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18 September 2019

Financial markets

German government adopts blockchain strategy

The federal cabinet today adopted a comprehensive blockchain strategy developed by the Federal Ministry for Economic Affairs and Energy (BMWi) and the Federal Ministry of Finance (BMF) in consultation with other ministries.

Blockchain BildVergroessern
Source:  ©your123 -

Summarising the strategy, Peter Altmaier, Germany’s Federal Minister of Economics, said: “Blockchain is a new technology with great potential. Germany is one of the world’s leading locations for this technology. Our blockchain strategy aims to help maintain and expand this leading position. One focus is on the energy sector. This allows us to achieve progress in two areas at once: on the one hand by leveraging the opportunities offered by blockchain technology in pilot projects, while at the same time enhancing the role that digital technology plays in the transition to clean energy.

German Finance Minister Olaf Scholz stated: “We want to be at the forefront of innovation, and we want to reinforce Germany’s position as a leading technology hub. As part of the internet of the future, blockchain technology can play a key role in our efforts. At the same time, it is essential to protect consumers and state sovereignty. One of the core activities of a sovereign state is to issue a currency. We will not cede this task to private companies.

The main objective of the German government’s blockchain strategy is to take advantage of the opportunities that blockchain technology offers and to harness blockchain’s potential for advancing digital transformation. The strategy defines priority measures in five areas:

  1. Ensuring stability and stimulating innovation in the financial sector
  2. Advancing innovation by providing funding for projects and living laboratories
  3. Facilitating investment by putting reliable investment conditions in place
  4. Harnessing digital technology to improve administrative services
  5. Disseminating information: knowledge, networking and collaboration

Blockchain technology is currently one of the most widely discussed digital innovations. The German government’s strategy outlines a policy framework for innovations based on blockchain technology with the aim of identifying and harnessing blockchain’s potential while simultaneously preventing its misuse. At the same time, the German government is committed to the principle of technological neutrality.