The globalization of cryptocurrencies has brought with it a series of positive aspects, thanks to the fact that nowadays countries seek to innovate their economy with strategies and financial technology, adapting to the 2.0 world in which we live.
In the Middle East for example, countries such as the United Arab Emirates and Dubai, consecrate a series of manual processes to blockchain transactions, but really different nations are interested in adopting a national blockchain strategy, to enter with certainty into the crypto market.
Strategic countries
Before exposing the strengths of this issue, we must emphasize that the cryptocurrency market has various solutions to significant economic problems in the decentralized systems of cryptoactive, which brings as a direct consequence, that thousands of investors, private companies and different governmental entities, want to enter the technological and financial world.
We must not forget that a blockchain network brings different economic benefits in public administration services, as well as technological innovation, leaving as the main trigger for the issue, that the countries that are in the following article, become strong competitors in the crypto market worldwide, due to its national blockchain strategy.
Malt
In search of making the "Silicon Valley of Europe", the government of the Republic of Malta announced in 2017 a blockchain state project. This plan, promoted by President Joseph Muscat, aims to transform the European island into a space with interesting commercial virtues for companies in the bitcoiner ecosystem.
To work on the state project, the government set up a working group formed by members of the National Secretariat, the Malta Information Technology Agency, the Malta Gaming Authority (who have their own regulation for cripto-bets) and financial professionals , cheap and blockchain sector, introducing Steve Tendon and Louis Mercieca.
In April of last year, the draft laws of the Digital Originality Authority of Malta, the Law of Arrangements and Technological Services and the Law of Virtual Financial Assets were the starting point for the advancement of a secure space for cryptocompany. These legal proposals, sent by the Ministry of Financial Services, Digital Economy and Originality, were discussed and approved by agreement by the Congress of Malta, in July 2018.
The Law of Digital Originality facilitates the construction of the Digital Originality Authority of Malta (MDIA), an autonomous body requested to conduct the ways of use and originality of decentralized systems of cryptoactives and smart contracts commanded by Stephen McCarthy.
In the same way, the Law of Arrangements and Services of Creative Technology establishes the regulations required by MDIA so that the companies operate with cryptocurrencies and decentralized systems. This, in addition to detailing a system of registration (of voluntary moment) for companies wishing to become certified as suppliers, managers and auditors of decentralized technological systems.
Finishing, in the financial sector, the Law of Virtual Financial Assets will establish the regulatory regime of the market foreseeing to comply with the capitalists and offer security to the competitors. It is important to take into account that Malta's initiative contemplates that the country also be an "experimentation interface for new business sectors", according to the director of the Financial Affairs Committee of the parliament, Silvio Schembri.
The bet in the opening to the criptoempresas could swell up to 200,000 euros the economy of the country with only attract 1% of the fintech industry of the United Kingdom, post-brexit, and introducing the participation of the Stock Exchange of Malta.
For Malta, cryptocurrencies are the future of money. And this idea was favorably received by companies such as Binance, Okex, BigOne and Monaco Card, who showed taking into account altering their operations centers to the Maltese territory.
Mexico
Mexico's is another of the governments that unveiled a blockchain plan throughout the country. But in contrast to Malta, Mexico's approach to the National Blockchain Strategy is to encourage the creation of resolutions for the public area based on decentralized systems of cryptoactives.
From the office of the National Digital Strategy (EDN) numerous projects have emerged that want to promote the adoption and technological originality for public services in Mexico. However, the most important endeavor is the initiative to publish a decentralized network that brings together public organizations, private companies, universities and popular capital companies.
Called the Red Blockchain of Mexico, the national network initiative seeks to achieve a consensus among the different actors of the Mexican financial and bitcoin social network. Therefore, from August to mid-September, a public consultation on the governance of the network was open. This network exposes the establishment of an "Executive Council" and two commissions, one for the acceptance of nodes or members and another for the acceptance of projects.
This consultation was carried out without teaching algorithm and mining information of the government's red blockchain initiative. Yolanda Martinez Mancilla, coordinator of the National Digital Strategy, told CriptoNoticias that the next step is to publish a public consultation on the network's technical points. However, to date it is known that seven decentralized networks have been studied: Hyperledger, NEM, Chain, Corda, Bitcoin, Ethereum and another as yet unidentified.
The initiative of a National Blockchain Network emerged after the Blockchain HackMx, a hackathon focused on public services carried out by the EDN, a federal agency linked to the Mexican Presidency and the Digital Government Unit (UGD) of the Secretariat of Public Functioning. , in Jalisco. In this event, a winning bidding interface based on Ethereum, which had suffered to be used officially in September of this year, ended up winning. However, the announced projects failed to materialize, since the aforementioned consultation began.
It is important to take into account that for the execution of the Blockchain HackMx, the Mexican government identified five primary use cases for decentralized systems of cryptoactives in public management: digital identity, public registers, digital signature, deposit certification and logistics in supply chains .
Similarly, in a file of the same event they speak of some points in the ideas supported in decentralized systems of cryptoactive agents have the possibility to influence. Highlighting telecommunications, taxation, education, the penal code, selections and other financial surfaces. Still, until today it is not known exactly what it offers to administer the public management of Mexico through the national blockchain, since beyond the advance in the regulation with the Fintech Law lately and the query made recently, the role of EDN route remains to be defined.
United Arab Emirates
For its part, the United Arab Emirates is the first country in the Middle East to communicate the use of a plan to edit the transfers of the country's courses in digital and decentralized processes. The Blockchain 2021 Strategy was announced in April of this year, and wants to change the manual work of at least half of the federal transfers to a decentralized network of cryptoactives.
With a deadline of 2021, the strategy creates saving more than $ 3 billion each year in document management. Similarly, in accordance with the official statement, the blockchain idea of
the UAE also seeks to remove more than 77 million manual work. Because beyond the delicate architecture, the federal government of the Arab Emirates continues to process multiple requests and administrative methods completely manually. Processes such as the application to a visa, the payment of invoices and license renewals belong to the 100 million documents that are handled manually for now, and that want to move to a decentralized system of cryptoactives.
This venture, promoted by the Vice President and Prime Minister of the United Arab Emirates (UAE), Sheikh Mohammed bin Rashid Al Maktoum, seeks to capitalize on the avant-garde obtained by the creations carried out in Dubai. Bear in mind that in 2016 the Arab Emirate of Dubai proposed by 2020 to become the first city capable of the whole world.
Under this idea of blockchain locality, Smart Dubai developed the Blockchain Strategy of Dubai, which, two years after its announcement and startup, still does not give technical data on the blockchain interface that they will use, or even use for their tests, the algorithm or committed programmers
The so-called Blockchain Strategy of Smart Dubai has partners such as Consensys and IBM. And in the same way that the strategy of the federal monarchy pursues three objectives: the effectiveness of the government, the construction of an industry of criptoempresas, and ending the world leadership in the advance of resolutions supported by the technology of organized systems.
Instantly, the UAE federal monarchy and the emirate of Dubai conducted numerous tests with banking consortiums for the verification of checks and cross-border payments, airlines and airports, real estate, car assemblers and also payment services for the Department of Finance. Dubai Similarly, they held two coding festivals applied to the creation of resolutions based on decentralized systems of cryptoactive for public management.
Similarly, in line with the third purpose, the Securities and Commodities Authority recently announced that initial Cryptocurrency Promotions in the country are a form of financing for established companies.
Malta, the United Arab Emirates and Mexico are three countries that have initiated projects to integrate the decentralized technology of cryptoactives in their national daily life, either to attract technological investment or to transform their administrative processes into automated, safe and effective systems.
These logistical ideas, mostly, do not talk about the costs of developing a plan of this caliber. This in addition to communicating little or no information about the technical data of the tactics, basic point to gain the security of the competitors of the ecosystem of the cryptocurrencies. Therefore, the potential of the named ideas is still a variable to understand.
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