On the 27th of February, the crypto world was taken by surprise that Germany ministry of finance accepted crypto currencies as a means of payment. Unlike the US, which considers crypto currencies a property, German played a pivotal role in the move to accept crypto currencies as a means of payment by powerful sovereign state.
It is important to consider the kind of implications that this would have for the wider EU member states since German is considered the defacto leader of the EU member states. It is no surprise therefore that it has been the first major European Country to accept crypto currencies as a means of payment.
Taking this into account, I am sure we are yet to see more EU member states or at least the Schengen member states taking decisions in a similar direction with the acceptance of the crypto currency payments and have a domino effect resulting into an EU policy or directive on crypto currency acceptance.
Since this is very exciting news for many crypto enthusiasts, it is also a critical moment that will dictate more acceptance within the wider European Union. The citizens of the EU will be able to partake of the various benefits of using crypto currencies that range from reduced fees on transactions, more privacy and fast and secure transactions among others.
It was just a matter of time and Germany has once demonstrated its desire to continue paving the way for innovation and leadership within the EU. It will be interesting to witness government to government transactions in the near future in crypto currencies and may be even having emergency development assistance issued in crypto.
This is something that seemed utopian a few years ago, however I believe we are such a lucky lot to be able to witness this coming to pass. It is not just the crypto currencies that excite me, but the block chain technology behind this which is already changing many aspects of our lives, the way society is organized and functions and above all the decentralizing power capabilities that this technology possesses.
We are at the dawn of witnessing a growing acceptance of crypto currencies within the EU region due to the interconnectedness of the business establishments. The writing is on the wall, therefore businesses will have to either adapt to the new wave or wait or join the party later when the spoils have been shared.
NCN
New Crypto Nomad