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Despite the fact that most countries in the world haven’t introduced cryptocurrencies in the legal field yet, blockchain technology is actively used in the public sector. Estonia use blockchain in state registers, Belarus adopted a well-known Decree No. 8, Ukraine created a state blockchain auction, and Georgia plans to introduce the distributed ledger technology into the land cadastre. Let’s figure out other examples of blockchain application in the public sector and who can tell more about the issues than you can find on the Internet.
When it comes to electronic registries, very important question is reliability and safety of data and security against hacking. This challenge was successfully coped by Estonia, which used blockchain technology to protect data of the registries, as well as for person identification for receiving government services through electronic ID cards.
In addition, the country has a virtual residence program e-Residency, which allows foreign citizens to use financial services in the country. In such a way, the country's authorities support the development of small and medium-sized businesses.
As for the CIS countries, Belarus has already legalized the decisions that can be based on blockchain. The government approved the development of cryptocurrency market and exempted miners from taxes, as well as established ownership rights and the procedure of tokens bequeath.
In addition, the Ministry of Finance of Belarus has defined accounting standards for tokens, and bitcoin millionaires are interested in tax residency in the country.
Legalization of cryptocurrencies are also considered in Armenia. In early 2018, the Ministry of Economic Development and Investment announced its plans to create a free economic zone within the country for the development of blockchain projects and technologies related to artificial intelligence and machine learning.
The authorities are also preparing a draft law, according to which mining will be introduced into the legal field. At the same time, there is a zero tax rate for miners for at least five years – until 2023.
Ukraine hasn’t officially recognized cryptocurrencies as a mean of payment, but blockchain technology is actively used in the public sector. For example, the country has transferred the existing marketplace for the sale of arrested property, CETAM, to blockchain. It was renamed, and now it's called OpenMarket. It became the world's first blockchain auction for trading a variety of property: from real estate to fashion items.
Last year, Georgia focused on the policy of blockchain implementation into the state sector. The government plans to transfer its land cadastre to this technology, which will secure the transfer of ownership rights for land in the online mode, excluding any corruption risks.
Officially, the authorities haven’t adopted legal regulation of crypto assets, but in every way contribute to the development of crypto business in Georgia. For example, it is possible to create a legal entity in just an hour in the country. It can be done both by citizens of the country, and by foreigners.
The introduction of distributed ledger technology into the public administration sector will be discussed by experts within a separate discussion as part of Blockchain & Bitcoin Conference Georgia in Tbilisi. The topic of the panel is ‘Blockchain and GovTech: International Experience’. David Kiziria, the founder of Innovative System Management and other crypto experts will talk about case studies on the use of blockchain technologies in different countries and discuss current trends of GovTech.
Follow the news of Blockchain & Bitcoin Conference Georgia and learn more about other issues to be covered by the crypto experts.