According to the latest press release, the national Investment partner of the Republic of Cyprus Invest Cyprus, Singapore-based VeChain Foundation, and U.S blockchain startup CREAM have signed a memorandum of understanding (MoU) for a strategic partnership.
The three partners will set up a body to help the Republic of Cyprus develop and implement blockchain solutions.
Vechain and CREAM will make proposals to Invest Cyprus regarding the use of new technology in politics as well as in finance.
All the suggested reforms should be transparent, fair and in compliant with AML, KYC and EU laws to ensure legally sound future value creation and support to the Cypriot economy.
Michalis P. Michael, the Chairman of Invest Cyprus, said:
The plans unfolding in Cyprus should open the world to what is achievable by investing in new technologies. Invest Cyprus as a promoter of Cyprus Investment opportunities and advisor to the Government of Cyprus in the investments space, sees this technology as both transformational and fiscally restorative at the infrastructure level. We are investing in the development of the fintech, blockchain sector and we plan to be at the forefront so that we can facilitate investments and economic development in Cyprus and the region.
This partnership shows that more and more countries around the world have recognized the opportunities and potential of Blockchain and want to use it for themselves.
VeChain is already working with a number of heavyweights in the industry. These include PwC, BMW, DB Schenker and China-based insurance giant People’s Insurance Company of China.
“Just as the blockchain technology represents something much bigger than business and money, this partnership represents the true competency for global change embedding trust, transparency, and fairness to the core of our society. Along with our partners, we are excited to showcase the true value of blockchain as supplemental technology and as an infrastructure to the world,” stated Sunny Lu, co-founder, and CEO of the VeChain Foundation.
We are curious to see what results this cooperation will bring to light. The announcement has had no impact on the price of VeChain within the last 24 hours.