Cyprus: Blockchain technology is shaping an upcoming opportunity

01 Aug 2019

At the Cyprus Blockchain Summit that was dedicated to Blockchain pioneer technology, the Cyprus Minister of Finance Mr. Harris Georgiades, announced Cyprus intention to be among the first countries to regulate aspects of DLT (Distributed Ledger Technology)

Main points of the speech: 

Cyprus aims to be among the first countries to regulate aspects of DLT in order to create a truly attractive environment, in parallel with all the other factors that make Cyprus an attractive destination for investment and business 

All the efforts aim at establishing a favourable economic environment, offering stability, certainty and opportunities and in this way supporting business and investment activity across the sectors 

Even countries which cannot hope to be leaders in designing and developing the new technologies, should aim to be at the forefront of using and utilizing the new technologies 

Digital Transformation, including Blockchain applications, probably offers the most effective and quick way to public sector reform 

This technology could help increase productivity in key sectors of the economy, facilitate speedy execution of transactions and contracts, enhance transparency and help establish a secure environment for the exchange of information 

Cyprus has the opportunity to become a major digital hub for Blockchain developments 

It is crucial to develop a unified regulatory framework in order to unlock these exciting technologies to their full potential 

Cyprus can be one of the leading centres for innovation and growth globally, by having a strong technological infrastructure and an innovative regulatory framework. 

A draft bill to regulate Blockchain technology in Cyprus should be ready before the end of the year, as part of Cyprus’ national strategy for Blockchain.

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