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Is Germany adopting the Blockchain technology this year?

After the renewed interest that the European Union is showing in the blockchain technology, it seems that Germany is also taking it.

Several sources claim that the German government is seeking to introduce a comprehensive blockchain strategy for this year. It seems that, by mid-2019, we could see Germany embracing and implementing technology in the country.

The German Cabinet has recently disclosed its plans to launch a blockchain strategy in the country by mid-2019. The responsibility for drafting this strategy has been handed over to the Ministry of Economy and Energy, as well as to the country’s Ministry of Finance.

The Cabinet of Germany has made it clear that this strategy will be imperative to meet the demands of the growing development in Fintech, which is currently taking place in the country. A strategy related to it will ensure that the development graph continues to rise upward.

The German government is looking to carry out consultations with various industry groups, and is also collaborating with them to promote blockchain development in the country. The government will conduct a detailed consultation to determine how the technology could benefit the country.

It is expected that companies from various industries such as automobiles, energy pharmaceuticals and public sector management participate in the consultation process.

Germany has also been experimenting when it comes to cryptocurrencies. At the end of January, Boerse Stuttgart Group, the second largest stock exchange in the country, launched Bison, a cryptocurrency trading application. Bison allows a user to exchange their Bitcoin, Litecoin, Ripple, Ethereum and other virtual currencies without charge.

Ulli Spankowski, CEO of Sowa Labs, said the country had just received its first encryption commerce application from a provider based in that country.


Also published on Medium.

Published inTechnology

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