Wednesday, March 20, 2019

German Government Plans to Introduce Blockchain by Mid-2019

The German government intends to introduce a blockchain strategy into the country by mid-2019. Cabinet of Germany, the chief executive body of the government made this known while pointing out that it was in a bid to meet the growth in the development of Fintech, according to a media outlet’s report on February 28.

Cabinet of Germany Reveals Plan to Launch Blockchain Strategy

Reportedly, the Cabinet of Germany revealed that there are plans to launch a blockchain strategy in the country come mid-2019. The Ministry for Economic Affairs and Energy, as well as the country’s Ministry of Finance, have been tasked with the duty of setting up the strategy. However, other ministries will be incorporated with time.

Furthermore, a consultation process will be carried out before the strategy is prepared. Prior to this time, BTCNN on February 19 informed that the German government has set up a consultation process in order to inquire about the potentials of blockchain and how to take advantage of the technology.

Industry Sought to partner With for Blockchain Development

They had also sought for industry groups that could partner with them in their quest for blockchain development. Sources close to the matter also revealed that it was was in the second week of February, that these companies had been invited to make their recommendations. Participants who had been invited to aid in the consultation process also showed some level of interest in the proposed project.

Some of these are industries that are focused on cars, energy pharmaceuticals, and public sector administration. They are also industry groups as well as companies that have the potential of becoming a stakeholder in the blockchain strategy. Nevertheless, it was still unclear at that time if their recommendations will form the regulations that will be used in the future.

First Cryptocurrency Trading App From German Provider Launched

Still, in Germany, Boerse Stuttgart Group, the second largest stock exchange launched Bison, a cryptocurrency trading app on January 31. The latter allows a user to trade their Bitcoin, Litecoin, Ripple, Ethereuem, and other virtual currencies with no fees levied on it. Ulli Spankowski, CEO of Sowa Labs, who made comments outlined that the country had just got its first crypto trading app, from a provider that is based in the country.

Spankowski also said:

‘These will include the extension of trading to 24 hours a day, seven days a week, and additional trading functionalities. We will also enable trading in further cryptocurrencies, which will be selected considering criteria such as market capitalisation, customer interest and whether they can be kept in safe custody.’

Asides from Germany, other countries that have made plans to regulate the cryptocurrency market are Russia and India. In the US, the securities and exchange commission (SEC) had outlined that the cryptocurrencies will be its priority in 2019. The aim of each of these is to set up a legal framework that will guide the use and trade of virtuals currencies and nuture blockchain companies.

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