The German Government has passed a new law that declares that all the electronic securities would now function as the country’s wider security block chain. Earlier in Germany, every individual holding crypto was forced to record the transaction in the form of a documented proof or in a private sector bank, which was a bit deviated from decentralization. But now, as per the new law, the government relaxes these rules and promotes the concept of decentralization saying that electronic recorded transactions are vivid enough.
Many scholars who are a part of the German finance ministry such as Olaf Scholz and Christine Lambrecht promote this law, by supporting with statements saying that this particular law would improve Germany’s financial position in the electronic market. This enhancement would also accelerate the block chain technology used for this purpose.
Germany have been meticulous and very conservative in their approach towards this move on crypto currency. Where many other European countries have still not granted complete access to these digital assets, Germany seems to be stay a step ahead of them in making the financial future of digital market in Germany a fruitful one.
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