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Crypto-Mecca Germany? The Blockchain-strategy of the Federal government

The Federal government has completed its Blockchain-strategy. The Federal Ministry of economy and Finance created the position paper contains about 40 times mor

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Crypto-Mecca Germany? The Blockchain-strategy of the Federal government

The Federal government has completed its Blockchain-strategy. The Federal Ministry of economy and Finance created the position paper contains about 40 times more, sometimes less concrete measures, with which the government framework for the Blockchain technology and crypto-wants to create Economy. Also in the state administration, the technology could in the future enter. On the international level, the Federal government, however, Stable Coins on the fight.

By Christopher clover
18. September 2019BTC$10.161,50 -0.63%part Facebook Twitter LinkedIn xing mail

verabdschiedet The Federal government has a "Blockchain-Strategy" for the Federal Republic of Germany. In the position paper, the ECHO is BTC, outlining the Federal government's future handling of the opportunities and challenges associated with the growing spread of the Blockchain and Distributed Ledger technologies (DLT).

The Federal government would like to work with your Blockchain-strategy for Germany "leading Position" [sic] as a remove: -

Germany is an attractive location for the development of the Blockchain should be applications and investments in its scaling. At the same time, large companies, SMEs and Start to be treated-ups as well as the public sector, the countries, civil society organisations and citizens in the informed decisions about the use of technology to meet.

The Blockchain-the Federal government's strategy encompasses five priorities. The Blockchain in the financial sector, the promotion of innovative, Blockchain-projects outside the financial system, legal framework, digital management services, as well as the proliferation of Blockchain Know-how.

Blockchain strategy is to open the German law for digital securities

The Federal government wants to loosen in the era of digitization, more and more the anachronism depraved mandatory paper form in the creation of (civil) securities.

The Federal government aims to open the German law for electronic securities. Currently the mandatory requirement of the written incarnation of securities (i.e. paper form) will no longer fully apply. The regulation of electronic securities should be technology neutral, so that in the future electronic securities on a Blockchain head.

government wants to take ICOs and Wallet providers to the curb

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The Blockchain-strategy for later this year a draft law that regulates the publication of certain types of cryptographic tokens in the Form of an Initial Coin Offerings. The focus then of the protection of investors, as well as the creation of legal certainty should be. May, ICOs will need in the future, the regulatory blessing of the BaFin:

So that could be legally ensured that a public offer, in particular, to define crypto-must be Token only if the provider previously published according to statutory requirements created information sheet 206, whose publication has been permitted by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) 207.

another, by the end of July, adopted the draft law provides that the provider of crypto-Wallets to obtain a BaFin approval. However, the design is limited to so-called Custody Wallets. This is crypto-Wallets where the Wallet provider, not the user, access to the Private Keys of the cryptographic has in deposits.

Libra no Central Bank-Coin: maybe

The Federal government wants to prevent Stable Coins such as Facebook's planned "Libra" an Alternative to Fiat money can provide. The government would like to hold this Position at the European and international level. A statement of the reasons for this decision, the government does not deliver. For this, she suggests, to the digital Central Bank money more illuminating:

The Federal government will work at European and international level, "stable" coins are not an Alternative to national currencies. At the same time, the Federal government will expand the already existing dialogue with the German Bundesbank to the Digital Central Bank money, the current state of development to explore.

to promote Not a part of the Blockchain-strategy: Regulatory Sandboxes

innovations in the field of Blockchain and other DLTs, wants to set up the Federal government's so-called "real laboratories":

in Particular, in the case of new technologies such as the Blockchain technology, pilot projects and real laboratories an ideal opportunity to test the use of the technology in practice as well as regulatory approaches.

as a result of the consultation process for the Blockchain-they've decided the Federal government to establish real laboratories "systematically in Germany". A Regulatory Sandbox, as they are called in the UK or South Korea, not the Blockchain strategy, however.

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Furthermore, the Federal government plans to support DAOs in the context of funding programs, and to summarize the creation of the legal framework for the new form of cooperation to the eye.

Blockchain-register: Digitized management services

Also in the area of administrative services the state wants to shed light amplifies the potential of the Blockchain technology. The Blockchain-implementation management processes should be an end in itself. Instead, the government withdraws its application only in the case of a benefit in comparison to existing or competing solutions.

As promising application areas of the vehicle attitude or the digital-based verification of often locally held original documents are, for example, such as documents and testimonies.

Also for the field of application of the digital identity, the Federal government sees opportunities for the Blockchain. The technology will be investigated, among other approaches, according to the principle of technology neutrality:

The Federal government piloted Blockchain-based digital identities. You will examine whether these Blockchain-based digital identities and the promise of a clear added value compared to existing solutions, and whether they can be designed to be data protection legal requirements. This is also suitable for more applications to be evaluated.

However, there is a conflict with the Europe-wide eIDAS-regulation, the digital trust services regulated in the offing here. This provides a Central operator for eIDAS-infrastructures – an approach that is difficult with the decentralization of a public Blockchain connect.

the creation of Standards as a Central concern of

The consultation process on the Blockchain strategy have shown, according to the Federal government that there is on the part of the respondents to a large Demand for standardized interfaces, standards and certificates, the company will facilitate the access to the Blockchain-market. In this case all the easier, if

apply the norms and Standards on a European level and internationally. In particular, in the case of Smart Contracts [...] calls for additional transparency.

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Therefore, the demand for government-certified Smart Contracts was in the process of consultation according to the. The Federal government highlights the possibility of a standardized Audit procedure for Smart Contracts, the companies can take advantage of "in order to increase the trust in the Blockchain technology and [...] Smart Contracts".

energy economy: Federal government is planning a national Register for Smart Contracts

Special focus in the Blockchain strategy on the energy sector. The Federal government plans to, among other things, the establishment of a cross-technology "pilot laboratory". In it representatives from the energy sector, society and authorities should jointly identify the opportunities and risks of new technologies in the energy sector. The government also plans the establishment of a Central Smart-Contract-Register for the energy industry:

in Particular, in the energy sector, Smart Contracts have a great potential for automation and increased efficiency. The more important is the Transformation of contractual relations in the digital language or in digital Code. The Federal government will begin promptly with the establishment of a register, the contractual issues in the energy industry lists and the collection and systematization of Smart Contracts is to enable,

it were in the position paper.

Which of the total of 40 planned measures – which occasionally are more likely to be implemented in the nature of a non – binding Declaration of intent-ultimately, remains, however, as well. The same applies to the question of whether a national regulation of a global technology can meet.

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