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So Gibraltar wants to lead the blockchain revolution

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From the Pillars of Hercules to the blockchain. Gibraltar is on its way to becoming one of the world‘s leading financial centers for cryptocurrency trading. Announced at the end of October and formalized in these days, the operation conducted by Valereum, a company specializing in blockchain, on the Gibraltar stock exchange (Gse), the Gibraltar Stock Exchange, could create a safe haven for the multitude of digital currency enthusiasts. Just when China and most of the Asian nations are studying how to limit possible crypto-based fraud.

Satoshi Nakamoto, the collective that created Bitcoin, could find a new home. Not in the Bay area or in Silicon Valley, but just where few could imagine it. Where the Mediterranean Sea ends and the Atlantic Ocean begins. In Gibraltar. In fact, the project conducted by Valereum to acquire 80% of the country’s financial center becomes operational. Which will therefore be crucial for trading the major digital currencies that today make hundreds of thousands of investors, professionals and non-professionals dream. Richard Poulden, president of Valereum, explained that “this agreement represents the next stage in the evolution of digital assets that become accepted and negotiable globally”. Such a deal, according to Poulden, “brings cryptocurrency closer to the mainstream and opens it up for use in transactions with other asset classes. Just as The Rock of Gibraltar has been a physical port for centuries, GSX will encourage the next generation of digital assets to see Gibraltar as a virtual hub in digital commerce ”.

The implications are all to be written. Both positively and negatively. On the first front, the legal advisor, who oversaw the entire agreement, defined the possibilities. James Levy, senior partner of Hassans International Law Firm in the country, explained that this is “a very exciting development for Gibraltar as it introduces multiple advantages and puts our jurisdiction at the forefront of the digital world. The new exchange expands the territory as a financial center giving it a global footprint and will create an enhanced financial services sector in Gibraltar ”. And this means new resources for the country, which, however, must also have an approach that is as transparent as possible towards possible fraud. This is no small issue, since the intrinsic volatility of cryptocurrencies was and remains much higher than traditional currencies.

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The experience of Gibraltar, however, could be the basis for understanding what can be functional to digital asset management and what cannot. In other words, it can be used as a paradigm for the future adoption of the digital euro, which the European Central Bank (ECB) has been working on for years. Any errors could be the classic academic case study. Despite this, Nick Cowan, CEO of Gsx and Gsx Group, continues to be positive about the evolution of his company. “We have transformed GSX into an attractive destination for top-tier issuers and to date, we have admitted over 2,500 stocks with a total value of nearly $ 5 billion,” he explained in October. Noting the non-hostility of the Poulden-based company’s initiative: “We welcome Valereum’s option to acquire an 80% stake in GSX and look forward to contributing to Valereum’s goals.” Now the only limit is time. It is not certain that blockchain will become the norm in digital monetary transactions, but what is certain is that its applications are increasingly widespread. From wine corks to chicken eggs to securities trading, distributed database technology is becoming more and more central.

The case of the Rocca is just the latest example of a mixture of digital and real. Even where it was not thought that the conditions for such actions could exist. Last case? Velas Network, a Swiss company active in the blockchain and NFT sector (Non-fungible token, or digital “tokens”, ed), which just today was selected as one of the new sponsors for the next season of the Ferrari team. And that it will create content with the Prancing Horse based on the blockchain.

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