Germany’s Financial Authority Sees Blockchain as Potential “New Standard” for Financial Markets

In a report this week, Germany’s Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), highlights the potential introduction of blockchain or distributed ledger technology in the financial industry.

Known by the abbreviation BaFin, the financial regulatory agency emphasizes the importance of having awareness of potential risks in completely adopting the technology as well as specifically paying attention to threats of cyber attacks, money laundering and removing a centralized authority.