“Blockchain is revolutionary”, says German top financial Regulator

Germany is the one country which drives the European economy. The might of the German industrial power is the powerhouse on which the entire European future rests.

The dominance of the Germans in European institutions from European Commission to European Council outweigh every other nation on the continent. So when it comes to the future of the crypto and Blockchain in Europe, it is prudent to gauze German behavior.

The good news is that Germans are viewing the cryptocurrencies in positive light. A recent poll suggested that the crypto is very popular among the Germany’s younger populations. The young generation view cryptocurrecnies as beneficial investments.

Now the German financial watch dog is also coming openly is support of Blockchain technology. Felix Hufeld is the chief of BaFin and said that Blockchain tech is revolutionary. He further added that it has potential to turn the entire financial sector upside down.

Hufeld was attending an event in Berlin last week when he made these remarks. He was reflecting on the mindset prevalent among German regulators when it comes to Bitcoin and Blockchain.

He was very cautious to not designate the Bitcoin burst as bubble as is done by numerous others. Hufeld said that the Blockchain’s ability to power distributed applications has the potential to be very revolutionary.

He further said, “These apps are not only safe from failures of individual computers or providers, they also promote the development of a Blockchain economy”. The importance of Blockchain is that it can be applied in so many areas.

These are the areas which lack any effective control mechanisms and trustworthy institutions such as foreign aid or trade.

To be fair to Hufeld, he was very cautious about his responses in April. He said then that he does not want to kill the innovation in the Blockchain phenomenon. This was around the same time when German regulators were coming out strongly against crypto trading on accounts of money laundering.