Why Luxembourg’s digital treasure instructions are a milestone for Europe’s financial infrastructure
The digitization of treasure instructions is an important progress that enables the processing times to be shortened and at the same time offers investors more security, complete transparency and a simplified administration via a digital platform, says the finance ministry in its official statement.
By using blockchain technology, the CTD would illustrate the efficiency of the Luxembourg legal framework for distributed Ledger technologies (DLT).
Luxembourg is the second European state that issues a CTD using blockchain technology, and the first to manage the edition via a digital platform based in Luxembourg, namely Orion of HSBC.
This initiative is another step in the modernization of the tax authorization of the state treasury and at the same time illustrates the competencies of the Luxembourg ecosystem in the field of digital finance, according to the Ministry.
Further extension of know-how
On the basis of the experiences that were gained during this first emission using the blockchain, the state treasury will further expand its know-how in this area in order to carry out further emissions in digital form in the future.
According to this transaction, Luxembourg’s public debt amounts to around 21.9 billion euros, which corresponds to 24.3 percent of GDP. In April 2025, the state treasury repaid a loan of 1.5 billion euros in April 2020.
HSBC Continental Europe and BGL BNP Paribas contributed to this transaction as a common consortial leader.
Finance Minister Gilles Roth comments on the fact that the emission of digital treasure instructions « underlines our commitment to remain technologically leading in the field of financial infrastructure. It illustrates the innovative strength of our financial center. »
Traceability and verifiability
Roth welcomes the initiative of the state treasury, which strengthen Luxembourg’s position as a leading location in the field of digital finances. This emission shows the effectiveness of the blockchain laws, « which ensure traceability and checkability of transactions and ensure more trust and security for investors. »
HSBC Continental Europe and BGL BNP Paribas contributed to this transaction as a common consortial leader. The CTD are listed in the official list of securities (Luxse SOL) of the Luxembourg Stock Exchange, have a term of six months, are without interest, so they are spent at a price of 99.030 percent and repaid at the nominal value.
