Bundesbank President: Blockchain is a ‘Multi-Purpose Tool’

Bundesbank President: Blockchain is a ‘Multi-Purpose Tool’

The head of Germany’s central bank described blockchain as “a multi-purpose tool” during a G20 summit speech earlier this week. Leaders from the international organization are meeting in Germany this week to discuss issues around the digitization of finance. The event also saw Bank of England chief Mark Carney remark on distributed ledger tech, suggesting that the tech could “reshape” the financial sector. While Bundesbank president Jens Weidmann largely steered clear of such statements, he did briefly note the central bank’s work with exchange operator Deutsche Börse on a....


Related News

Germany’s Central Bank Details Blockchain Trading Test Results

For Germany’s central bank, blockchain has proven to be a promising – if not somewhat complicated – technology. In late November, the Deutsche Bundesbank announced that it was working with exchange operator Deutsche Börse on a securities trading trial, using blockchain as a means of exchanging digitized securities, while also creating a record of those transactions. At the time, the central bank described the test as "purely a conceptual study". New comments from Bundesbank executive board member Carl-Ludwig Thiele have shined a light on some of the results from that test. Thiele....

Germany's Central Bank is Hosting a Blockchain Conference

Germany’s central bank is hosting a four-day conference on blockchain this week. Dubbed “Blockchain Technology – Opportunities and Challenges”, the event is being organized by the Deutsche Bundesbank in partnership with the Frankfurt School of Finance and Management. Topics up for debate include the future of bitcoin and applications of the tech in both finance and beyond.’ The event is drawing attendees from regulatory bodies like the Bundesbank, the European Central Bank and the Prudential Regulation Authority, as well as startups like Monax, Digital Asset Holdings, Ripple and R3. The....

Banks Should Embrace Blockchain, Not Oppose It: Matthias Klees

Bundesbank President Jens Weidmann, who is also part of the European Central Bank’s Governing Council, has recently called for sweeping regulatory oversight of the Blockchain. Weidmann is convinced that fintech has immense potential to threaten financial stability and the banking sector. Cointelegraph decided to sort the views of Matthias Klees, a former advisor in Brussels and CEO of EuropeCoin about this. Cointelegraph: What's your response to Bundesbank President Jens Weidmann's call to regulate Blockchain and distributed ledger since it poses a threat to the Banking industry? Matthias....

Germany’s central bank is working on a blockchain project, but it's not a CBDC

Bundesbank seems to be coyly flirting with blockchain technology. According to a public notice published in the Supplement to the Official Journal of the European Union, Ocean Protocol, a Singaporean non-profit foundation, was hired to create a decentralized network for Germany's Bundesbank.The central bank said that the Ocean protocol, which is a project of relatively limited renown, was chosen mostly because they were the only possible contractor for the job, citing a “lack of comparable competitors.”Bundesbank detailed in its public notice that the main purpose of the project is to set....

Bundesbank President: FinTech Needs Greater Regulatory Oversight

Bundesbank President Jens Weidmann has expressed that FinTech requires more regulatory oversight because of its potential to threaten financial stability and the banking sector. In a Reuters report, Weidmann, who is part of the European Central Bank’s Governing Council, is reported as saying that a clearer picture is needed to understand better in what way FinTech could potentially pose a risk to the finance industry. He said: Many believe the most disruptive potential is to be found in blockchain or distributed ledger technology, which promises to allow payment transactions and securities....