Bitcoin Global News (BGN)
December 06, 2018 -- ADVFN Crypto NewsWire -- The internet in the early 90s began a drastic change in the way that companies are able to do business. However, many of the financial processes involved were unable to integrate easily with the internet because of unreliable security. With the advent of cryptocurrencies when Bitcoin began being actively transacted, many people started to realize the greater implications of the technologies that form the foundation of Bitcoin.
Since then, these have been applied to more general systems such as blockchain or distributed ledgers. And as many businesses are no operating primarily in digital settings, they are able to found their business in countries that are most favorable to these technologies that are reducing costs, growing customer bases, and increasing profits. Countries such as Malta, Estonia, Switzerland, Denmark, Japan, Netherlands and the U.K. are consistently working to understand and implement the benefits of the technology to take part in the potential economic boost.
Ministerial Declaration on Distributed Ledger Technologies
Seven members of the EU have come together in a novel approach to cryptocurrency regulation. Rather than try to hammer out regulatory specifics independently, they are setting the foundation of agreement on a more general level. The group signs that they agree to promote the use of blockchain technology for boosting government services and economic well-being.
“We believe that any legislation on Distributed Ledger Technologies should take into account the decentralized nature of such technology and should be based on European fundamental principles and technological neutrality. It should also allow innovation and experimentations in order for the public and private sector to better understand the Distributed Ledger Technologies and to develop use cases”
France, Italy, Spain, Malta, Cyprus, Portugal and Spain hope to create “a leading region in this sector.” The document refers to the technology as a “game changer” for increasing efficiency and transparency of government services, such as education, healthcare, supply chain management and customs. Further, it is in support of citizens individual privacy rights, where they cite that it helps to bring “accountability and privacy for the end-users.” The document highlights seven specific agreements:
1. We wish to reflect on our forward-looking vision to make Southern Europe a leader on emerging technologies, such as Distributed Ledger Technologies.
2. We believe that Distributed Ledger Technologies, along with other emerging technologies like 5G, Artificial Intelligence and Internet of Things could... transform the way that we experience as well as to expand their digital ecosystem including Research & Development and innovation.
3. We believe that Distributed Ledger Technologies could be one of the instruments that can help our countries transform their economies and society into truly digital ones
4. We believe that Distributed Ledger Technologies can result in further democratization of the European economic model.
5. We see Distributed Ledger Technologies can result not only in the enhancement of e-government services but also increased transparency and reduced administrative burdens, better customs collection and better access to public information.
6. We believe that the promotion of privacy through blockchain enhanced solutions could be a way forward, empowering citizens to be in control of their own personal data.
7. We believe that it is a responsibility of the governments to ensure that their citizens fully understand the potential of emerging technologies and therefore promote and encourage educational programs on such technologies at all levels.
8. We believe that any legislation... should also allow innovation and experimentations in order for the public and private sector to better understand the Distributed Ledger Technologies and to develop use cases.
9. We commit ourselves to continue exploring the possibility to cooperate on crossborder
Distributed Ledger Technologies projects between the Southern European countries.
10. We commit ourselves to hold regular meetings; We commit ourselves to review the progress undertaken by this initiative at regular intervals.
By: BGN Editorial Staff