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On December 4, seven EU countries led by Malta and France established a group called "Mediterranean Cults" to encourage and promote the use of blockchain technology.
In the coming months, the seven countries that include France, Italy, Spain, Malta, Cyprus, Portugal and Spain will work to implement blockchain in the areas of education, transport, mobility, shipping, cadastre, customers, business register and health care.
The statement obtained by FT read:
"This can include not only improving e-government services, but also greater transparency and lower administrative burdens, better customs collection and better access to public information".
Does this affect the cryptography in any way?
Malta, the home of Binance, the world's largest cryptocurrency exchange, was largely farsighted and open in its approach to digital heritage and blockchain regulation.
Its flexible and practical regulatory frameworks have led the major cryptocurrency companies to migrate to the region in the last 11 months.
The involvement of Malta in the initiative could have a positive effect on the European cryptocurrency sector in general, as it indirectly demonstrates the approval of the other six countries in the declaration of Malta's efforts to facilitate the growth of the local cryptocurrency market.
The seven Mediterranean training follows the G20's appeal, a forum of government officials representing 20 of the world's largest economies, to monitor and regulate cryptocurrencies as a class of activity and the market surrounding it.
Malta's Minister for Innovation, Silvio Schembri, who played a key role in transforming Malta into "Blockchain Island", said:
"Malta is the world's first legislator to offer a regulatory environment for all blockchain technology." We are not only interested in cryptocurrencies. "
Blockchain is the basic cryptocurrency technology, but open blockchain protocols can not be run without incentive systems, which are cryptocurrencies. The two can not work one without the other and if a blockchain network works without a native resource, it can only do so if its structure is centralized.
While the group explores the potential of the blockchain and begins to integrate it into various areas of the European economy, native digital assets could naturally occur and, as a result, European nations could integrate more practical regulatory frameworks related to the asset class.
Yes, France has approved an initial money supply regulation (ICO) in September to become the first ICO hub in Europe.
At the time, the French finance minister, Bruno Le Maire, said that the government hopes that the new legal framework for ICOs will attract investors from all over the world.
The struggle of Europe
Despite the efforts of several European nations such as U.K. and Malta, Europe has struggled to compete against the United States, Japan, South Korea, Singapore and Switzerland for several years.
Most of the global cryptocurrency trade volume is heavily concentrated in three countries, the United States, Japan, and South Korea, and most blockchain activities have moved to Japan and Singapore in the United States. ;last year.
In addition to Malta and Switzerland, most regional cryptocurrency markets in Europe remain significantly weak compared to Asia and the United States.
The Mediterranean sects could reignite the cryptocurrency and the blockchain ecosystem of Europe, if regulators will start to provide a friendly environment for startups.
Shutterstock foreground image.
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