Government Cabinet of Germany Announces New Blockchain FinTech Strategy to Come This Year
The Cabinet of Germany, which is the chief executive body of the German government, has been working to determine the necessary regulation of blockchain technology and cryptocurrency.
A recent request for information from parliament led to an announcement by the Cabinet, as they said that the blockchain strategy for the country would be introduced by the middle of this year. Fintech sandboxes have already been implemented in five of the European Union’s member states, including Denmark, Lithuania, the Netherlands, Poland, and the United Kingdom.
Before the blockchain strategy is introduced in Germany, the Cabinet plans to pursue an online consultation process. The strategy is still in the developing stages with the Ministry of Finance and the Ministry for Economic Affairs and Energy involved. However, the Cabinet believes that other ministries that are relevant to this cause will ultimately come in during the process.
German has already been seeking out consulting companies and other groups in the industry that may end up becoming stakeholders in this new technological development. Reports from Reuters say that there have been unnamed organizations already individually invited for recommendations on their strategy.
Their report also shows that it is unclear if these recommendations will ultimately be implemented into the standard regulations at any point.
Last month, Boerse Stuttgart Group launched Bison, a crypto trading app that does not charge anything for trading in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP). Boerse Stuttgart Group is the second largest stock exchange in Germany. Within the same month, Deutsche Boerse, a securities marketplace in the country, commented that their lending platform was
“making significant progress.”