Moldova Aims to Leverage Blockchain for Economic Growth

The former Soviet nation is set to open its borders to blockchain firms in order to tap its under-utilised workforce.

Moldova, Europe’s poorest country, is now headed to leverage blockchain technology to uplift the country from its recent misery. A group of local tech enthusiasts has launched the Digital & Distributed Technology Moldova Association (DTMA) to implement blockchain technology in different sectors to get global exposure.

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The group has received huge support from the international community, as the advisors conducted workshops and presentations to study various use cases to help with the implementation.

The core objectives of the association are to introduce international projects to Moldova, and to leverage the country’s most valuable and under-utilized human resources. They aim to use the country’s workforce as a test bed for multiple international projects.

The DTMA is currently working on a series of projects which it hopes will contribute significantly to the country’s economy.

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It recently launched its own version of Dash for self governance and treasury use as an option for students and academics to apply for small grants to explore blockchain initiatives.

The association is also set to launch the country’s first crypto exchange with eight fiat trading options this month. The DTMA is in discussion with the authorities to establish a tech zone within the free economic zones with tax breaks for blockchain projects. This has the potential to attract a huge international tech crowd to the country.

Currently, the DTMA is also running due diligence with local private companies to explore the viability of creating a European innovation hub, imitating Level 39 at Canary Wharf in London. This proposal could enable Moldova to become a link between CIS and EU countries.

Moldova is not the first Eastern European country trying to leverage the booming blockchain ecosystem and crypto economy. Recently Belarus, another former Soviet state, not only legalized Bitcoin but also announced tax exemptions for crypto miners.

In mid-November, news surfaced that Moldova’s authorities are trying to fight child trafficking using blockchain technology.

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