The Government of Germany has announced that it will adopt a blockchain strategy for the country by mid-2019. This big move follows similar decisions taken by other nations, such as Russia, to bring in clear regulations regarding the validity of cryptocurrency in their respective countries. It is crystal clear that a Blockchain Revolution is nigh!
Is this Germany’s virtual Autobahn towards Cryptocurrency?
An official document was released a couple of days back, which outlined the Cabinet’s plans for the newly-emerging digital asset class. The formulation of the strategy will be undertaken by the Ministry of Finance as well as the Ministry of Economic Affairs and Energy; while the rest of the departments will be working on the framework of the regulation.
According to international dailies like Reuters, the German government has been keeping contact with companies having the potential to be stakeholders in this emerging field. The report states as follows—
According to the sources, companies and industry groups that could become stakeholders in a blockchain deployment process in Europe’s biggest economy were invited to supply recommendations from this week onwards. While concrete results were being sought, it was as yet unclear whether those would immediately materialize in any legislative moves, they said. Blockchain startups have said that without a legal framework, there are high entrance hurdles. Governments urge caution toward cryptocurrencies that run on the technology.
What inspired the German Cabinet?
It was in late January this year when the second largest stock exchange in Germany, the Boerse Stuttgart Group, revealed that they are coming up with a crypto exchange of their own. This crypto exchange is supposed to be conducted via the Bison app.
But, this does not end here. The derivatives exchange based in Germany, Eurex, is also preparing to make plans pertaining to optimum utilisation of crypto assets.
In a future where acres of crypto-space await to fulfill their own capabilities, it is unlikely that the world would let such a phenomenal technology slip from its virtual fingers.