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Bitcoin and Co.

Darknet, Drug trafficking or Internet 4.0 – What is it all about?

Darknet, Drug trafficking or Internet 4.0 – What is it all about?

Bitcoin has been written and debated about over the last few months, as well as crypto currencies
and blockchain technology. In view of the large number of comments, it is hardly possible to obtain a reliable insight into the current situation.

One of many contributions: Blockchain: The technology behind the crypto currency Bitcoin

As consultants, we are currently strongly committed to these issues with our clients and we can identify two things:

  • We are witnessing another digital revolution, the effects of which can only be imagined at the moment.
  • Politicians are completely overwhelmed and fail to grasp the magnitude of this phenomena.

There is no objective debate about the possibilities of this technology, which would also give Ger-many the opportunity to reduce the technology gap to other industrialized countries.

Instead, everyone is calling for bans and regulations, often with reference to an alleged predominance in the use of digital currencies by drug dealers and other criminals. Some of our clients may be Techies, many of them certainly nerds, but one thing they are not: Criminals!

While politicians are still calling for tighter regulations on various crypto currencies, discussions worldwide are already revolving around the possible applications of blockchain technology for tomorrow and beyond. Therefore as a result, not just our clients but many others are planning to relocate their activities abroad, as research and development based on Blockchain technology is seen as an opportunity for economic development.

German politicians, bank representatives and other decision-makers would therefore do well to put their concerns about Blockchain technology, its influence and future significance behind them and to create a framework of conditions as quickly as possible that would support application and development of these technologies in Germany. They should also avoid over-scrutinizing every step in advance, as to whether it might be possibly violating a criminal law or a BaFin guideline.

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