German Blockchain Plans Need a Framework For Bitcoin Trading and Crypto Token Issuances
Lawmakers from the German Parliament have recently talked about how the blockchain strategy of the country should be. During the talks, they have affirmed that two very important steps in order to regulate this nascent industry in the country are to create an appropriate legal framework for cryptos and for token issuance.
The idea, which was presented by Antje Tillmann and Matthias Hauer today, March 11, is to encourage the domestic blockchain sector of the country to grow and, to do it, the rules need to be clear, so regulation is an important subject.
According to Cointelegraph, the latest hearing of the government about the subject was devoted to understanding more of the opportunities that the blockchain technology can offer to society and how to turn Germany into a blockchain financial hub.
One of the main points of debate was whether the federal government should help the sector (and how), as well as to talk more about the current and the desired state of the industry in Germany.
At the conference, Tillman and Hauer have affirmed that the blockchain industry in Germany is just in its infancy yet and that it can have a huge positive impact on the community. Another important point is that it can be the base for the national digitization strategies of the country.
In Tillman and Hauer’s opinion, the government should step up and create more pilot projects to test the technology. One sector in which this should happen, according to them, is the electromobility sector.
The Rules Need To Be Clearer
Also, it is important to increase the outflow of startups in the country and get more Initial Coin Offerings (ICOs) to be happening in order to become a real blockchain hub. The duo affirmed that this would bring more investment to the country, something that is needed because the government may be in the right direction, but there is surely a long way until the goal can be achieved.
After the conversation, lawmaker affirmed that they needed a clear framework in order to avoid losing people to other countries. According to them, the blockchain technology can only unlock its full potential when the risks are mitigated, which can happen when the rules are clearer.
At the moment, ICOs are not fully regulated in Germany. They are generally treated as securities by the regulation but there is no clear rule on how to create an ICO in Germany so far.
The German blockchain strategy is expected to be ready by mid-2019.