The EU might become the leader of the blockchain world in the coming future. With countries like Malta and Switzerland embracing blockchain technology and cryptocurrencies, other countries within the continent are also following suit.
Last week, Luxemburg passed a bill providing a legal framework for securities issued over blockchains.
In December 2018, the island nation of Malta hosted the “Mediterranean Seven” for the adoption of disruptive distributed ledger technologies (DLT). The seven EU countries namely France, Italy, Spain, Cyprus, Greece, Portugal and Malta will collaborate to implement blockchain technology in education, transport, mobility, shipping, land registry, customers, company registry, and healthcare.
Malta has been referred to as the “blockchain island” of the world.
Germany, the most powerful nation in the EU, is also exploring the integration of blockchain technology into various sectors. The government of Germany is requesting industry feedback in its bid to develop the nation’s blockchain strategy by summer.
According to a Reuters report, anonymous government sources stated that the government has invited companies and industry groups “that could become stakeholders in a blockchain deployment process” to provide recommendations on the strategy.
It is unclear as to whether the proposed recommendations would result in any new legislation.
Berlin, Germany’s capital and largest city, hosts around 170 blockchain startups; with the country expressing “great interest” in exploring blockchain technology across a multitude of sectors including automobile, pharmaceutical, energy and public sector administration.
Germany has previously expressed positive sentiments with regards to blockchain technology in the past. In June 2018, Felix Hufeld, the president of the German Financial Supervisory Authority (BaFin), called blockchain technology “revolutionary” and said that its applications could turn the entrie financial sector “upside down.”