Felix Hufeld, chief of Germany’s monetary watchdog, has stated blockchain expertise is “revolutionary” and its purposes might flip all the monetary sector “the other way up.”
Hufeld, who’s president of the German Monetary Supervisory Authority (BaFin), made the remarks throughout a speech at an occasion in Berlin final week wherein he described the regulator’s considering on bitcoin and blockchain.
Regardless of the present hype, “if not a bubble,” across the bitcoin worth and the increase of preliminary coin choices (ICOs), he stated, blockchain’s means to energy distributed purposes “might truly be revolutionary.”
“These apps aren’t solely secure from failures of particular person computer systems or suppliers, in addition they promote the event of a ‘blockchain economic system.'”
Additional, the BaFin head stated blockchain purposes have promise in areas that lack “an efficient management mechanisms or reliable establishments” similar to in international commerce or growth assist.
The speech follows remarks by Hufeld in April, wherein he said that he doesn’t wish to “kill innovation” in blockchain, although his company is beefing up efforts to manage cryptocurrency buying and selling over money-laundering considerations, based on a report on the time.
BaFin additionally issued new tips in February outlining how and when it will think about tokens issued throughout ICOs to be securities, saying it will take a case-by-case strategy in figuring out the authorized standing of particular person tokens.
BaFin picture by way of Shutterstock