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The government of Gibraltar has launched a pilot initiative or plans to use blockchain technology to keep official credentials on its networks. Gibraltar is a British enclave near the southern tip of the Iberian Peninsula. Officials have already begun digitizing government services via the RSK innovative contract network, but they expect to ramp up their efforts in early 2022.
The Government of Gibraltar Plans to Bridge the Gap Between Public & Private Sectors
On Tuesday, her Majesty's Government of Gibraltar announced that it had teamed with Bitso, a cryptocurrency exchange based in Mexico, and IOVlabs, a startup that creates financial solutions based on the Bitcoin (BTC) blockchain, to integrate blockchain technology into its eGov system. In the first phase of the integration, customers will store state-issued and certified credentials on the company's servers, allowing residents and local groups more accessible access to government services.
Officials have already begun digitizing government services on the smart contract network RSK, according to Albert Isola, Gibraltar's Minister for Digital and Financial Services. Still, they expect to ramp up work on the integration in early 2022. Bitso will provide $500,000 in Bitcoin to the initiative, around 9 BTC for $55,000.
Greenlight For Crypto Firms
The Financial Services Commission of Gibraltar recently granted permission for crypto firms to operate in the British territory, including Huobi Group's local subsidiary Huobi Gibraltar, which provides spot trading services, and Block. One's affiliate Bullish Limited. Many enterprises appear to view the area as having a more favorable regulatory climate.