German Government Set to Introduce Blockchain in Three Months From Now

German Government Set to Introduce Blockchain in Three Months From Now


German Government set to Introduce Blockchain in Three Months from Now

It is great news for the Germans after the government announced its plan to introduce a blockchain strategy mid this year. The good news is a result of a parliamentary inquiry from Bundestag which is in charge of the country’s Fintech development.

Germany’s cabinet has been at the forefront of working on ways to regulate crypto and blockchain. According to the document, there are several sandboxes in the European Union; Great Britain, Denmark, Lithuania, Poland, and the Netherlands and the entry of German is long overdue.

Read also: Leading Swiss Bank Announced Legal Support for Crypto-Related Service

German Blockchain Way Forward

According to the German Federal Cabinet, online consultation will take place prior to the strategy implementation. The ministries of Finance, Energy, and Economy have been mandated to prepare the strategy. However, other stakeholder ministries will also have a say in the process.

Early February, Reuters reported that the German government is consulting widely with firms interested in developing blockchain and already “secret” high profile organizations and firms have been invited to submit their recommendations.

The Reuters report has also cited anonymous government sources and the latest announcement is a confirmation of the project. Once the recommendations are received and compiled, the project is poised to kick off.

The report goes on to add:

“There is great interest from would-be participants and investors across a raft of industries including cars, pharmaceuticals, energy and public sector administration that hope to transform mass market processes via blockchain.”

Crypto Awareness and User Demands

It is no doubt that the digital money economy is getting more adopted and has for the last few years been a thorn in the flesh for the fiat economy. Everyone is ready for crypto and this only problem is the entry point. Investors now see crypto beyond the monetary value but the underlying technology.

Locally, the Stuttgart Stock Exchange introduced its native crypto trading app christened Bison, in January this year. What more, the app allows free trades for its users with BTC, LTC, XRP, and ETH. This is a huge breakthrough for the enthusiasts and the uptake in the country I on the rise.

Earlier in the year, another local securities firm with a global presence, Deutsche Börse promised to venture into the blockchain industry and introduce its native lending securities outfit. These are two examples showing the local potential for blockchain and its related services.

Should the German government introduce a blockchain strategy, it will be a huge boost for the crypto verse and huge confidence booster for the investor. The country has remained unexploited his could open the floodgates for more investors in the industry.