Thomas Heilmann has successfully founded several companies and sits today as a CDU member of the German Bundestag, among others, in the Committee for the Digital Agenda. In addition, he was from 2012 to 2016, Senator for justice and consumer protection of the Federal state of Berlin. Now Heilmann has been active in the Blockchain-strategy of the Federal government involved. 25. June has met the CDU/CSU parliamentary group and its new position paper “the technology of the future Blockchain – opportunities for Germany” unanimously decided. What are the advantages of digital securities are, and why Central banks on stablecoins should think about, and why there needs to be a Federal Chain, has betrayed us, Thomas Heilmann, in a personal Interview.
By Sven Wagenknecht
26. June 2019BTC$12.811,00 12.25%part Facebook Twitter LinkedIn xing mail
BTC-ECHO: An aspect of the Blockchain-the Federal government’s strategy is, among other things, to be able to digital securities based on the Blockchain can be mapped. What is it, what is the Motivation behind it is?
Thomas Heilmann: We want to create legal certainty for transactions with the Blockchain. One of the questions is: Would a Token for a thing, then you would have to be according to Civil law, somehow embodied, for example, in paper form. The Token of the case. This is not to say, the whole thing, the legal regulations shall apply. When we create a new category of “digital value paper”, we will answer a number of complex legal issues and creating legal certainty.
BTC-ECHO: In Germany can currently only be represented in token form, but no equity, such as it is, for example, in Switzerland and Liechtenstein is possible. Is change exactly?
Thomas Heilmann: if you like, you can throw its newly issued Token voluntarily of immediate enforceability under. That is, if I have a receivable of 1.000 euros on the Token, and a dividend of four percent, and the promised payment does not occur, then I have to make a claim for payment in court. Instead, I can appeal to the notary – also online – and to me according to German law, an enforceable title issue can.
This acts like a court judgment. Thus, the enforcement of legal claims for both foreign and domestic investors is much easier. This has the enormous advantage that project financing will be easier, because they offer more protection for investors. Legally it will be to foreign capital, even if they are equity-like in character. One could accordingly say that a real estate financing over 50 million euros and tokenized 20 percent. Thus, investors have a claim on a small part of the property or of the property.
in summary: The enforceability improves the ability of capital to collect, especially for smaller companies that can’t afford Bonds.
in Addition, we request a new category for corporations, instead of led in the commercial register in the Blockchain tab. In this form of society, just as in the case of the GmbH – you know, but who the shareholders are. Also accretion mechanisms for employee participation were, therefore, about the Smart Contract automated mapping.
BTC-ECHO: Is to undermine this perspective the relevance of a joint stock company the legal form of a GmbH? Finally, Companies will get by means of Security tokens, similar to that of the AGs, to get capital on the free capital market, at lower cost.
Thomas Heilmann: This will decide the market. We will retain the legal form of a Corporation, of course. Want to company as well as investors. Also, there are between AG and GmbH other differences, such as the need for a Supervisory Board of an AG.
BTC-ECHO: See you currently in the crypto-regulation of the Ball more in the policy or in the case of the often slow and braking shown BaFin?
Thomas Heilmann: Germany is a country of separation of powers. Neither the policy nor the BaFin can do everything. The Feedback that I have received in the last few months, shows that the BaFin has accumulated a lot of experience.
On the other hand, the BaFin has the duty to provide for the protection of investors. And you can not deny that there has been at ICOs a lot of fraud. In this respect, both sides need to be taken into account. We need to protect both the investors, but also ensure that the regulatory and economic burden for the Token Emission is too large.
BTC-ECHO: it Takes digital securities in the future at all CSDs such as Clearstream AG in Germany?
Thomas Heilmann: I think in the medium term, both will exist side by side. A stock exchange-listed securities trade, it will continue to give. For BMW it would make little sense, all of its shares of stock to authorize the token. Overall, I think, however, that the financial market will grow. And it’s clear that the new Segment will grow faster than the traditional one.
BTC-ECHO: How do you assess the time horizon in the implementation of the planned projects for the creation of a legal framework for digital securities?
Thomas Heilmann: The Federal government will adopt this summer, a Blockchain strategy. The Union group has published in the run-up to a position paper. Personally, I can imagine, however, that the SPD’s exit from the Grand coalition.
This could mean that we will have at the end of this year, no government coalition in Germany. This has to do with the Blockchain directly to. However, it influenced the legislative process, perhaps considerably. I hope that we get in front of it a lot – but this is uncertain. For the Blockchain-scene, it is from my point of view, very important that we create quick solutions in an agile legislative process.
BTC-ECHO: Now, yesterday, on 25. June, the CDU/CSU parliamentary group discussed the matter for further action in the field of Blockchain. What are the topics that stood here in addition to digital securities still on the Agenda?
Thomas Heilmann: , The group has decided on Tuesday that we will bring various Changes to the Blockchain on the way. In addition to what I mentioned before, it will go to digital identities. Dadurch, it will be possible that you can assign to a notary also machines and devices to a unique digital identity.
The well-streitbarste question the ECB-Stable-Coin is. But that would be the task of the Central banks. The Facebook-crypto currency Libra raises many questions. It would be Libra, already, have, for example, can the Turks their money during the currency crisis from the sun; and it would have damaged the Turkish economy is enormous.
Nevertheless, such a crypto-currency can bring many advantages and just people in developing countries a first-time access to financial services. You have to make at some point, the question of how to regulate the. Especially if one is of the view that currencies are a kind of infrastructure. This should also be the state or the Central Bank.
Detached from the Medium of the currency, we believe that it is useful, on the infrastructure side of a Blockchain from the Federal government to provide. There needs to be a Federal Chain. This Federal Chain could offer for a fee, an energy-saving infrastructure, to applications and offers safe and non-manipulable handle.
In addition, we want to meet in privacy law clarifications. So to be defined from our point of view, that the Hash values and public key does not constitute personal data, as long as the original data is not reconstructed can be. Thus, we establish the compatibility of the Blockchain, with the right to be Forgotten. Yet, there are many uncertainties here, especially in the Blockchain-scene.
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