December 07, 2021
Pilot rollout will trial blockchain technology to achieve greater interconnectivity between government departments, individuals, and organisations and will be supported by Bitso and IOVlabs
Gibraltar – 7th December 2021 – H.M. Government of Gibraltar has today announced that it will begin a process by which it will integrate blockchain technology into its legacy systems in order to streamline government processes. It is envisioned that the implementation, which will initially be rolled out on a pilot basis, will improve the delivery of public services to individuals and organisations residing or operating in Gibraltar.
The proposed blockchain solution will build upon and enhance the functionality of Gibraltar’s eGov system, with the focus of the initial phase being to enable users to store government-issued and certified credentials. The pilot integration project will be delivered by HM Government of Gibraltar who have been working closely in partnership with two firms. Bitso, a Gibraltar licensed crypto currency platform, and IOVlabs, the team behind the RSK blockchain. Both firms have long supported and deeply contributed to Gibraltar’s work in the DLT sector. Government has developed a close working relationship with these firms over time and values their counsel.
Gibraltar’s Minister for Digital and Financial Services, the Hon Albert Isola MP, said, “Gibraltar 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.
We have already begun the process of digitising many of our services through the introduction of the eGov system earlier this year. I am confident that the RSK Blockchain will serve as a solid foundation on which to build the intended programme of services in a coordinated and phased manner further complimenting the work already undertaken.
I am pleased to recognise the invaluable support and contribution provided by our good friend Diego Gutiérrez Zaldívar, CEO of IOVlabs, and his team, who will provide technical and other support on the initiative working hand in hand with our Digital Services team. This project would not have been possible without their total support for which we are most grateful.”
Minister Isola continued, “Equally, the fantastic contribution by Bitso is most welcome as their very generous donation to HM Government of Gibraltar has allowed this exciting project to become a reality and will enable this work to commence in early 2022. At this moment in time, Government would not otherwise commit funding to this project. The support and commitment of Bitso to the development of Gibraltar as a centre for innovation is most appreciated and we are thrilled to continue to strengthen our relationship with them.”
Bitso is a leading Latin American cryptocurrency platform licensed in Gibraltar under the DLT Providers Regulatory Framework. They will donate to this project approximately USD 500,000 and in keeping with the nature of the industry will originate the payment to the technology provider in bitcoin.
Commenting on the announcement Bitso co-founder Daniel Vogel said, “At Bitso, we believe that the private and public sector can work together to create profoundly impactful crypto and blockchain based solutions. We are proud to work closely with the Government of Gibraltar to increase the use of blockchain technology within vital industry sectors. Gibraltar sets a phenomenal example of government entities embracing the crypto ecosystem to enhance greater growth of our society, and Bitso is incredibly proud to be part of its crypto community.”
Mr. Gutiérrez Zaldívar said, “We are thrilled at the opportunity to collaborate with the Government of Gibraltar in deploying blockchain technology to create a new paradigm of government interaction with citizens and organisations that will reduce costs and red tape while increasing automation and trust."
In recent years, Gibraltar has established itself as the jurisdiction of choice for some of the most successful blockchain companies in the world. Operating at the forefront of innovation, in January 2018 Gibraltar became the very first jurisdiction globally to introduce legislation around Distributed Ledger Technology (DLT). Following an update of its DLT regulatory framework in late 2020, the Government announced the establishment of a new working group that will be responsible for contributing to creation of the appropriate market standards for exchanges operating in the digital asset space.
Minister for Digital and Financial Services, The Hon Albert Isola MP, is available for interview.
Eleanor McGovern – Consultant
P: +353 87 933 7769
A British Overseas Territory, Gibraltar is a self-governing and self-financing democracy that has established itself globally as a reliable centre for the blockchain and digital assets industry. In January 2018, Gibraltar became the very first jurisdiction globally to introduce legislation around Distributed-Ledger-Technology (DLT), and has since asserted its position as a leading blockchain and virtual assets hub. With Gibraltar’s core values of regulation, reputation, and speed to market at the foundation of its efforts within the blockchain industry, Gibraltar is now globally renowned for its commitment to creating a sustainable and secure regulatory framework for DLT, as well as being one of the leading proponents in the advancement of the technology. For more information please visit http://www.gibraltarfinance.gi/en/home