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A New Pro-Bitcoin, Ethereum Association Launches in the German Parliament

Last Updated March 4, 2021 4:57 PM
Samburaj Das
Last Updated March 4, 2021 4:57 PM

Digital currencies like Bitcoin and Ethereum will gain support in Germany with the founding of a new nationwide federal digital currency and blockchain lobby group called the ‘Blockchain Bundesverband’ – the German Federal Blockchain Association.

The official founding of the new association took place in the German Bundestag, Germany’s parliamentary building, in Berlin on Thursday. According to local publication t3n , the launch of the association was open for a number of attendees with invitations sent to German members of parliament to attend.

“Blockchain will be the basic technology for the next innovation stage of the Internet, and Germany has a chance to put itself at the forefront of the world through pioneering regulation. The Federal Association is to help seize this opportunity” stated an official release from the group.

Among the many agreed-upon objectives laid out by the association, a notable goal is to see at least one public register over a blockchain put to test in the real world.

The association and lobby group sees support from a number of blockchain companies including Gnosis, the IOTA foundation, Blockchain Helix and Slock.it, among several others.

The new blockchain association also houses an ‘advisory board’ comprising of politicians from different parties alongside other stakeholders.

The launch of the federal association comes at a time when the president of Germany’s central bank has been making some noteworthy comments on blockchain technology and digital currencies. Earlier in March, Bundesbank president Jens Wiedmann, whilst speaking at a G20 conference, claimed the digitization of financial services could see benefits from blockchain technology. However, Wieldmann was also quoted as stating that digital currencies like bitcoin could ‘worsen’ financial crises in the future. He further added, in his opinion, that instant bank payments would put an end to the public’s interest in digital currencies.

Opinions aside, the foundation of a federal pro-digital currency and blockchain association in Germany’s capitol is certain to help the cause for the development of decentralized financial technologies.

Featured image from Blockchain Bundesverband.