Is Germany Looking to Adopt Blockchain Technology In 2019?

By Sumedha Bose

After the renewed interest that the European Union is showing in blockchain technology, looks like Germany is finally taking to it as well.

Various sources claim that the German government is looking to introduce a comprehensive blockchain strategy, by this year itself. It seems by mid-2019, we could witness Germany embracing and implementing the technology in the country.

The Cabinet of Germany has recently divulged its plans to launch a blockchain strategy in the country by mid-2019. The responsibility to draft this strategy has been handed over to the Ministry for Economic Affairs and Energy, as well as the country’s Ministry of Finance.

The Cabinet of Germany has made it clear that this strategy will be imperative to meet the demands of the growing development in Fintech, that is currently taking place in the country. A strategy regarding the same shall ensure that the development graph continues to soar upwards.

The German government is looking to carry out consultations with various industry groups, and also looking to collaborate with them to fuel blockchain development in the country. The government will be carrying out detailed consultation in order to ascertain how the technology could benefit the country.

Companies from various industries like cars, energy pharmaceuticals, and public sector administration are expected to take part in the consultation process.

Germany has also been experimenting when it comes to cryptocurrencies. Boerse Stuttgart Group, the second largest stock exchange in the country, has launched Bison, a cryptocurrency trading app towards the end of January. Bison lets a user trade their Bitcoin, Litecoin, Ripple, Ethereum, and other virtual currencies with no fees levied on it.

Ulli Spankowski, CEO of Sowa Labs, commented that the country had just got its first crypto trading app, from a provider that is based in the country.

Spankowski also said:

‘These will include the extension of trading to 24 hours a day, seven days a week, and additional trading functionalities. We will also enable trading in further cryptocurrencies, which will be selected considering criteria such as market capitalisation, customer interest and whether they can be kept in safe custody’

Sumedha Bose

Sumedha uses words as her crutch to get by in life. She takes a keen interest in debating, dancing and destroying the patriarchy in her free time.

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