The German government has embarked on consultation with firms and individuals in the blockchain sector of the country. The entities consulted could become stakeholders in the blockchain development of the country as the country aims toward more adoption and regulation.
German Government Consults Blockchain Firms
As reported by Reuters on the 18th of February, the unnamed firms and groups have been invited by the government to supply recommendations from this week onward. Also, citing unspecified government sources, Reuters stated that it is still not certain whether the recommendations will translate into regulations shortly. However, the government aims at transforming the blockchain sector of the country.
The recent action of the government might be in tandem with the purview of about 170 blockchain startups in Berlin. The firms had earlier stated that without a legal framework, there are high entrance hurdles for the sector in the country. Thus, there is a need for appropriate crypto regulation in the country to make the sector flourish.
Recent Development In German Blockchain and Crypto Space
In January a major global securities marketplace in Germany, Deutsche Börse, noted that it had made giant stride with its blockchain based securities lending platform. The platform is being developed in partnership with Luxembourg based blockchain liquidity management platform.
Also, in December German railway operator Deutsche Bahn AG, considered to be the largest in Europe, partnered with blockchain integration platform Unibright to check the possibility of tokenising its ecosystem.
Germany’s second-largest bank SolarisBank and Stuttgart Exchange Group was reported to have jointly developed infrastructure for a cryptocurrency exchange in December 2018.
Crypto Adoption Race By Countries
Countries are getting more interested in crypto and blockchain adoption in recent time despite the bear market. This has taken the form of appropriate crypto regulations for the industry more.
Friendly crypto regulation is key for the sector to thrive in any country and equally for the country to annex the dividend of the industry for its populace. This has been evident in the rise of Malta among others in the crypto space in recent time.
Top countries in the world, such as the united states, France, among others have started taking drastic steps to implement crypto friendly regulations in recent time. Crypto and blockchain adoption by these countries will further boost the growth of the industry as well as accelerate the institutional investors venture into crypto.