# Germany launches consultation to look into blockchain potential

By Shampa Mani

Canonical URL: https://www.tokenpost.com/news/technology/1294
Published: 2019-02-19T03:52:51.000Z
Updated: 2019-02-19T03:52:51.000Z
Section: Technology

> The government of Germany has launched a consultation process on how to utilize blockchain technology as it prepares to present a strategy by the summer, Reuters reported.

The government of Germany has launched a consultation process on how to utilize blockchain technology as it prepares to present a strategy by the summer, [Reuters](<https://uk.reuters.com/article/us-germany-blockchain/germany-consults-industry-about-blockchain-potential-idUKKCN1Q719K?rpc=401&>) reported.

Sources familiar with the matter told the media giant that the government is seeking recommendations from companies and industry groups that could become stakeholders in the blockchain deployment process in the country.

Berlin is increasingly becoming a hotspot for blockchain innovation with nearly 170 startups exploring ways in which they can tap into the technology’s potential.

Although the government is interested in concrete results, the sources said that it is currently uncertain if these would result in any legislative moves.

Blockchain startups have said that a lack of legal framework could be an impediment to enter this space.

Globally, a number of countries, including [Singapore](<http://www.mas.gov.sg/News-and-Publications/Media-Releases/2016/MAS-Issues-Regulatory-Sandbox-Guidelines-for-FinTech-Experiments.aspx>) and [the UK](<https://www.econotimes.com/9-blockchain-firms-make-it-to-first-cohort-of-FCAs-regulatory-sandbox-388911>), have launched regulatory sandboxes to promote fintech and blockchain innovation. Other countries, such as [Malta](<https://www.econotimes.com/Malta-approves-laws-to-set-up-blockchain-regulatory-framework-1398970>) and [Gibraltar](<https://www.econotimes.com/GFSCs-DLT-Regulatory-Framework-goes-into-effect-in-Gibraltar-1078937>), have implemented blockchain-friendly laws.

In December 2018, seven southern EU member states – France, Italy, Spain, Malta, Cyprus, Portugal and Spain – [signed a declaration](<https://tokenpost.com/Seven-EU-member-states-sign-declaration-to-foster-blockchain-use-863>) to foster the use of distributed ledger technology (DLT) beyond cryptocurrencies.

## Links in this article

- [Reuters](https://uk.reuters.com/article/us-germany-blockchain/germany-consults-industry-about-blockchain-potential-idUKKCN1Q719K?rpc=401&)
- [Singapore](http://www.mas.gov.sg/News-and-Publications/Media-Releases/2016/MAS-Issues-Regulatory-Sandbox-Guidelines-for-FinTech-Experiments.aspx)
- [the UK](https://www.econotimes.com/9-blockchain-firms-make-it-to-first-cohort-of-FCAs-regulatory-sandbox-388911)
- [Malta](https://www.econotimes.com/Malta-approves-laws-to-set-up-blockchain-regulatory-framework-1398970)
- [Gibraltar](https://www.econotimes.com/GFSCs-DLT-Regulatory-Framework-goes-into-effect-in-Gibraltar-1078937)
- [signed a declaration](https://tokenpost.com/Seven-EU-member-states-sign-declaration-to-foster-blockchain-use-863)