Bitcoin regulation in Germany?

Posted on Saturday , 2018-10-27 , 09:53 PM | REGULATION

The legal situation surrounding bitcoin, blockchain and cryptocurrencies is still unclear in Germany. In principle, even less clear than before, because recently, the Berlin Court of Appeal published a ruling in which it annulled the previous provisions by the BaFin. Now Neufund reacts with an open letter to the German Bundestag.

Bitcoin, regulation and the Federal Republic do not really want to get together. First, the German financial regulator BaFin defined cryptocurrencies like Bitcoin as a unit of account, but did not accept them as currency. For it was placed in the far away the ground for a possible regulation. But only recently did the Berlin Court of Appeal declare the definitions of BaFin to be legally binding. The definitions of the BaFin are not admissible, moreover, the BaFin had exceeded their area of responsibility. Accordingly, the Bitcoin trade was theoretically no longer punishable.

The Court of Appeal Berlin, however, remained guilty of a clear ruling. Although she released the former operator of a Bitcoin exchange, but also provided no precise definition. Since then, the regulation of Bitcoin & Co. has been in limbo. Now the German Blockchain community is gathering for a protest. Only on Wednesday, October 25, we reported on the Bitcoin demo at the Brandenburg Gate, where Bitwala wanted to draw attention to the legal situation around cryptocurrencies.

Germany must not miss the technological revolution
But also Zoe Adamovicz reports on behalf of to speak. In an open letter on Medium she calls on the German Bundestag to finally bring some order into the Bitcoin regulatory chaos. So she calls on the Bundestag to create regulatory security.
Only in this way could Germany prevent the Internet from missing out on the next technological revolution. Rather, the federal government should orient itself to neighboring countries such as France:
"The regulatory certainty must now be guaranteed, otherwise we endanger the thriving Blockchain ecosystem in Germany. It is unacceptable for young entrepreneurs to be prosecuted because the regulator has no clear rules. We must not allow valuable blockchain companies to repeatedly collateralize for bad actors in the scene. "