This year, the authorities of Cyprus will present a bill to regulate the blockchain. This was stated by the Minister of Finance of the country Harris Georgiades.
“It is expected that the full implementation of this technology in the public and private sectors will radically change the structure of modern societies, the way they are organized and their work,” commented Demetris Silluris, chairman of the House of Parliament.
Silluris also said that the national strategy for digital innovations will provide the necessary legal basis for blockchain companies, as well as allow exploring the potential of distributed registry technology in various industries. Several ministries of Cyprus are going to take part in the pilot program for the blockchain.
“As a country faced with the horrific effects of the economic crisis, we are obliged to expand the production base of our economy and make our development model more sustainable. We must do everything to integrate the latest technologies, such as the blockchain,” said Georgiades.