The Luxembourg Competition Authority plans to assess the possibilities of implementing blockchain technology


The Luxembourg Competition Authority is exploring the possibility of implementing blockchain technology on a large scale in its local financial institutions as well as to link with institutions in other parts of the European Union.

Investment in blockchain development has already exceeded $30 billion worldwide, and by 2031, the number of users is projected to reach one billion. To this end, Competition Authority experts are going to study the competitive environment of Web3, its compatibility with Web2, and potential uses.

SWIFT, the international interbank transmission and payment system, and Chainlink, the decentralised oracle network, have recently begun an experiment to test whether banks can connect to public and private blockchain networks.

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