The country’s finance minister spoke about introducing digital money control and called blockchain a revolutionary technology.
Cyprus plans to carry out the widespread introduction of the blockchain in the public and private sectors after the introduction of appropriate regulation. According to the country’s finance minister, Harris Geogiades, the bill will be passed before the end of this year, the Cointelegraph writes.
The official called the blockchain a revolutionary technology and compared it with the Internet. Speaker of the House of Representatives Demetris Silluris stressed that a distributed registry can have a serious impact on the structure of modern societies, their organization and functioning.
The country plans to create the necessary legal framework for blockchain companies and launch a pilot program for the introduction of blockchain. It will be attended by several ministries of Cyprus.
At present, crypto-trading has been legalized in the country with a maximum leverage size for margin trading 1:5. The central bank issued a warning to users about high asset volatility, which carries financial risks.