Felix Hufeld, leader of Germany’s financial watchdog, has said blockchain technology is revolutionary and its applications can turn the whole financial sector upside down” . Hufeld, who’s president of the German Financial Supervisory Authority, made the remarks during a speech at an event in Berlin a week ago where he explained the operator’s thinking about bitkoyne and blockchain. Regardless of the current hype, if not a bubble, around the bitcoin cost and the boom of coin offerings, he said, blockchain’s capability to power distributed applications could be revolutionary.” . He continued. These programs aren’t just safe from failures of computers or suppliers, they also foster the evolution of a blockchain economy.'” .
Further, the BaFin head said blockchain programs have guarantee in areas that lack an efficient control mechanisms or trustworthy institutions like in foreign trade or development aid. The speech follows opinions by Hufeld in Apr, where he stated that he doesn’t wish to kill innovation in blockchain, though his bureau is beefing up efforts to control cryptocurrency trading on money laundering concerns, based on a report in the time. BaFin has also issued new guidelines in Feb outlining how and once it’d consider tokens issued during ICOs to be securities, stating it’d take a case-by case approach in determining the legal status of individual tokens. BaFin picture via Shutterstock. A leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.