Felix Hufeld, Chief Of German Finance Regulator Considers Blockchain To Be ‘Revolutionary’
As per Felix Hufeld, chief of German Finance Regulator today blockchain technology is revolutionary and its program usage could turn the whole financial sector upside down.
In the process of a speech at a recent Berlin conference, the president of the German Financial Supervisory Authority or BaFin mentioned that blockchain’s capacity to force allocated applications could in fact be revolutionary, in spite of the continuing hype around bitcoin and initial coin offerings.
Hufeld continued, “These apps are not only safe from failures of individual computers or providers, they also promote the development of a ‘blockchain economy. Thanks to the blockchain, many countries in Africa could make a real quantum leap, for example in the documentation of property rights. For development aid professionals a prerequisite to start real and sustainable economic growth.”
Later Hufeld mentioned that blockchain applications demonstrate hope in areas without reliable control mechanisms or safe institutions.
In April, Hufeld announced that he did not want to interrupt innovation in blockchain, while BaFin is trying to regulate cryptocurrency trading over money-laundering concerns.
The agency has lately issued new directives regarding how and when to examine tokens issued during ICOs to be securities.
