German Regulator Considers Blockchain as Revolutionary

June 15, 2018

Germany is one of the most important countries in the world and certainly a financial hub in Europe. This time, the President of the Federal Financial Supervisory Authority – known as BaFin – Felix Hufeld, said that blockchain is a revolutionary technology.

Germany’s Regulators Embrace Blockchain Technology

According to Bufeld and BaFin, blockchain technology has different important implications in different areas. That’s something that we have been experiencing during the last years. Healthcare companies, the shipping industry, banks, and many other governments are using distributed ledger technology to improve their products and services.

During a speech in berlin, Hufeld discussed about different propositions that blockchain technology offer.

Huffeld commented about that:

“Thanks to the blockchain, many countries in Africa could make a real quantum leap, for example in the documentation of property rights. For development aid professionals a prerequisite to start real and sustainable economic growth.”

At UseTheBitcoin we have covered how different countries are embracing the technology in many different fields. And as Huffeld commented, Africa can be one of the main benefited with the implementation of distributed ledger technology. 

At the same time, Hufeld showed interest in automation of blockchain technologies and how dApss are changing the community.

This is a very positive comment for the crypto and blockchain community in Germany and Euorpe. Hufeld has an important influence in the region and Germany, which is quite promising for the technology and future of these fields in the European Union.

But he is not alone, Bruno Le Maire, the French Finance Minister, said that France should be an epicenter for blockchain and virtual currency technologies. That means that two of the most powerful countries in the region are working in order to promote the use of these new technologies.

Another important developments are being experienced in Spain, where the government has decided to consider regulations for ICOs to avoid them leaving the country. At the same time, it has implemented tax reductions for some technological companies that work with distributed ledger technology.

In the future we could see more countries around the world implementing all these disruptive developments and embracing blockchain.

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