Government in Germany Seeks Blockchain Consulting from Crypto Industry Experts

2019-2-19 06:34

The government of Germany is consulting local blockchain companies and industry groups recently. The country has opened a consultation process on how to use all the potential of the technology ahead of presenting a new strategy in the following months.

Berlin is actually a pretty large hub for blockchain companies and 170 companies of this kind have already started their business there using the distributed ledger technology.

Many sectors like pharmacies, car companies, and the public administration are interested in the blockchain, so it was in the interest of all these companies to participate in the transformation of the market which will happen in Germany soon.

According to sources interviewed by Reuters, many companies and industry groups are set to become stakeholders in an occasional blockchain deployment which may happen in Germany. As the country is basically the largest economy in the European Union, many companies were competing for the attention of the government during the consulting.

The process will continue in the next few weeks, as the government will still consult several experts in the following weeks. At the moment, the sources revealed that it was unclear whether these meetings would materialize in-laws or not but that all this would be clearer soon as time passes.

One of the main reasons for the companies advocating for a legal framework is that companies complain that there are too many barriers without a formal legal procedure and that they did not know how to properly set their business within the boundaries of the law.

At the moment, the sector is not properly regulated in Germany and the government recommends caution for investors who are eager to invest in cryptos. Most of the major Western economies are not so keen on cryptos or have not decided yet for strategies on how to nurture the blockchain startups in their countries.

While some countries like the United Kingdom have allowed for some freedom for companies using the blockchain in the financial sector, most countries are only starting to see the benefits of blockchain technology.

Malta and Gibraltar are the two most pro-crypto Western countries, which is part of a strategy to lure capital and young startup companies because the two countries are very small.

In Germany, some banks like the Deutsche Bahn AG and the SolarisBank, which are the first and second largest banks in the country, have started to develop some structure to use the blockchain technology.

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