Germany will create the European Blockchain Institute

The government of North Rhine-Westphalia opens up to the cryptocurrency ecosystem with the ambition to create the institute that coordinates all aspects derived from blockchain technology

The purpose of the European Blockchain Institute is to investigate everything related to this technology and open the way to its application. In this regard, the government of the German state of North Rhine-Westphalia (NRW) announced the plans for this launch.

The city selected for this crucial step, at the end of 2019, is Dortmund. The NRW Minister of the Economy, Andreas Pinkwart, showed his enthusiasm for being the pioneers in the creation of an institute of such importance.

One issue that generates a lot of concern is the amount of energy consumed by bitcoin extraction (BTC). However, Pinkwart noted that current advances can make this technology a more energy efficient tool.

“This technology can be safe, decentralized, affordable and, when used correctly, it does not require too much energy,” the Economy Minister added.

It is important to remember that at the beginning of 2019 the ministries of Justice and Finance of Germany launched the proposal of a state registry to promote the use of blockchain as well as other electronic instruments.

The objective is to promote the development of technology linked to cryptocurrencies and improve the country’s position in financial markets. “The new guidelines also propose alleviating existing requirements, which assume that financial instruments must have tangible counterparts that can be purchased by investors.”


Source: Coincrispy

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