To monitor and hold control over blockchain usage across the country, many German parliamentary representatives have argued that the nation’s blockchain strategy ought to incorporate a fitting legitimate system for cryptocurrency trading and token issuance that would empower the sector’s domestic development. German Parliamentary Representatives encourage Framework or Crypto Trading in Blockchain Strategy.
The proposal was advanced by Antje Tillmann (Union parties’ finance spokesperson) followed by her colleague, Matthias Hauer, in an announcement set forth in front of a public hearing at the Bundestag’s Finance Committee on March 11.
This public hearing started discussions about the various opportunities that blockchain technology will offer Germany. Tillman and Hauer handled both the present and desired condition of blockchain improvement in the nation. Also, reviewed the government’s drives in the sector to date.
Both of their explanations emphasized that while still in the blockchain implementation stages across the country. Blockchain is ready to make a critical and useful impact as a base innovation for national digitization procedures over numerous fields. Also that the establishment for its future use should, therefore, be laid with immediate effect.
German has been on of the most pro-blockchain countries around the world. It has initiated a wide number of blockchain pilot projects across various applications, for example: electromobility, and electricity trading. At the Federal Office for Migration and Refugees, Tillman and Hauer expressed that efforts to guarantee Germany can contend on a worldwide stage, should be increased:
“…there has been an increasing outflow of promising [blockchain] startups to European and non-European countries for some time now. Financing rounds based on blockchain technology (so-called initial coin offerings [ICOs]) are meanwhile taking place almost exclusively abroad.”
The officials recommended that so as to stay at the front line of development, and to prevent the inappropriate usage of blockchain talent. Further, the German government’s blockchain strategy should include all necessary legal framework which can support cryptocurrency and token trading:
“The potential of blockchain technology can only fully realize if there is legal certainty and potential risks mitigated. The goal must be to retain the entire added value of this promising technology in Germany. Also, to develop our country into a pioneer of the blockchain economy. “
The German government will present a nationwide blockchain strategy by mid-2019.