Germany is looking to introduce new regulations relevant to the blockchain sector within the next several months. Some believe that it may happen before the Parliament takes its summer recess, as reported by news outlet Handelsblatt.
This marks a dramatic change, as many believed that the country would be cracking down on the sector. Notably, the German Finance Minister Olaf Scholz stated in September 2018 about cryptocurrencies: “We do not believe that they already have an economically significant importance today.” Less than a year later, it appears as though the German government’s tone towards the space might be changing.
Germany seems to realize the incredible potential of blockchain technology, and is interested in issuing “blockchain bonds.” This would revolutionize the paper bond sector, and allow for individuals to purchase digital tokens that could provide them with annual interest payments.
Germany’s government blockchain correspondent, Thomas Heilmann, stated that not only is there momentum behind the legislation, but that a summary paper already exists. He pointed out that this is a huge step in the right direction, and that the decision was timely, stating: “We consider it to be of paramount importance that we bring blockchain technology forward for Germany, specifically in 2019.”
Frank Schaffler of the Free Democratic Party, and one of the recognized blockchain experts in Germany, believes that this is a milestone for the country. He indicated that no time should be wasted, stating: “Now things need to move fast. Crypto issuers and investors are looking for a regulated financial marketplace for their activities which we can present on the international stage. Germany has the chance to adopt a key position here.”
The is certainly great news for Germany’s younger citizens, who are more inclined to invest in cryptocurrencies than their older counterparts, according to a 2018 survey. The survey polled 1,000 individuals in Germany between the age of 18 and 39.
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