The H.M Government of Gibraltar is joining the list of governments aiming to use blockchain technology to improve the distribution of social services and improve the efficiency of its operations.
Specifically, the government will seek to improve its electronic government system by allowing users to store digital government-issued and certified credentials, such as driving licenses, ID cards, and vehicle ownership registration, on a decentralized ledger, so that it won’t have to require them in physical form. The pilot will be supported by Bitso, a crypto currency exchange based in Mexico, and IOVlabs, the startup behind the RSK blockchain, a smart contract platform.
In recent years, Gibraltar has promoted itself as a friendly domicile for the licensing and registration of international blockchain and crypto companies. In 2018, it became the first jurisdiction globally to introduce legislation around distributed ledger technology (DLT). This legislation supports the establishment and growth of domestic and international organizations that use DLT technology. Since 2018, the British territory has also licensed 15 firms to operate in the country. Bitso, which will donate $500,000 to the eGov project, has benefited from Gibraltar’s DLT regulatory framework.
In 2019, Bitso became a Gibraltar-regulated entity to “ensure consumer protection and security” while also keeping pace with the innovation in the DLT sphere, as GSFC’s framework application is based on “principles rather than rigid rules,” according to the exchange. Last week Bullish, a crypto exchange backed by Peter Thiel and Richard Li that raised $10 billion in funding, went live for institutional investors, following the receipt of a DLT license from the Gibraltar Financial Services Commission (GFSC).
Commenting on the announcement Bitso co-founder Daniel Vogel said, “At Bitso, we believe that the private and public sector can work together to create profoundly impactful crypto and blockchain based solutions. We are proud to work closely with the Government of Gibraltar to increase the use of blockchain technology within vital industry sectors. Gibraltar sets a phenomenal example of government entities embracing the crypto ecosystem to enhance greater growth of our society, and Bitso is incredibly proud to be part of its crypto community.”
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