Blockchain Is ‘Revolutionary,’ Says German Finance Regulator Chief


Felix Hufeld, main of Germany’s economic watchdog, has reported blockchain technological innovation is “groundbreaking” and its applications could convert the total economic sector “upside down.”

Hufeld, who is president of the German Money Supervisory Authority (BaFin), produced the remarks during a speech at an party in Berlin very last 7 days in which he explained the regulator’s pondering on bitcoin and blockchain.

Irrespective of the current hype, “if not a bubble,” close to the bitcoin price tag and the growth of original coin offerings (ICOs), he reported, blockchain’s ability to electricity distributed applications “could really be groundbreaking.”

He ongoing:

“These apps are not only safe from failures of person computer systems or vendors, they also boost the progress of a ‘blockchain financial system.'”

Further, the BaFin head reported blockchain applications have assure in parts that lack “an efficient handle mechanisms or trustworthy institutions” these types of as in international trade or progress assist.

The speech follows remarks by Hufeld in April, in which he stated that he does not want to “kill innovation” in blockchain, while his company is beefing up efforts to regulate cryptocurrency investing about revenue-laundering issues, in accordance to a report at the time.

BaFin also issued new guidelines in February outlining how and when it would take into account tokens issued during ICOs to be securities, indicating it would get a situation-by-situation method in pinpointing the lawful position of person tokens.

BaFin graphic by way of Shutterstock

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