Angela Markel’s government in Germany has now disclosed its policy on blockchains and welcomed Blockchains openheartedly.
The government is keen to be the front runner in innovations regarding the blockchain technology. A report has been published about extensive strategy about blockchains implementation.
Blockchain Strategy plan
A 24-page strategy plan was passed by Chancellery Markel last month on 18 September, followed by a public session of discussion.
The Federal Ministry of Finance and Federal Ministry of Economics and Energy envisioned the strategy roadmap and its implementation.
The Finance minister Olaf Scholz said:
We want to be at the forefront of innovation and we want to reinforce Germany’s position as a leading technology hub. As part of the internet of the future, blockchain technology can play a key role in our efforts. At the time, it is essential to protect consumers and state sovereignty. One of the core activities of a sovereign state is to issue a currency. We will not cede this task to privatize companies.
To achieve the objectives, the government wants to frame an investment and growth-oriented regulatory structure. This structure will enable the markets to form a crypto-economy that will function independently without any federal interference.
An extensive multilayered approach will be adopted to make the nation a major blockchain player.
It will thus, encourage investors, entrepreneurs, stockholders to participate in the process. It will also try to maintain stability, will guarantee support, security, and will promote fair competition seeking international cooperation to nurture the blockchain-based ecosystem.
Plans to develop new public cryptocurrency
Recently, Germany has even joined hands with France to counterattack Facebook’s Libra. Germany’s Finance minister, Scholz and finance minister of France, Bruno le Maire jointly issued a statement disclosing their plans to develop a public cryptocurrency.
Beyond the government’s initiative to embrace the blockchains, German private firms are also taking steps to adopt blockchain technology.
The blockchains will be applied in administration operations, including digital identity systems, record maintenance, ID proofs, documents registration verification of educational certificates, etc.
Brief about Blockchain
Blockchain is a decentralized public ledger technology used to maintain records of transactions. The information is stored in blocks, and the blocks are interconnected to form a chain. The records are transparent, with more security and ease of operations.