The German Government Establishes A Sound Blockchain Strategy

The latest cryptocurrency news let us focus on blockchain’s adoption in Europe. As we can see, the German government has officially set a roadmap of priorities for the technology, announcing it at a recent event.

On September 18, the Federal Ministry of Finance and Federal Ministry of Economics and Energy in Germany published a paper named “Blockchain Strategie” (meaning blockchain strategy) which outlines how Germany as a leading economy in Europe and most influential state – will embrace and work within the blockchain ecosystem led by Angela Merkel’s administration.

The German government and ministries said that they would strive to make the country a hub for blockchain development activities. They said:

“The young and innovative blockchain ecosystem in Germany should be preserved and continue to grow. Germany should be an attractive location for the development of blockchain applications and investments in their scaling. At the same time, large companies, small and medium-sized enterprises and startups, as well as the public sector, countries, civil society organizations, and citizens should be enabled to make informed decisions about the use of technology.”

In order to achieve its newly outlined blockchain goals, the German government said that one effort that it wants to undertake is devising an “investment and growth-oriented regulatory framework” geared to the domestic crypto economy. This way, the markets could “work without state intervention and the principle of sustainability is guaranteed.”

Furthermore, the ministries noted that they were going to take a multi-pronged approach towards becoming a blockchain hub. As many best cryptocurrency news sites noted, Germany is looking to promote entrepreneurs, encourage investments, guarantee stability, enable fair competition, support stakeholders and foster international cooperation in the attempt to bring blockchain to the masses.

All of these goals were created through consultations with officials of the German government – and more than 150 crypto economy stakeholders over the past few months. The task at hand is now putting everything into action.

“At the European and international level, the Federal Government will work to ensure that stablecoins do not become an alternative to state currencies,” the strategy document read.

The grand question for now is whether other smaller European countries will follow Germany’s (and France’s) lead in taking a strict stance towards blockchain innovation.