On 27 June 2016, Minister of Finance Pierre Gramegna took part in the World Economic Forum ('Summer Davos') in Tianjin, in China. The theme of the Forum was the Fourth Industrial Revolution and the transformations it will bring about in terms of the economy, society, culture, and the environment.

The Minister of Finance took part in a panel entitled 'Unblocking the blockchain', devoted to the development of this new technology and its practical applications in the financial sector and beyond.

Pierre Gramegna said, “The Grand Duchy is widely recognised as a pioneer and a European hub in the fintech sector. It is also an established benchmark player for virtual currencies such as Bitcoin. Beyond this field, the blockchain presents a number of interesting opportunities for a whole range of other fintech applications involving all the financial services. In this context, particular attention should be paid to the aspects connected with customer knowledge ('KYC') and combating fraud, money laundering, and the financing of terrorism.”

During the Forum, Pierre Gramegna also had talks with its Managing Director Philipp Rösler; they discussed the implications of Brexit for the global economy.

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