Minister Obertin also reported that Luxembourg has set up various blockchain projects for the public sector that facilitate secure communication between administrations, private sector and citizens. One such project enables students to apply for and receive student loans online. Public sector blockchain guarantees traceability, enhances security, reduces the risk of fraud and simplifies the administration procedure. The minister reported that this project is an example of a successful use of blockchain in public services and has been used by thousands of students. She also spoke of the ministry engaging in projects with European blockchain services including the active role Luxembourg is playing in the European Digital Identity Portfolio. This will enable European citizens to manage and share documents digitally and securely across Europe while strengthening technological innovation and promoting collaboration between member states to establish common standards for digital services in Europe.

Minister Orbetin stressed that trust is an essential component of blockchain projects, noting that extreme volatility and lack of oversight can undermine public confidence in new technology. She emphasised that this issue must be addressed to foster a secure environment for innovation and added that Luxembourg is committed to ensuring blockchain related technology safeguards the interests of all.

Before concluding, Minister Obertin spoke of how initiatives such as Luxembourg Blockchain Week bring leaders, innovators, regulators and others together to discuss resolutions and possible future collaborations. She described this coming together as crucial for shaping the future of this rapidly evolving sector.

Other sessions on the opening day covered topics such as crypto taxation, the digital euro and the future of private money. The first day concluded with a VIP Dinner in Luxembourg-Ville.

Luxembourg Blockchain Week is a multi-location event. It will continue at the Luxembourg Chamber of Commerce until Wednesday 11 December. Side events will take place throughout the country from Thursday 12 to Friday 13 December 2024.

For further information and to register, visit: https://www.blockchainweek.lu

(Pictured: Stéphanie Obertin, Luxembourg’s Minister for Digitalisation, Research & Higher Education; Credit: Helen O'Mahony/Chronicle.lu)