Breaking: Cyprus Sets Up Blockchain Working Group

In an attempt to stay up to date with the latest developments in the financial services market, Cyprus sets up Blockchain working group. The group will be responsible for the national planning of the development of Blockchain technology in Cyprus.

31 August, AtoZ MarketsThe spokesman from the Cypriot government has announced that the country is eyeing the establishment of the working group to undertake the national initiative for the adoption and development of Blockchain technology. 

Cyprus Sets Up Blockchain Working Group

Following the Cyprus Cabinet meeting, Prodromos Prodromou, the member of the Parliament, has reportedly stated:

 “The meeting was an important decision for the future development and adaptation of the country to the digital age, to modern technologies and applications.”

He also highlighted that the officials have decided to set up a joint working group that is supported by the Government and the Parliament, with the participation of public sector experts and leading private sector companies.The group will be exploring opportunities of the development of Blockchain technology in Cyprus.

He has been quoted as saying:

“This is the technology and methodology that is currently behind decentralized software systems that create platforms for secure and transparent transactions in the new digital age.” 

The project will supposedly aim to address the national planning for the development of Blockchain technology in Cyprus. This could possibly include pilot projects, legislative matters, and other initiatives. Particularly, this working group will work on the development of the action plan that will allow the Blockchain to gain a wider adoption. 

Cyprus Officials see the need to Develop Blockchain

Following on this, the plan eyes the operational strategy with a number of use cases and requirements to enable this technology to be implemented in Cyprus. Prodromos Prodromou has further stated:

“This decision first highlights the co-operation of the legislature with the executive, but at the same time underlines the need for the state and the public sector to be able to follow developments on the international stage and in the private economy.”

Cyprus’s cabinet rulings also comprise the appointment of the Board of Directors of the Cyprus Youth Organization, the re-appointment of President Sedona as well as the appointment of the CNA Executive Board, where Mr. Joseph Joseph is appointed as President.

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