Blockchain technology has always been in question of acceptance among people worldwide and in the last year, there has been a lot of development in terms of adaptability and regulation. This last year has seen a lot of countries starting to accept the blockchain market and many important countries have gone in the favor of this technology of the future, which has the potential to perform in almost every field of our lives.
While blockchain is bringing its name mostly in a mix with cryptocurrencies, this technology has led to the startup of several new companies that are trying to make our lives more open, easy and fair. Not long ago has Switzerland allowed blockchain technology and it did not take much time for it to grow and become a very busy hub of this technology.
2018 saw many small countries like Bermuda and Malta to accept the blockchain technology and both of them have gained a lot of attention from new blockchain based companies very fast. Another country, lying somewhere in the Eastern Mediterranian sea, Cyprus, a country which is known as one of the top choices for fintech industry is now also turning to look towards blockchain technology.
Many meets and collaborations are occurring based on this same topic of blockchain and some European countries have signed a collaboration for the promotion of blockchain in December 2018. A similar partnership took place between Cyprus and the Singapore based blockchain platform known as VeChain in October 2018.
This partnership was made to develop and promote blockchain further and this step shows the interest of authorities in Cyprus to invest in the blockchain. Not only that but a commission known as the CySEC has been working as a part of the Cyprus government to look at how the country can improve with this new tech and this partnership is just the perfect step that they could have taken.
Cyprus Mail also reported the appointment of a working group formed by the government for the development of blockchain in August. The research is also supported by another non-profit organization called Cyprus Blockchain Technologies.
The government of Cyprus is taking preparations at all sides and have also arranged a way to educate about Blockchain through the University of Nicosia. The institute is working at its best to support blockchain technology and is ready to provide help to anyone investing in the blockchain space.
A lot of noise is in function in the island regarding blockchain and it has already become a small hotspot for the technology. It is expected that several entrepreneurs and developers from all over the world will now be approaching Cyprus to give a boost to their work.
One of the biggest cryptocurrency committees of Cyprus, Bitcoin Club Cyprus is also working to organize a big blockchain related event called Nakamoto’s Den in collaboration with several Cyprus companies.
Although blockchain is not an accepted technology of many countries, it is undeniable that it has a huge amount of potential for creating a better tomorrow. It now seems that many smaller countries are recognizing the need of such technology to keep a good pace in technology and are giving a chance for blockchain to work and prove itself. It does not seem to be a long time left before we see blockchain perfect its policies and more countries accept it.