The British Overseas Territory is taking steps towards introducing blockchain adoption into the mainstream.
The Government of Gibraltar has officially announced its appointment as an observer member of the Global Blockchain Business Council (GBBC). He will work alongside blockchain industry leaders from more than 50 countries.
According to the announcement, Gibraltar expects to promote adoption across the British Overseas Territory and will consult widely to address topics such as regulation and education with business leaders and legislators to make the country “blockchain-friendly”.
Launched in Davos in 2017, the Global Blockchain Business Council is a philosophy that revolves around ‘education, advocacy and partnership’ to boost blockchain adoption among country members.
His Excellency Albert Isola, Gibraltar’s Minister of Digital and Financial Services, said that the Global Blockchain Business Council’s vision to continue adopting Blockchain technology by “engaging and educating institutions and regulators is fully aligned with our special mission.”
In January 2018, the country introduced legislation on Distributed Record Technology (DLT). In September it updated the bylaws to include the latest FATF rules. Earlier this year, Gibraltar also announced that it will join INATBA, another blockchain-linked group with industry leaders from the European Union.
Sandra Rowe, CEO of the Global Blockchain Business Council, commented on the announcement:
“The Global Blockchain Business Council welcomes the government of Gibraltar into our global network as an observer member of the board. We look forward to shining the spotlight on significant digital assets, business and innovation in blockchain technology from Gibraltar as we advance global collaboration, adoption and opportunities.”