In a Tuesday statement, the Government of Gibraltar announced the integration of Blockchain technology into its eGov system, with the initial goal of allowing users to store credentials on the network. The program has been made possible through a partnership with crypto firms Bitso and IOVlabs. Bitso, the most popular cryptocurrency platform in Latin America, is more recently known for working on El Salvador’s government-developed Bitcoin wallet, and smart contract technology firm IOVlabs is known for creating the RSK Blockchain. Both firms will contribute around $500,000 each, with Bitso paying in Bitcoin.
This news is part of a long string of crypto developments in Gibraltar, beginning with the coming into force of a state-of-the-art DLT legislative framework back in 2018. Gibraltar, per Minister for Digital and Financial Services Albert Isola, “has successfully positioned itself as a forward-thinking jurisdiction for innovative businesses developing and offering blockchain-related solutions. The implementation of blockchain technology into our processes in partnership with our stakeholders working here will further improve the way in which our community interacts with the government.”
Work will begin in 2022, with the project timeline being twelve months. More important than updating local administration, the collaboration serves as testament to the cooperative nature of Gibraltar’s business climate as well as, in the words of Bitso Co-Founder Daniel Vogel, “a phenomenal example of government entities embracing the crypto ecosystem to enhance greater growth of our society.”