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Germany To Increase Number Of Companies Using Blockchain

14:33 19/02/2019
Germany To Increase Number Of Companies Using Blockchain

The German authorities began to consult companies and industry groups that may be interested in the development of blockchain industry in the country, Reuters reports.


It is noted that representatives from the automotive, pharmaceutical, and energy industries, as well as the public sector, who want to transform the market with the help of decentralized technologies are among potential blockchain investors.


A number of companies whose names are not disclosed will now receive recommendations from the government, which will help to enter the crypto tech industry. So far, it is unclear whether this initiative can develop into any legislative norms regarding blockchain and digital currencies. A full strategy for entering the process will be presented by the summer of 2019.


Now there are nearly 170 startups in Berlin alone, in one way or another interested in the distributed ledger technology. According to entrepreneurs, against a lack of regulation, they may experience great difficulties once they start to work with a new industry. They emphasize that the government is wary of digital currencies.


The most economically powerful countries have already developed comprehensive strategies to stimulate thriving of blockchain startups. For example, such firms in the UK and Singapore are allowed to experiment with blockchain in the financial sector.


Meanwhile, the Russian authorities continue to develop legislation on the digital economy. So far, the regulators decided not to endow the cryptocurrency with a special status.

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