German Financial Supervisory Authority Describes Blockchain as Revolutionary
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Answer German Financial Supervisory Authority Describes Blockchain as Revolutionary
Felix Heffield, head of the German Financial Supervisory Authority, revealed that the restrictions placed on Cryptocurrency and technology Blockchain Not to protect individual investors but to keep the volatile market steady, investors need to protect themselves while the authorities tackle systemic threats in the emerging market.
Speaking in Berlin, “This is why we warned against the initial cryptocurrency offer last November, noting the rapid volatility of digital currencies. We will not be able to protect every investor from their destiny and it should not be the duty of the state and we must intervene wisely or regularly if financial stability as a whole is threatened or If the consumer is subjected to systematic harm.”
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While Mr. Heffield was skeptical of cryptocurrencies, likening Bitcoin to a bubble, he remained optimistic about distributed applications and the blockchain technology used in them. Heffield claimed that “blockchain may be revolutionary” and added, “These applications are not only secure through computers and distributors but also promote the development of the blockchain economy.”
Although he says that blockchain is a disruptive technology, he believes that the capabilities of this technology are far from ideal. Heffield Bill Gates, a cryptocurrency critic, stated that he believed that the Internet would not achieve its goal in 1991 until he realized its enormous potential later on.
According to him, “the destructive potential of this technology goes beyond reducing costs. Totally new business models that we can’t imagine may appear today and every day many are working to find new uses for the blockchain and use this technology on a large scale.”
Read:Study: 45% of wealthy people are interested in cryptocurrency
This talk is an appropriate sequel to his speech in April, in which he reassured that the authority is not seeking to kill the blockchain amid its increasing efforts to control the cryptocurrency market, explaining its fear of money laundering and terrorist financing.
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