The government of Gibraltar has today announced plans to use blockchain technology to help deliver public services.
The pilot scheme will build upon Gibraltar’s existing eGov system which is used to access public service. In the initial phase of the project government-issued and certified credentials will be stored on a blockchain, built with the help of Bitso, a Gibraltar licensed crypto currency platform and IOVlabs.
Gibraltar’s Minister for Digital and Financial Services, Albert Isola MP, said, “Gibraltar has successfully positioned itself as a forward-thinking jurisdiction for innovative businesses developing and offering blockchain-related solutions. The implementation of blockchain technology into our processes in partnership with our stakeholders working here will further improve the way in which our community interacts with the government.
“I am confident that the RSK Blockchain will serve as a solid foundation on which to build the intended programme of services in a coordinated and phased manner further complementing the work already undertaken,” Isola added.
Gibraltar, a British overseas territory on the tip of Spain, has taken multiple opportunities to signal its openness to digital asset companies and technologies.
The financial services company eToro is regulated by the Gibraltar Financial Services Commission while crypto exchange Huobi moved trading services to Gibraltar after China’s crypto crackdown. The country’s regulatory framework for Digital Ledger Technology is a bonus for digital asset companies seeking regulatory certainty.
While the EU is working on its own framework for regulating digital assets in the UK equivalent legislation is yet to be put forwards.
Digital assets are viewed with scepticism by regulators with the Bank of England’s deputy governor for financial stability labelling crypto a threat to the global economy. While the central bank is considering the launch of its own digital currency, dubbed Britcoin, it is as yet unclear whether the coin would be based on blockchain technology.