Germany launches consultation to look into blockchain potential

The government of Germany has launched a consultation process on how to utilize blockchain technology as it prepares to present a strategy by the summer, Reuters reported.

Sources familiar with the matter told the media giant that the government is seeking recommendations from companies and industry groups that could become stakeholders in the blockchain deployment process in the country.

Berlin is increasingly becoming a hotspot for blockchain innovation with nearly 170 startups exploring ways in which they can tap into the technology’s potential.

Although the government is interested in concrete results, the sources said that it is currently uncertain if these would result in any legislative moves.

Blockchain startups have said that a lack of legal framework could be an impediment to enter this space.

Globally, a number of countries, including Singapore and the UK, have launched regulatory sandboxes to promote fintech and blockchain innovation. Other countries, such as Malta and Gibraltar, have implemented blockchain-friendly laws.

In December 2018, seven southern EU member states – France, Italy, Spain, Malta, Cyprus, Portugal and Spain – signed a declaration to foster the use of distributed ledger technology (DLT) beyond cryptocurrencies.