Bitcoin regulation: results of the hearing before the Bundestag published

the The German Bundestag invited on Monday, may 11. March, experts, to discuss the regulation of Bitcoin, Blockchain and crypto-currencies. Under the title, "approval and skepticism in the Blockchain" published in the Parliament now, the results.

By Phillip Horch
12. March 2019BTC$3.893,90 0.53%part Facebook Twitter LinkedIn xing mail

There is news in the field of regulation of Bitcoin, Blockchain and crypto-currencies – at least to a limited extent. Because in the 11. In March, the financial Committee of the German Federal government organized to create a hearing on an application of the FDP parliamentary group with the title "Future-proof framework for the Distributed Ledger technology in the financial market". The FDP parliamentary group, called for clear guidelines for dealing with Bitcoin and other crypto-currencies. Because Without regulation, one can exploit the Potential of the Blockchain technology is inadequate.

informs the Bundestag now, work the BaFin here since 2011 to these "new technology". Accordingly, we have developed structures to remain always on the Ball.

Bitcoin regulation is in conflict with DSVGO

Martin Fries looked up from the Legal faculty of the Ludwig-Maximilians-University of Munich, complications with the data protection regulation as a key Problem in the case of a possible regulation of the Blockchain technology:

at The core of it is that the European General data protection regulation (DSVGO) constituted a right to be Forgotten, while DLT technologies in principle have a complete memory. Although the DSVGO applies only to personal data. However, such a reference to individuals in financial transactions is regularly produced. The Dilemma could only be resolved if we loose either the applicable data protection law or the Blockchain technology to adapt to it.

Catherine Gera recognized on the other hand, the Potential, the outgoing of the transparency of the Blockchain technology. So Bitcoin has been previously associated with money laundering in connection, which, however, is correct. Rather, it allows the Blockchain to create a certain amount of transparency, which "go far beyond those in the existing stock or bond markets."

Finally, Eric Romba Linden partners had to bear in mind that you should not reduce Blockchain and DLT on crypto-currencies such as Bitcoin. Bitcoin was, therefore, only the first application. The technology has developed massively. The report includes:

would It varied cases of application. In addition to the financial industry, the theme of the game is in the area of mobility, infrastructure, energy and real estate a role. He [Eric Romba] took the view that Germany needed neither a DLT-special law, nor is it a DLT-law, but legal certainty. In tax terms, there is a great need.

Until it becomes such, the obvious fear, it will still take a while.

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