Austrian Digital Affairs Minister Doesn’t See the Need for Country’s Use of Blockchain in Regulation


Margarete Schramboeck, the Austrian Minister of Digital and Economic Affairs, has recently affirmed that the country does not need any kind of regulation for the blockchain. She talked about the subject in the ANON Blockchain Summit, in which she participated in the “the role of the government in the age of the blockchain” panel.

The minister already worked as the CEO of A1 Telekom Australia, a major network operator for both fixed and mobile telecom services in Austria.

She clearly bashed the European Union when she said that Europe has a strong tendency to overregulate sectors and that this creates a world in which the top 10 companies do not have any from Europe. According to her, too much legislation can often be too bad for economic development.

While she does believe that cryptocurrencies such as Bitcoin and Ethereum need to be regulated to work better in society, she does not apply the same logic for the blockchain technology.

This is somewhat of a contrast with the position from Klaus Kumpfmueller and Helmut Ettl, two board directors from the Austrian Financial Market Authority. Last year, these two directors proposed regulation for Initial Coin Offerings (ICOs). The regulation was very strict at the time.

Using The Blockchain At The State Level

Another subject that was discussed during the panel was how to use the blockchain technology at the state level in Austria. Schramboeck showed some level of interest in doing so, but she was also very careful and not very enthusiastic about it.

Why? Because she believes that it is important to create a considerable interest first and then to build on the trust and the skills before these technologies can be used at this level. She also talked about using the blockchain technology for voting, which was seen as a good idea, but one that needs time in order to grow and become more developed.

However, she already has plans to deploy some uses for the blockchain technology in many areas of the public administration. We are currently seeing many countries doing it, so Austria would not lack any examples.

In fact, even Austria has been very pro-blockchain so far. Last year, the Austrian Blockchain Center was created in the city of Vienna. This center will be important to apply the blockchain technology in many different areas like energy sources, logistics, Internet of Things (IoT), finances, public administration, and other areas as well.

Last year, Austria also worked with a U. K.-based company, Lancor Scientific, which aimed to use the blockchain technology against cancer. The company would use the tech in order to detect the disease prematurely.

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