The arrival of digitized securities is one of the core aspects of the federal government's blockchain strategy, German authorities say.
Listen to article Federal regulators in Germany are looking to modernize the country's securities with blockchain technology.
On Aug. 11, Germany's Federal Ministry of Finance and the Federal Ministry of Justice and Consumer Protection introduced a draft bill on blockchain-based digital securities.
In the official statement, the authorities outlined that the adoption of digital securities is one of the core aspects of the federal government's blockchain strategy.
According to current legislation in Germany, financial instruments that are classified as securities must be secured in a document.
Also known as BaFin, the agency will be responsible for monitoring the issuance of digitized securities and the maintenance of decentralized ledgers in accordance with the German Banking Act, the official statement notes.
A number of global jurisdictions have been progressing with blockchain-powered digitized securities.
In early July 2020, a company in the United States launched Ethereum-based trading for a new fund composed mainly of shares of U.S. Treasury securities.
Earlier in June, Tokai Tokyo Financial Holdings, a major Japanese traditional financial institution, announced plans to launch a digital security exchange in Japan.
The company said that it aims to apply blockchain technology to the financial industry for issuing digital securities.
New Bill in Germany Proposes to Digitize Securities With Blockchain
Publicado en Aug 13, 2020
by Cointele | Publicado en Coinage
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