Coalition agreement in Germany in place – open for crypto industry

In Berlin, the SPD, FDP and Greens have agreed on a coalition agreement. In some points, it also deals with cryptocurrencies and blockchain solutions, in which the future government sees potential.

For the first time in German history, the coalition agreement of a government explicitly provides for an open-minded approach to Bitcoin and Co. as well as related technology. On the 177 pages of the coalition agreement, the striving for EU-wide regulations is stipulated in connection with cryptocurrencies. The future Finance Minister Christian Lindner from the FDP was allowed to play a key role in this. He takes over his post from Olaf Scholz (SPD), who will become Chancellor and is known as a proponent of an e-euro.

The tripartite alliance of FDP, Greens and SPD wants to strengthen the EU supervisory authorities for cryptocurrencies. Crypto exchanges are to be obliged to record the identity of customers and to document transactions. This is to succeed with also the balancing act between innovativeness and consumer protection. The misuse of Bitcoin (BTC) and Altcoins for money laundering and terrorist financing is to be prevented. However, details on how this is to be done are left out.

The explanations of where blockchain technology is politically desired are also not very concrete. The coalition agreement suggests that land registers could be kept purely electronically, and other areas could be examined. One could imagine tokenized share trading, for example. Those who had hoped for less regulation for the crypto industry from the new German government are probably wrong. But overregulation does not seem to be expected for the time being either. With the repeated reference to EU solutions, it is also clear that little will change quickly, because the mills in Brussels grind slowly.

Nevertheless, the international trade media welcome the coalition agreement. The symbolic effect alone is a big step forward and makes the USA look old. By naming crypto stocks in its basic agreement, Berlin’s politicians demonstrate that the crypto industry is becoming a matter for the boss. Since there are many FinTechs and start-ups in Germany with links to the crypto industry, the attention paid to their business sectors by the coalition should not be underestimated.

Conclusion: A spirit of optimism in federal politics for crypto

The previous CDU-led government had devoted itself to the topic of crypto markets rather listlessly, and an official blockchain strategy associated with great expectations petered out. Thus, the new coalition members actually have the chance to take the principles of Bitcoin and Co. more seriously in their positions and accompany them with practical regulation. We will see how this turns out in the next few years and will always have to look to Brussels and the EU institutions.

Best place to buy Bitcoin:

Be the first to comment

Leave a Reply

Your email address will not be published.