Altcoin News: Hong Kong Launches First Cryptocurrency Pension Plan

September 5, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Hong Kong custodian service Legacy Trust has launched one of the first of its kind retirement plans, under which citizens’ pension savings will be stored in digital assets CoinDesk writes.

The new program will be available to working citizens, individual entrepreneurs and self-employed people. The company expects the retirement plan will also attract cryptocurrency investors. Legacy Trust CEO Vincent Chok said:

“We envisage that this will appeal to businesses who are active in the digital assets space, and who want to offer additional benefits to their employees to retain talent and recognise achievement. What better way to drive employee loyalty while allowing valuable staff to participate in the growth of the company and the digital asset space?”

It is reported that the pension plan will be financed either through voluntary contributions, or the money will be deducted directly from the salary of employees. The funds will be paid after the participant in the scheme retires or to the heirs in case of his death.

Recall that in February Legacy Trust announced the integration of Blockpass blockchain solution for verification of registered users. In addition, at the end of last year, the founder of Morgan Creek Digital Assets, Anthony Pompliano, announced that every pension fund that cares about the future of its customers should invest in Bitcoin.

Author: Marko Vidrih