On the 26th of February, the Cabinet of Germany, when asked to give information about parliamentarians in the Bundestag, stated that the country is getting ready to debut its blockchain strategy in mid-2019. According to the document, there are FinTech sandboxes in five different member states within the EU. These states are Lithuania, Denmark, Netherlands, Poland, and the United Kingdom.
Before the introduction of the blockchain strategy, these states will go through an online consultation related to the introduction of a blockchain strategy. The Ministry of Economic Affairs, The Ministry of Finance, and the Ministry of Energy are all involved in the development and deployment of this strategy. As time passes, other relevant ministries will join in.
Germany Dives Into The Blockchain Space
Germany is serious about its interest in developing blockchain technology. Earlier this month, the government started consulting companies that could be stakeholders in the space to help promote their current strategy. Some organizations have already accepted the government’s invitations to make recommendations. For now, it isn’t clear if the recommendations are for regulations or for technological advancement. The recommendation that has been handed over are being sorted out by the government.
Towards the end of January, Boerse Stuttgart Group, the largest stock exchange in Germany, announced that it has launched an app for cryptocurrency trading called Bison. This app allows traders to perform trades in BTC, ETH, LTC, and XRP free of charge.
Bitcoin (BTC) Price Today – BTC / USD
Across the globe, some notable economies like Britain, and Singapore have already started activating plans to support blockchain startups. While some have allowed new blockchain companies to try the implementation of blockchain technology in the financial sector, others are trying to create the regulatory framework required to protect investors. Malta and Gibraltar have made clear laws that protect both investors and companies that are interested in the blockchain space.
What do you think the German blockchain strategy will look like? Do you think it would be favorable to blockchain companies that may be interested in setting up in Germany? Will these strategies boost the economy? Share your thoughts below.