Saudi Arabia Pitches Blockchain-Based Business Passport to Boost Trade Finance

Saudi Arabian business leaders think they have a solution to trade finance woes caused by COVID-19: a blockchain-based business passport to cut through red tape.

  • This “Global Value Chain” (GVC) passport would allow firms already following their host country’s financial rulebook to tout their credentials elsewhere, easing trade and increasing financial access globally, according to the Saudis’ Wednesday proposal before a group of G20 business leaders, developed in partnership with the OECD.
  • Blockchain technology would provide the GVC Passport a distributed, trusted, real-time source for global regulators to verify business’ accreditation claims, according to the Saudis’ accompanying white paper.
  • The result: a more efficient financial system with firms – especially small and midsize ones that normally lack a global presence –  cut free from repetitive, redundant, cross-border regulatory burdens, the Saudis said.
  • “SMEs represent 90% of businesses and 50% of employment worldwide, and therefore hugely impacted by the events
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German Finance Ministry proposes blockchain-based solution to digitize securities in draft bill

The finance ministry of Germany, Federal Ministry of Finance (BMF), released a draft bill on the introduction of electronic securities (eWpG) on Tuesday, and it includes a blockchain solution to digitize securities. 

The bill would revamp both the German securities law and the corresponding supervisory law with a focus on blockchain strategy, according to a press release published by BMF. 

“With the establishment of digital securities, one of the central components of the federal government’s blockchain strategy and the joint key issues paper of the BMF and the Federal Ministry of Justice and Consumer Protection (BMJV) on electronic securities (eWpG) will be implemented,” the release said. 

Currently, the law dictates that financial instruments classified as securities under civil law “must be securitized in a document.” This document, a paper certificate, currently acts as the source of all facts relating to each security and incorporates details on buyers’ accounts, according to

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