Cryptocurrencies, the most common application of blockchain technology, have been stuck in a descending trendline for months now. However, this hasn’t stopped innovation in the blockchain space. From supply chain, and real estate, all the way to government activities, blockchain technology is proving itself more efficient than traditional tech. The recent blockchain trend has been observed within small nations. They now integrate blockchain technology in their legislation among other things.

Countries That Promote Blockchain

Not too long ago, Switzerland became known as one of the hottest places for blockchain development. Many blockchain companies have found favor with the government as they carry out their innovation in Switzerland. Malta was nicknamed the blockchain island. This is because of its friendly blockchain policies and its application of the technology. Bermuda is also another international blockchain hub. These countries are pioneering blockchain technology zealously.

Cyprus is gradually becoming a blockchain hub as well. In 2013, the Cyprus Haircut triggered a Bitcoin gold rush. Cyprus is now seen as one of the best places for fintech innovators. It is the base of many online trading platforms, forex brokers and other related firms. The authorities and entrepreneurs in Cyprus have successfully conquered the traditional financial market and is now gravitating towards BTC.

Bitcoin (BTC) Price Today – BTC / USD

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Cyprus was one of the seven participants who signed a declaration with the aim of jointly promoting the application of blockchain technology. In October last year, a national investment partner with the government, Invest Cyprus, announced that it would be collaborating with VeChain, a Singapore-based blockchain platform. The goal of the partnership is to promote the development of blockchain technology.

The Securities and Exchange Commission in Cyprus has also been exploring blockchain technology for many years. It recently launched an innovation hub for this technology. The chairperson of the SEC, Demetra Kalogerou, said that it is time to create a formal approach toward innovation and ensure that the technological disruption isn’t happening at the investors expense.

A while ago, the Cyprus government appointed a joint working group that will focus on the development of blockchain technology. The non-profit organization, Cyprus Blockchain Technologies is also supporting the development of blockchain technology. It is made up of reputable members like the Bank of Cyprus, University College London, and KPMG.

Promoting Blockchain Education

Education is crucial to the development of any technology. This is why the University of Nicosia is one of the entities that is playing a major role in the promotion of blockchain technology in Cyprus. The institution has always supported bitcoin and blockchain technology. The university offers a masters degree in digital currencies. It was the first university in the world to do this. It also offers an a certified course for blockchain technology.

The institution is always willing to support entrepreneurs who are trying to enter the blockchain space. Blockchain startups are supported through the universities community and its academic partners. The masters program the university is running has led to the development of many businesses as well.

There are many incentives coming from the country. If things continue like this, Cyprus is going to take Malta’s place as the blockchain island of the world.

Do you think Cyprus will continue to be a productive island for blockchain innovation in the next ten years?