Germany Legalizes Electronic Securities on the Blockchain
Photo: Coindesk
The German government cabinet passed new legislation on Wednesday allowing all-electronic securities to be recorded using blockchain technology.
- The new law does away with the previous requirement for a paper-based certificate and comes as part of the nation's blockchain strategy blockchain, according to a Reuters report citing the German finance ministry.
- Previously, issuers and securities holders had to document transactions with a paper certificate, which added administrative burdens and was seen as an obstacle for security holders, the report says.
- “The paper certificate may be dear to some for nostalgic reasons, but the future belongs to its electronic version,” said German Finance Minister Olaf Scholz.
The ministry recommended last year that the country recognize and regulate blockchain-based securities as a legitimate form of financial instrument.
Reprinted from Coindesk, the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.