The European nation launched the SI-Chain project to evaluate applications in the public and private sectors. Local authorities see this technology as a bridge for economic development and efficiency.
It was reported that Slovenia is encouraging the use of cryptocurrencies and the adoption of distributed ledger technology (DLT), also known as blockchain, to promote its economic development. This initiative gained momentum after the European nation announced the launch and activation of the SI-Chain platform, a national network to perform tests with blockchains.
The government of Slovenia explained that the infrastructure will be used to test existing applications that use blockchains and others under development. This will be done both for the public and private sectors, which opens the doors to national companies that wish to try this type of solutions in the country.
It was stated that that the results of these projects will help the Government to create regulatory solutions for specific sectors of the industry, using blockchain. Additionally, the definition of smart contract will be introduced and there will be the possibility of regulating digital entities and regulatory sandboxes for different fields of the industry and the public sector.
It was explained that SI-Chain is a project that was implemented jointly by local startups Hashnet and Telemach. It aims to integrate DLT solutions with the business models of companies or state agencies.
The launch of this platform is accompanied by the creation of the Slovenian Blockchain Association. This is an organization that will bring together all the startups that are related to projects that use DLT.
Bitcoin-Friendly State
It should be noted that approach to cryptoeconomics of Slovenia is nothing new. This is considered to be one of the friendliest nations regarding Bitcoin on a global scale, which is committed to cryptocurrencies and the technology that gives them life to develop as a nation.
The announcement by the government of Slovenia is made almost two months after China revealed, through its president Xi Jinping, that the country should take the lead in the development of blockchains. The Head of State indicated on that occasion that China already has a solid base to develop blockchain technologies.
A prominent difference between the policies of both nations is that, in the case of Slovenia, its authorities have given cryptocurrencies such as Bitcoin a boost, while the Asian nation has restricted their use under what would be an unannounced premise of “Blockchain not Bitcoin.”
The acceptance of the main cryptocurrency in Slovenia is reflected in the fact that this country became the first to build a public monument in tribute to Bitcoin and decentralization. The work of art, which was inaugurated in March last year, is located in the city of Kranj in a roundabout that connects Oldhamska and Gregorčičeva streets.
Slovenia is even developing the Bitcoin City project, an ambitious plan that aims to establish a city with business areas, commercial zones, parking lots, hotels, recreational areas, cryptocurrency ATMs, and a center for the development of blockchain-based solutions.
By Willmen Blanco
