German Govt Opens Consultation Process To look Into Blockchain Potential

Blockchain, News | February 19, 2019 By:

The government of Germany has opened a consultation process to explore how to deploy blockchain technology across various industries.

Citing unnamed sources, Reuters reported that Europe’s biggest economy has invited companies and industry groups to supply recommendations to formulate a comprehensive blockchain strategy by the summer. While concrete results were being sought, the sources said that it was as yet unclear whether those would immediately materialize in any legislative moves.

The report said that around 170 startups in Berlin are involved with blockchain, and a raft of industries including cars, pharmaceuticals, energy and public sector administration, are hoping to transform mass market processes using the technology.

Currently, there is no legal framework related to crypto and blockchain in Germany, but a recent survey showed that more than a quarter of younger Germans is ready to buy cryptocurrencies. According to a survey conducted by the German Consumer Centers of Hesse and Saxony in November 2018, 28 percent of respondents between the ages of 18 and 29 found purchasing cryptocurrencies to be “conceivable.”