Government Will Support Blockchain. It Wants to Make the Czech Republic One of the World’s Centers and Attract Talents and Investments

The Czech government will support blockchain. The Office of the Government of the Czech Republic has joined the memorandum of cooperation in the use of this technology. The recently launched initiative Blockchain Republic under the leadership of the Czech Fintech Association and the Confederation of Industry of the Czech Republic is aimed at helping businessmen to attract talents and investments to the country and to make the Czech Republic one of the world’s blockchain centers. This was announced by the press office of the Office of the Government of the Czech Republic on Tuesday.

The blockchain is a type of a decentralized database that keeps an ever-expanding number of records that are protected against unauthorized interference. This increases the credibility of the data in an online environment. Globally successful technology today changes the world of finance, business, and transport and can make a significant contribution to the modernization of both the economy and the state administration. Therefore, it is necessary to remove obstacles, especially to regulate laws and to adopt international standards, the Office said.

While the value of bitcoin and cryptocurrencies falls, the blockchain technology on which virtual currencies stand, on the contrary, gains strength. Not only does it strengthen in the world but also in the Czech Republic.

The largest banks, logistic groups and technology startups build new, decentralized business models and services on it, for example, in order to simplify and accelerate international business transactions, settle payments and write-off bonds.

“The subject of blockchain technology is currently actively being dealt with by the European Commission or, for example, by the OECD. Besides the necessary consultation and coordination of the parties involved in the creation of the Czech Republic’s position, the aim of our activities is also to explain in the future the contribution of the blockchain towards the state administration and the private sector, “said Zbyněk Smetana, Director of EU Economic Policy Coordination Department at the Office of the Government of the Czech Republic. The first use of blockchain in public administration will probably come from Brusells, the European Commission together with the Member States is preparing cross-border projects, such those regarding taxes.