Euro-Tokens: Will the German Government Implement Blockchain-based Crisis Tokens?
INVAO
Adoption
4 years ago
1 QCP
German lawmakers are discussing “Euro Tokens” to distribute financial aid to companies and households during the corona-crisis. Is this the birth of state-owned blockchain infrastructure?
It could be the beginning of a huge success story: The German government is currently discussing Euro-tokens to distribute state support during the corona-crisis. Via blockchain tokens, the government could support businesses and households directly and unbureaucratically in addition to the loans provided by the state-owned KfW bank.
The idea is quite simple. Instead of going through a bureaucratic and time-consuming procedure to apply for subsidies, companies identify on a blockchain and apply for government loans digitally. Should the company be entitled to state aid, euro tokens could be made available immediately, automatically, transparently and unbureaucratically. This would save costs and cut processing times significantly.
Business loans and consumer vouchers on the blockchain
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A Euro token-infrastructure would not only provide fast liquidity to companies but could also distribute consumer vouchers to citizens. What would otherwise be a bureaucratic nightmare, a blockchain could handle with relatively little effort.
Blockchain-based vouchers could also reach the underbanked – people who do not have a bank account, for example, because they do not have identification documents. They could obtain digital wallets from post offices to receive consumer vouchers even without a bank account. A similar idea was discussed in the US Congress last week, referred to as a “digital dollar” by the media.
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https://invao.org/euro-tokens-will-the-german-government-implement-blockchain-based-crisis-tokens/
It could be the beginning of a huge success story: The German government is currently discussing Euro-tokens to distribute state support during the corona-crisis. Via blockchain tokens, the government could support businesses and households directly and unbureaucratically in addition to the loans provided by the state-owned KfW bank.
The idea is quite simple. Instead of going through a bureaucratic and time-consuming procedure to apply for subsidies, companies identify on a blockchain and apply for government loans digitally. Should the company be entitled to state aid, euro tokens could be made available immediately, automatically, transparently and unbureaucratically. This would save costs and cut processing times significantly.
Business loans and consumer vouchers on the blockchain
...........................................................................................
A Euro token-infrastructure would not only provide fast liquidity to companies but could also distribute consumer vouchers to citizens. What would otherwise be a bureaucratic nightmare, a blockchain could handle with relatively little effort.
Blockchain-based vouchers could also reach the underbanked – people who do not have a bank account, for example, because they do not have identification documents. They could obtain digital wallets from post offices to receive consumer vouchers even without a bank account. A similar idea was discussed in the US Congress last week, referred to as a “digital dollar” by the media.
...
https://invao.org/euro-tokens-will-the-german-government-implement-blockchain-based-crisis-tokens/
- Financial institutions
- Germany
- Blockchain adoption
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