German government pays attention to ‘crypto’ and ‘blockchain’ in coalition agreement

As Germany braces for a new era beyond the leadership of Angela Merkel, the largest European economy has put together a coalition agreement which will alert the attention of crypto-enthusiasts.

For the first time ever, Germany’s coalition agreement mentioned both cryptocurrencies and blockchain technology among the pillars that will enable its economy to progress over the next four years.

The coalition government, which is referred to as the ‘traffic light’, is made up of the centre-left Social Democrats (SPD), the Green Party and the Free Democrats (FDP), and will see Olaf Scholz take over from Angela Merkel as chancellor.

A key part of the coalition’s roadmap for Germany is its desire to modernise and re-energize the country.

It has placed an emphasis on moving away from coal usage by 203, committing to 80% renewable energy, while raising the minimum wage to €12 and legalising and regulating the sale of cannabis.

Then there is the country’s desire to move into the digital age.

The coalition said it will create a digital state and implement new strategies for crypto and blockchain technologies. “We need a new dynamic in relation to the opportunities and risks from new financial innovations, crypto assets and business models,” the 177-page document reads.

“We advocate a level playing field with equal competitive conditions within the [European Union], between traditional and innovative business models and towards large digital companies.”