VeChain is an unbelievably versatile blockchain project, which can be used in almost all areas of the free economy. The new cooperation between Invest Cyprus and VeChain is expected to make a number of proposals to optimise the underlying financial infrastructure.
The latest press release states that the Republic of Cyprus’s national investment partner, Invest Cyprus, in cooperation with VeChain, will establish a facility to help develop and implement blockchain solutions.
In this context, the company will make extensive proposals for the use of the new technology in politics as well as in the financial sector. The aim is not to completely replace traditional operations, but to optimise or supplement existing workflows.
Our work adding the national agenda of Cyprus will show how blockchain technology can be the fundamental change the world needs. This is just the beginning of a partnership reaping the true fruits of blockchain as infrastructure at the government level.https://t.co/2Qc7W6QzmB
– VeChain Foundation (@vechainofficial) October 26, 2018
The initial scope of the cooperation consists of a “blockchainisation” of various areas which will only be announced at a later stage, as the need for advice in which sectors of the economy and politics is to be explored in detail will only be identified.
All reforms should be transparent, fair and in compliance with AML, KYC and EU laws to ensure legally sound future value creation and support for the Cypriot economy.
This partnership shows that more and more countries in the world have recognised the opportunities and potential of the blockchain and want to take advantage of them. VeChain is already working with a number of industry heavyweights. These include PwC, BMW, DB-Schenker and insurance giants from China such as “People’s Insrurance Company of China”.
Sunny Lu, CEO of VeChain, sees great potential for Cyprus in the cooperation (translated freely):
Just as blockchain technology represents something much bigger than business and money, this partnership represents the true competence for global change and places trust, transparency and fairness at the core of our society. Together with our partners, we are pleased to demonstrate the true value of the blockchain as a complementary technology and infrastructure for the world.
We are curious which results this cooperation will bring to light. The price of VeChain is unimpressed and shows a minimal decline of – 1.11 percent to a price of 0.009 Euro within the last 24 hours.