Germany’s Regulator: Blockchain Can Revolutionize Financial Sector

June 14, 2018

The head of the German Financial Supervisory Authority (BaFin) Felix Hufeld regards the blockchain technology as revolutionary one and notes, it can turn the whole sector upside down. That’s what Hufeld stated during his speech in Berlin as he told about the stance the regulator has towards Bitcoin and blockchain.

As Hufeld put it, despite numerous speculations about Bitcoin and growth of interest in ICO blockchain is quite useful, and as it underlies decentralized apps it is able to revolutionize the existing infrastructure:

“These apps are not only safe from failures of individual computers or providers, they also promote the development of a ‘blockchain economy’”.

Hufeld added, decentralized apps on blockchain have got huge perspectives in the fields lacking efficient control mechanisms and reliable institutions like foreign trade and developing countries assistance.

In April Hufeld stated, despite watchdog’s plans for tighter crypto regulation due to money laundering, financial regulator does not want to hamper innovations.

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