Based on reports, the first phase of the program allows users to keep their government-issued and government-certified documents on a secured platform. Thus, there won’t be a need to keep records such as ID cards, vehicle ownership registration, and driving licenses in physical forms.
To bring the proposed initiative into realization, the government revealed they are working on integrating blockchain technology into its “eGov” system, their electronic government platform. The initiative makes it easier for residents and location organizations to use public services, and it improves the efficiency of these services.
Gibraltar’s Minister for Digital and Financial Services, Albert Isola, revealed the government plan to intensify integration and digitization efforts by early 2022. He also announced that digital exchange Bitso has pledged $500,000 in BTC to the initiative.
“The implementation of blockchain technology into our processes in partnership with our stakeholders working here will further improve the way in which our community interacts with the government,” he said.
Digital assets in Gibraltar
Gibraltar’s economy has financial services as one of its main bases. The government of Gibraltar has been noted to have a “uniquely receptive and progressive attitude” to the digital currency and blockchain sector. Regulations are documented to have been laid as early as 2014, leading to the creation of the “Blockchain & Cryptocurrency Laws and Regulations 2022 | Gibraltar.”
In 2017, the territory’s financial commission gave further support to digital currency firms in the conduct of their businesses. The Gibraltar Financial Services Commission (GFSC) enforced the Financial Services Act, which serves as the main Bitcoin law in Gibraltar. The law supports new blockchain projects and reduces investors’ risks of being scammed. The territory is generally considered a more favorable environment regarding digital currency regulations by many companies.
Isola said that the territory has a progressive administration that allows the growth of innovative businesses associated with blockchain-related solutions.
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