The German government has officially set out its priorities when it comes to blockchain technology. On September 18th, the nation’s Federal Ministry of Finance and Federal Ministry of Economics and Energy published their “Blockchain-Strategie,” which outlines how Germany , Europe’s leading economy and its most influential state, will embrace and work within the blockchain ecosystem going forward under Chancellor Angela Merkel’s administration.
Indeed, the ministries said they would strive to make the country a hub for blockchain development activities, “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.”
To achieve its newly outlined blockchain goals, the German government said one effort it wants to undertake is devising an “investment and growth-oriented regulatory framework” for the domestic cryptoeconomy so that markets could “work without state intervention and the principle of sustainability is guaranteed.”
Furthermore, the ministries said they were going to take a multi-pronged approach toward becoming a blockchain hub, namely by promoting entrepreneurs, encouraging investments, guaranteeing stability, enabling fair competition, fostering international cooperation, supporting stakeholders, and guaranteeing privacy in their nook of the ecosystem.