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South Europe: The leading region for cryptocurrency and blockchain

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Southern Europe is gearing up to become the premier regions for cryptocurrency and blockchain technology. The Mediterranean Seven agreement was signed

Southern Europe is gearing up to become one of the premier regions for cryptocurrency and blockchain technology. In early December, the Mediterranean Seven agreement was signed between Portugal, Spain, France, Italy, Greece, Cyprus, and Malta. These seven countries are working together to promote blockchain technology across the Mediterranean and the adoption of different cryptocurrency technologies. These seven countries together represent a huge economic group and is a very exciting innovation to see happening.

 

Recent Updates:

Malta:

Malta has done amazing things for blockchain and cryptocurrency regulation over the last year. Inviting companies from all around the world to come and set up their business in Malta. Some of the big names like Binance have made a lot of headlines by moving their base to Malta and a lot of others are planning to join the party as well. So Malta has been making a lot of strides when it comes to cryptocurrency. Allot of other countries should learn from their lead and they see a great opportunity in cryptocurrency in the same way they say a great opportunity in online gambling. For a little country like Malta, it can make a big impact on their tax revenues in the long term.

 

Italy:

Recently, the Italian government has published a list of thirty experts that they are bringing together to develop the nation’s blockchain strategy. The group is specifically focused on identifying the use cases of blockchain in the public and private services and developing the necessary technical and regulatory tools to promote the adoption of the technology. That’s a great step by Italy to get people to really get committed to doing it and it represents a positive step forward.

 

Spain:

Spain’s ruling party Partido Popular is introducing draft legislation around things like tax cuts for cryptocurrency companies. Also looking at how they can set up a national council for cryptocurrency and of course faster education of blockchain technology inside the country. Spain is no stranger to cryptocurrency by any means as its a very popular marketplace for cryptocurrencies and also we have seen some interesting innovations happening recently in Spain like for example cyclebit rolling out their cryptocurrency payment processing to 130 different cafes across Spain, Spain’s second-largest  bank; Banco Bilbao Vizcaya and Argentaria has closed a 150 euro loan using blockchain technology with Porsche Holdings which is one of the largest car distributors in Europe and also Spanish renewable energy company Acciona Energia  is going to deploy blockchain to trace electricity generation. So Spain has been doing quite a lot of work.

 

France:

France, which is one of the leaders behind the initiative to set up the Mediterranean Seven. We have seen a lot of back and forth on cryptocurrencies recently. Recently all of the people we excited about all the tobacco stores offering bitcoin for sale and that is exciting as it does visualize bitcoin to a large audience of people. But the best excitement is the government of France putting forward 500 million euros towards blockchain technology and hopefully, they will find some great use cases in France for blockchain technology and the country can become a leader in this. We can add into that the recent innovations towards ICO legislation but at the same time, the lower house of the France parliament has rejected recent amendments that would have seen the 2019 finance build easing cryptocurrency related taxation but unfortunately, that didn’t pass.

 

Greece, Cyprus, and Portugal

Up to this time, we haven’t really had any recent announcements out of any of those three countries but nevertheless, these countries are a part of the Mediterranean Seven and we hope that we will soon see some announcements from them in the near future about how they are hoping to integrate blockchain technology and how they are hoping to pass cryptocurrency friendly regulations etc.

 

What do you think about the adoption of blockchain technology and cryptocurrency by these seven European nations? Tell us your thoughts in the comments section below.

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6 Comments

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#Blockchain

Adoption: Courts in France adopt blockchain technology

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The NCC or National Council of Clerks of France have finally tested a blockchain technology-based solution for the courts of the country.

The NCC or National Council of Clerks of France recently made an announcement that they have finally tested a blockchain technology-based solution for the courts and are now prepared to launch it throughout France. The National Council of Clerks is a representation of the clerks of the corporate and commercial registry in around a hundred thirty-hour workplaces in France. The workplaces depend upon one another for sharing important data.

 

The goal of NCC France

The NCC is determined to streamline and position the latest information technology that capitulates something that is known as ‘the single version of the truth’. The data tracks an organization’s growth, dissolution, change of location etc. The sharing of data amongst each other was earlier a big challenge for the NCC.

 

The project based on blockchain technology had an aim of rapid cycle times and precision of information. In the pilot phase of the project, the National Council of Clerks in France was able to lessen the timing of registry operation involving a lot of days to just one day.

 

According to the president of France National Council of Clerks, Sophie Jonval, the project based on blockchain technology is an outcome of the partnership with IBM. IBM who is already an expert in blockchain technology and cryptography has been serving as a technological partner.

 

According to the NCC, the project shall be rolled out in the 1st half of 2019 and the project shall ensure a transparent and improved dynamics of the interactions between the clerks.

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#Blockchain

HSBC Bank Looking to Expand Blockchain Platform Voltron in South Korea

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HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it's blockchain platform as reported by the Korean Times.

HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it’s blockchain platform as reported by the Korean Times.

 

HSBC Voltron:

The Voltron platform delivers a more quick method to process and settle invoices using by using permissioned blockchain technology. The permissioned blockchain stops the transactional data from being shared with everyone but instead, the data is shared with only consented users. The platform decreases the time that is usually required for the total process.

 

According to Joshua Kroeker, the innovation director of HSBC, the platform would mostly impact the process timing. Thus the transparency which comes with blockchain, as well as the rapid flow, would help the banks in managing their working capital as well as their cash flows. Kroeker reached out to the banks in South Korea to partner with their blockchain platform i.e. Voltron for the letters of credit.

 

HSBC’s blockchain platform was initiated in 2018 and is currently partnered with seven banks namely Standard Chartered, Bangkok Bank, BNP Paribas, ING, CTBC Holding, SEB, and NatWest. The platform is still in its pilot stage however, it shall soon be launched commercially.

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World’s biggest Blockchain ETF on London Stock Exchange

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The world's biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange by Invesco, a large investment management company.

Cryptocurrency enthusiasts around the world have been curiously waiting for a bitcoin ETF to be approved by the SEC or any other potential government in the world. However, before a bitcoin ETF, the world’s biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange. Invesco is a large investment management company that has more than $800 billion in assets under management.

 

World’s biggest Blockchain ETF

At the launch, the Blockchain ETF will invest in a portfolio of forty-eight companies including the CME Group, a US exchange which had earlier launched bitcoin futures on the exchange and Taiwan Semiconductor Manufacturing, a company that supplies crypto mining machines. Other companies are those that have an exposer to the blockchain technology.

 

The Blockchain ETF will be based on a proprietary scoring system made by Elwwod Asset Management LLP. According to Bin Ren, the chief executive officer at Elwood, the blockchain goes past cryptocurrencies. He mentioned that although blockchain technology is mostly being used by financial companies, it will be implemented in a vast range of industries soon.

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