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Author Topic: Is Germany the NEW World’s Crypto Superpower  (Read 391 times)
dimonstration
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August 17, 2020, 09:23:19 AM
Last edit: August 18, 2020, 04:57:22 AM by dimonstration
 #1



"Germany’s Finance Ministry has drafted a bill that will update its legal framework regarding securities.
The bill specifically targets tokenized securities and will bring digital assets closer to traditional financial instruments"




Before this bill, Germany was known for being supportive on cryptocurrency when BAFIN release guideline during ICO madness. This only show how Germany accept and embrace the blockchain technology. They are also currently developing there own stable coin using Stellar, If this become successful and approved, They will be the first country that create there own stable coin and used on there own banking system which will be the game changer on financial world. Maybe many major country will follow this lead especially the US which is very slow on processing any crypto bill.



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August 17, 2020, 01:09:32 PM
 #2

The introduction of electronic securities (eWpG) is
just one of such futuristic advances cryptography deserve, a replacement for these paper certificates is needed to ensure a more secure and easily marketable alternative by entering the details regarding these securities on a blockchain-based register, which would provide more hitch free transactions to a larger extent.

The hopeful successful practice would as well rise the interests of other nations which would in turn promote crypto prominence further. The future holds more!
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August 17, 2020, 01:17:22 PM
 #3

This is another great news for adoption, I hope Germany becomes successful on implementing this so that other countries can start joining the crypto space. The key is to make it easy for everyone to understand and use this technology, this is similar to Symbol from NEM's seamless API integration which allowed the Lithuanian government to develop their own coin.
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August 17, 2020, 02:20:22 PM
 #4

This isn't first time such an initiative taking place with one of the high technology developed country. There were more and more similar incidents happened in the past. I've mentioned few of those happened in the past


Few sources provided were older than two years.

Even more countries have made plans, but nothing has striked the real market for various reasons. Few other that has come to real-time usage too hasn't gained good usage. Upon the same I don't think Germany is gonna make a big change with its new bill.

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August 17, 2020, 03:16:37 PM
 #5

Germany’s Finance Ministry has drafted a bill that will update its legal framework regarding securities.
The bill specifically targets tokenized securities and will bring digital assets closer to traditional financial instruments"

Countries are updating their laws and regulations all the time. I would say Germany is very late with securities and ICOs. They should focus in regulation DeFi now.
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August 17, 2020, 03:25:24 PM
 #6

This isn't first time such an initiative taking place with one of the high technology developed country. There were more and more similar incidents happened in the past. I've mentioned few of those happened in the past

South Korea imposes 20% of tax for income generated in cryptocurrency trading which is A LOT, that's already a fourth of what the traders are getting in trading cryptocurrencies. Not looking good for Korean traders, though there are massive movement happening in South Korea, this might be the drawback from their decision.

Switzerland adopted the cryptocurrencies, they welcomed it and had a crypto law in progress. This country may be the center of cryptocurrencies because of their remarkable approach.

I'm really bothered with India's decision, they are so indecisive in dealing with cryptocurrencies which I don't like about their government. One day they accept it, then the next day they don't. This means that they are not looking at it very well. I'll just consider it a good one once they stapled the papers and get this down on the table for talks.

Even more countries have made plans, but nothing has striked the real market for various reasons. Few other that has come to real-time usage too hasn't gained good usage. Upon the same I don't think Germany is gonna make a big change with its new bill.
What's happening right now is a process of adoption though we can't really say that this will boost the crypto community but it will help most people out there to understand how it really works. 3 to 5 years from now, we are going to have a fully established regulation on these matters especially with bitcoin.

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August 17, 2020, 03:42:27 PM
 #7

Well Germany is probably doing it as a part of their financial reforms and to be able to stay ahead of the game because German legislators believe that digital currencies are the future. That's why they want to prepare the incubation ground and have it ready to adopt future changes coming to the financial market through cryptocurrencies. However, the article talks mostly about 4 major points and I see a serious concern in one,

Quote
Anyone can register securities - Less paper and legal costs will make registering securities a faster and seamless process. Those that stand to benefit the most from this will be industrial, brick-and-mortar corporations, which will now be able of registering their own digital securities.

This step should not open up a can of worm in crypto market. Reducing paperwork and legal costs mean, that releasing digital security will become easier for anyone who wants to raise capital for a new/existing business! ICO market gone down to drain only because anyone and everyone could start an ICO back in 2017-18. Same should not happen here as well. I am sure Germany will have more discussions before this draft bill can become a law.

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August 17, 2020, 04:27:23 PM
 #8

Germany is seeing the right direction.
I believe that they have heard people's voice, recently a lot of projects are coming out of Germany.
This might have helped in order the Ministry to see that there is a lot of demand for tokenized securities and blockchain projects.
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August 17, 2020, 04:42:55 PM
 #9

Germany is among the countries that do not hide their backing of cryptocurrency with a legal framework that allows individuals to trade and use bitcoin just like fiat. In fact it is known that some banks in Germany are declaring their intention to offer crypto-related services https://news.bitcoin.com/banks-germany-crypto/ which I believe with all this support for crypto, Germany is by far is one of the most friendly and generous nation to crypto-related services
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August 17, 2020, 06:03:44 PM
 #10



"Germany’s Finance Ministry has drafted a bill that will update its legal framework regarding securities.
The bill specifically targets tokenized securities and will bring digital assets closer to traditional financial instruments"




Before this bill, Germany was known for being supportive on cryptocurrency when BAFIN release guideline during ICO madness. This only show how Germany accept and embrace the blockchain technology. They are also currently developing there own stable coin using Stellar, If this become successful and approved, They will be the first country that create there own stable coin and used on there own banking system which will be the game changer on financial world. Maybe many major country will follow this lead especially the US which is very slow on processing any crypto bill.




I do understand the problems US has with the ongoing crypto engagement with the economics , they think that they are loosing the dominance in the market and therefore it usually ends bad for the crypto users and to think that president Trump is not that frantic about the whole Idea of Bitcoins , at the same time there are people who are supporting the incoming elections because there are people who are crypto enthusiasts and running in the elections too.

_*_

At the same time when we are talking about Germany , they definitely have decided to integrate safe Crypto in the economy and they do need to work on the issues regarding the small crypto investment businesses and make the registration easier for them.

_*_

I envy Japan somehow , how they accepted the crypto and how easy it is for the government to think about the people first. I think Japan is already a crypto superpower and we soon will have Germany in the list too.
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August 17, 2020, 08:52:26 PM
 #11

OP, please read parts of this thread and all of this one and stop posting enormous images that add nothing to the thread.  Thank you.

I envy Japan somehow , how they accepted the crypto and how easy it is for the government to think about the people first. I think Japan is already a crypto superpower and we soon will have Germany in the list too.
How is Japan a "crypto superpower"?  What would make any country earn that title anyway?  If I were to think of any country that's a crypto superpower, it'd be China since they dominate in terms of mining (or used to; I'm not sure if their government outlawed it yet or not).

In fact it is known that some banks in Germany are declaring their intention to offer crypto-related services https://news.bitcoin.com/banks-germany-crypto/ which I believe with all this support for crypto, Germany is by far is one of the most friendly and generous nation to crypto-related services
Props to them, and I wish Germany all the best when it comes to integrating crypto into their banking system--and in the people's everyday lives, too.  The United States really needs to start catching up when it comes to banks and crypto.  So far I haven't seen any US banks who are willing to touch bitcoin with a ten-foot pole, and given that bitcoin has been around for over a decade I find that surprising.

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August 17, 2020, 09:34:05 PM
 #12

Germany is among the countries that do not hide their backing of cryptocurrency with a legal framework that allows individuals to trade and use bitcoin just like fiat. In fact it is known that some banks in Germany are declaring their intention to offer crypto-related services https://news.bitcoin.com/banks-germany-crypto/ which I believe with all this support for crypto, Germany is by far is one of the most friendly and generous nation to crypto-related services

We can say that one of the most friendly and generous nation when it comes to crypto, but superpower, I don't think so.
What are the criteria to be labeled as crypto's superpower?
So the OP should think about valid reasoning why Germany fits that profile, not only because banks are willing to accommodate crypto.
But superpower or not, their approach towards crypto is very welcome of course in the crypto community, that means possible adoption among its citizens.


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August 17, 2020, 09:56:02 PM
 #13

~snip~
How is Japan a "crypto superpower"?  What would make any country earn that title anyway?
Base on how they've describe a nation that's a "crypto superpower", I think It's because of their government's involvement and openness for crypto related projects and future payments/financial system innovations, that wouldn't hinder the people for creating such game changing projects like the ones in Germany without being afraid If the government will go against them.

 If I were to think of any country that's a crypto superpower, it'd be China since they dominate in terms of mining (or used to; I'm not sure if their government outlawed it yet or not).

I agree, technically. It just lacks of governments support as they planned to shut down crypto mining companies back in 2019. Eventually, the issue  has calmed down.
Therefore, the government's support to cryptocurrency is essential for crypto development in a country, thus be called as a crypto superpower country.
So, If Chinese government would embrace and be open on cryptocurrency like Germany and Japan, I guess they'll become the "most powerful crypto nation" lol  Cheesy

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August 17, 2020, 11:01:51 PM
 #14

As I have said in the previous thread, Germany has been in the forefront of crypto in EU for many years now.

PayPal for Crypto: Up to 25,000 Online Stores in Germany May Accept Digital Money in 2019.

But the definition of Crypto superpower is really vague at this point, we can argue that China is, because of their mining facility, although we heard so much news that there is a proposal to ban miners. And then we have Japan, who is the first country to make bitcoin as legal tender.

So let's see how this electronic securities (eWpG) will work for Germany, and as far as I know they just want to digitised securities here through blockchain technology and replacing those paper certification to digital security form. So I don't know how you can be a crypto superpower with that move.  Grin

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August 18, 2020, 01:11:54 AM
 #15

First, it's really hard to define what crypto superpower really means.

It is based on the following criteria?
(1) adoption?
(2) mining dominance like China?
(3) number of exchanges or online gambling?
(4) regulations and relax law?



Anyways, everyone is moving towards utilizing blockchain technology with everything that they can think of. So Germany is not the first one to get on board with blockchain in enhancing or fully replacing their old and traditional system. As far as I can remember, the government of Canada is already moving to blockchain as well.

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August 18, 2020, 05:07:48 AM
 #16

OP, please read parts of this thread and all of this one and stop posting enormous images that add nothing to the thread.  Thank you.

Hello, Thanks for the feedback, This is my second time creating a thread and I'm using a 32" inch wide screen monitor so in my view it's just normal. It's my fault
to never consider small screen user to view my thread. I already adjust it and I don't know if that is already fine since I don't know what is the standard image size so
that it will be fitted to all screen size. Also I just want to used image to give aesthetics to my thread.


We can say that one of the most friendly and generous nation when it comes to crypto, but superpower, I don't think so.
What are the criteria to be labeled as crypto's superpower?
So the OP should think about valid reasoning why Germany fits that profile, not only because banks are willing to accommodate crypto.
But superpower or not, their approach towards crypto is very welcome of course in the crypto community, that means possible adoption among its citizens.

What is your definition of Superpower and Crypto??? Are you thinking something like massive force like nuclear power? We are discussing crypto here and crypto is currency.
So if we define "Superpower" in cryptocurrency, It only defines the adaptability of a certain country to used cryptocurrency in there own economy. Or maybe you are thinking to same guy above that comment that China is better to called Superpower because they own the most miner in the blockchain?

Guys we are discussing here the used of blockchain in general and not a certain coin like bitcoin, ETH and ETC. I know that many country are already friendly but Germany is
making legal move to used blockchain to be part of there economy and some first mover country are already stagnant on rolling there law for crypto.

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August 18, 2020, 05:17:07 AM
 #17

Short answer: NO

Long answer. The reason why it´s hard for Germany to become a crypto superpower are their insane taxes, their tendency to eventually overregulate and the fact that the EU always can come up with a law limiting the use of cryptos because EU law stands above EU-member-countries law
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August 18, 2020, 05:22:08 AM
 #18

This is another great news for adoption, I hope Germany becomes successful on implementing this so that other countries can start joining the crypto space. The key is to make it easy for everyone to understand and use this technology, this is similar to Symbol from NEM's seamless API integration which allowed the Lithuanian government to develop their own coin.

I also read about Lithuanian president send bitcoin as a gift to Estonian president, and there's a thread here in this forum about it.

Germany is really a supportive country when it comes to cryptocurrency and their utilization and regulation of coins in their country is very efficient and effective. Hoping that some other countries will also see the importance of bitcoin in the economy, even though it is volatile. But this engagement in this kind of technology is really a good sign of development.

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August 18, 2020, 05:46:44 AM
 #19

First, it's really hard to define what crypto superpower really means.

Dynamic national currency exchange and circulation integrated with all levels of the economy would be significant in making Germany top level in crypto seems like.   Perhaps this could be a real thing for Germany based on history and their  disaster that occurred alongside hyperinflation, they have the will to take all measures to avoid that occurring once again.    Germany has walked into the control of ECB which has operated a reckless QE program that could result in something like uncontrolled hyperinflation, so a desire to embrace crypto as some alternative for the people and business of Germany could be realistic proposition.

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August 18, 2020, 06:07:21 AM
 #20

Yes, but I am not in favor of the combination of crypto and fiat money. This will facilitate money laundering by mafia and large corporations and then many black transactions will no longer be controlled by the law. and you know, working in the underworld usually makes a lot of money and if every transaction is hidden in blockchain systems and no one can detect it, do you think there will be a lot of crime? I am very concerned about this problem in the future if I integrate the two markets together.


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