Tech

Steve Kaaru

German politicians push for blockchain integration, digital euro

The Christian Democratic Union (CDU) and the Christian Social Union (CSU), officially known as the Union in Germany, have released a paper that pushes for the adoption of blockchain technology. The paper also proposed the implementation of a digital euro as a response to the rise of digital currencies.

The Union, which is a center right democratic political alliance, believes that Germany is strategically positioned to become a global leader in the development of blockchain technology. And it all starts with the implementation of a regulatory framework that supports the development of the technology, the Union wrote in a press release.

It’s about more than just SegWitCoin (BTC), the vice president for Digital Policy at the Union, Nadine Schön, noted. It’s about other aspects as well including the issuance of digital securities, notary-certified digital identities and digital corporations. With its paper, the Union is giving the government an impetus to step in and facilitate the development of the technology, he added.

The CDU/CSU proposed the use of blockchain technology by the federal government in tasks such as administrative services, electronic health records and in the protection of documents. Some of the applications that the Union suggested include smart meters in the energy sector, electronic securities and ensuring environmental and social standards in value chains.

In its boldest proposal was for the launch of a digital euro, which according to the Union, will give German citizens an alternative to cryptocurrencies. The central banks will have full control over this digital currency, the paper added.

The proposals were praised by Patrick Hansen, a blockchain expert at Bitkom, Germany’s digital association. Speaking to Dow Jones News, he state “If only a few of these demands were adopted and implemented in the federal government’s blockchain strategy, that would be a great advantage.”

Hansen concurred with the Union that legal certainty was a high priority for the German government. However, he admitted that he was taken by surprise by the Union’s proposal to have a digital currency.

The European Central Bank in Frankfurt declined from issuing a statement, telling the outlet that it “doesn’t comment on statements by individual parties.” However, a spokesperson for the ECB told the outlet that digital currencies for central banks are fundamentally not an option for the ECB.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

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