The German Cabinet announced that the strategy for the country’s block chain industry will be presented by mid 2019.
Through a document, the institution commented on the development of the fintech of the country. After a request for information from parliamentarians in the Bundestag. The Cabinet declared that it will carry out an online consultation process before introducing the strategy regarding the blockchain. Thus, both the Cabinet, the Ministry of Finance and the Ministry of Economic Affairs and Energy are preparing the strategy. With the expectation that other relevant ministries will contribute later.
In this regard, it was learned that, earlier this month, the German government was consulting with companies and industry groups that could become interested parties in the development of the country’s blockchain. Even anonymous organizations have been invited to make recommendations. However, the document emphasizes that it is not clear if these recommendations will be translated into regulations in the near future, but that concrete results are currently being sought.
In October, the Deutsche Bundesbank, the Central Bank of Germany, together with Deutsche Börse, owners of the Frankfurt Stock Exchange successfully completed a blockchain test investigating the potential of this technology in securities settlement. The project would have started in March 2016, when both institutions launched BLOCKBASTER to investigate this technology, aspiring to create a conceptual prototype for a blockchain based system that transfers fiduciary currency. Then the banking institution announced that it has made significant progress in its blockchain based securities lending platform.
Jens Hachmeister, head of blockchain initiatives at Deutsche Börse, pointed out that technology will increase efficiency in securities financing. He also noted that the company will continue to implement distributed accounting technology in other areas of its business.