German Regulators Criticised for Approach to Blockchain

German Regulators Criticised for Approach to Blockchain

Regulators and lawmakers in Germany have come under fire for failing to establish a suitable legal framework for the implementation of Blockchain.

The critiques have come from the Free Democratic Party (FDP), in the wake of the first steps being made by the German government to implement blockchain on a wider scale, with the German Federal Ministry of Finance releasing a paper outlining the necessary security regulations.

In a Bundestag’s Finance Committee hearing yesterday, attended by regulators, legal experts and other invested parties, the FDP put forward a proposal, entitled “Creating a Sustainable Framework for Distributed Ledger Technology in the Financial Market.” This proposal strongly swayed on the side of the further legislation of blockchain technologies and spoke highly of cryptocurrencies.

However, it also highlighted where progress for the implementation has been halted. The blame of which fell at the door of The Federal Financial Supervisory Authority and the Federal Ministry of Finance, according to the proposal. The proposal stated that these two authorities have “so far failed to develop competencies and make the necessary legal adjustments” to realises the potential of blockchain technology.

What followed was a debate between attendees of the hearing about the accuracy of this statement, and whether laws would be required for the implementation of blockchain. With common concerns surrounding taxation and security rising to the surface once again in the debate.

These debates will be on-going for some time, and so we will have to wait to see whether they will be resolved in time for the mid-2019 date for the launch of their proposed blockchain technologies plan.

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News


ChangeNOW Launches The NOW Tracker App

The young, but fast-growing online cryptocurrency exchange, ChangeNOW, has just announced the release of its latest product. The NOW Tracker is a free asset management app that lets users keep track of their coins and tokens across different wallets. Available on Google Play and the App Store, NOW Tracker is flexible and functional. This solution […]

9 September, 2021

eToro Becomes An Official Partner Of RB Leipzig

The world’s leading social investment network, eToro, has recently announced a new and exciting partnership. According to an announcement on eToro’s Twitter page, the company has become the latest partner of the German football team, RB Leipzig. A two-year partnership agreement has been signed between the parties. Running until 2023, this agreement can be extended […]

24 August, 2021

PSG’s Messi To Receive Part Of His Salary In Cryptocurrency

The Argentinian footballer, Lionel Messi, has made headline news several times in the past few weeks. Following his surprise departure from FC Barcelona, the player confirmed that he will be joining Paris Saint-Germain FC. The move was significantly newsworthy but got even more interest when it was announced that part of the footballer’s salary will […]

23 August, 2021

KingTiger Casino Announces Shut Down

KingTiger Casino has announced that it has ceased all operations until further notice. According to its website, the casino has had to “temporarily close” due to Ethereum network congestion. It is not yet clear if and when this online Bitcoin casino will reopen. Registered players can still access their wallet and withdraw their funds. A […]

12 August, 2021

CryptoCasino Announces Temporary Close

CryptoCasino has stopped operating until further notice. According to a landing page on their website, the casino is undergoing an update. There is no information about when the casino will reopen or the reason why an update required the website to shut down temporarily. Players who hold a crypto wallet account with CryptoCasino need not […]

11 August, 2021

Binance Suspends SEPA Inward Payments Until Further Notice

Binance Suspends SEPA Inward Payments Until Further Notice Binance has just announced that it has temporarily stopped all incoming SEPA payments. As a result, users will no longer be able to deposit euros using the primary European payments network. The world’s largest cryptocurrency exchange did not provide any specific information regarding the reason behind this […]

12 July, 2021

Why are Crypto Holders Worried of Declaring Their Ownership?

Cryptocurrencies have been popularly regarded as the future of finance globally. Investing in virtual coins has become a lot easier than it was a few years ago with the evolving crypto industry. Over the last few years, Bitcoin has caused a lot of buzz in the market. It has established itself as the de facto […]

8 July, 2021

Bitcoin On The Rebound Following Elon Musk’s Latest Announcement

The price of the world’s largest cryptocurrency is rising again following the latest comments from Elon Musk. Bitcoin’s price has climbed and stayed above $40,000 on Monday 14th June, following an announcement by Musk that Tesla will, once again, start accepting BTC payments. The latest comments have proven once more what a powerful influence the […]

16 June, 2021