Cabinet appoints working group to study use of blockchain in Cyprus’ public sector

The Cabinet decided on Thursday to appoint a joint working group to develop blockchain technology in Cyprus, enabling thus the public sector to catch up with international developments.
 
Blockchain is the technology behind decentralized software systems, that create platforms allowing for safe and transparent transactions in the digital era.
 
Speaking after the Cabinet meeting, in Nicosia, under the President of Cyprus Nicos Anastasiades, Government Spokesman Prodromos Prodromou said that this was “an important decision for the country’s future development and adjustment in the digital era.”
 
He further clarified that the working group will be under the supervision of the government and the House of Representatives, and will include experts from the public and private sectors.
  
According to Prodromou, the ad hoc group will present an action plan in order to adopt blockchain, detailing the necessary operational planning required, as well as the various scenarios and prerequisites involved.
 
The decision puts emphasis on the cooperation between the legislative and the executive and underlines the necessity for the public sector to catch up with international developments, including developments in the private sector, Prodromou concluded.