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Hufeld, President of the Federal Financial Supervisory Authority in Germany (BaFin), made the remarks in his speech at a bitcoin and Blockchain event in Berlin last week that blockchain technology was "revolutionary" and its applications could “transform” the entire financial sector.
Although there is currently a bit of hype surrounding the bitcoin price and the explosion of the ICO, blockchain are potentially revolutionary. These applications not only avoid the risk from the collapse of personal computers or providers’ network, but also promote the development of a blockchain economy.
Earlier, Hufeld also stated that he did not want to "destroy the innovation" in the blockchain, although his agency is making great efforts to regulate cryptocurrency transactions against money laundering.
BaFin also issued new guidelines in February stating how and when it would consider the tokens issued in the ICO as securities, and said there would be a case-by-case approach when determining the legal status of each token.
RothscoinTeam
