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....
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The Bitcoin community has reacted to the European Union's announcement that digital currency control will be on its list of priorities in 2017. Matthias Klees, a founding member of LocalCrypto and the CEO of EuropeCoin, has called on the cryptocurrency community not to contribute to confusion caused by incorrect wording. Impossible to regulate. Klees states: "The barrier to understanding cryptocurrency, for an average person, is high enough. Wrong wordings are preventing the public from understanding what is going on. The European Union is trying to regulate cryptocurrency businesses,....
In a chat with Cointelegraph, Matthias Klees, a founding member of LocalCrypto and a former advisor in Brussels, revealed that LocalCrypto’s recently released platform is the first step in advancing real-world cryptocurrency adoption. The group is geared towards a sophisticated geolocation system, teamed up with high-end search-engine connectivity. Their focus is on fostering and establishing a local cryptocurrency economy, like your local grocery store. Klees says: "You can list your cryptocurrency accepting business or announce to exchange Bitcoin or altcoins in the old fashioned....
The biggest U.S. and European banks oppose strict new rules that would require them to set aside a dollar in capital for every dollar of bitcoin they own.
As the Chinese government is turning toward researching and exploring possible applications of blockchain technology, the country’s big banks are increasingly hiring experts and developers to keep up with digitization and a technology-driven landscape. Having included blockchain development in its latest 5-year plan, the Chinese government’s efforts to embrace FinTech also sees the country’s central bank, the People’s Bank of China (PBOC), explore and research the possibility of introducing its own digital currency. The agenda is contrary to the usual notion of central banks being late to....
In an interview with IBTimes, blockchain specialist Nick Szabo has said that the banks would need to abide by the same principles as are followed by Bitcoin, if they want to get more out of blockchain. For that, he said, the banks will have to accept the system of 'permissionless blockchain.'. He also said that if the banks decided to go on the path of permissionless blockchain then they will not only do as good as the current companies but also may end up surpassing them. However the cryptocurrency specialist was quick to point out that since the bureaucracies are keenly focused on the....