About 71% of German citizens are skeptical about Facebook’s Libra stablecoin, while only 12% welcome it, according to a survey published by German financial association Bürgerbewegung Finanzwende on July 23. Most Germans already have an opinion Notably, the survey also showed that almost every one of the 2,093 German adults surveyed had an opinion on the matter, with only 17% saying that they are not sure what to think about the stablecoin. Furthermore, 52% of the respondents also pointed out that Facebook’s impact on society is already problematic today, and over a quarter (26%) stated that they believe further growth …

Starting next year, new Anti-Money Laundering (AML) regulations will come into effect in Germany. The regulations will require cryptocurrency businesses to hold a Federal Financial Supervisory Authority (BaFin)-issued license, Cointelegraph Deutschland reported on July 24. Possible innovation obstruction Per the report, the new regulations will require cryptocurrency-related businesses such as exchanges and wallet providers to be licensed by BaFin and comply with AML regulation, since crypto assets will be considered a financial instrument starting on January 1, 2020. According to local media FAZ, Bundestag Free Democratic Party Frank member Schäffler commented suggesting that the government is hurting local innovation and …

The German Federal Financial Supervisory Authority (BaFin) approved an Ethereum-based real estate bond for security issuance firm Fundament Group. The company announced the news in a press release shared with Cointelegraph on July 23. Regulated real estate bonds on the Ethereum blockchain The given bond backed by a portfolio of properties in major German cities with an issued volume of 250 million euros ($280 million). The firm’s solution reportedly leverages standardized and regulated financial instruments to build a real estate-backed asset that can be traded worldwide independently of banks. Providing liquidity to real estate investments through tokenization The company hopes …

Potential benefits of Facebook’s Libra should be made possible despite the existing regulatory uncertainty and associated risks, Germany's central bank said. In a monthly bulletin called “Crypto tokens in payment transactions and in securities settlement” released on July 22, the Bundesbank evaluated potential advantages and shortcomings of central bank digital currencies (CBDCs), as well as stablecoins such as Facebook’s widely-discussed crypto project Libra. Regulation of Libra should be as technology-neutral as possible, Bundesbank says In the document, Germany's central bank stated that global innovative projects such as Libra should not be made impossible as they aim to increase prosperity and …

The head of Germany's central bank Jens Weidmann spoke in favor of Facebook’s Libra during a recent G7 event. Bundesbank head warns against suppressing innovation Weidmann, Bundesbank President and the Governing Council member of the European Central Bank, argued that global regulators should not suppress the project in its infancy, according to an email newsletter in a shared by eToro senior market analyst Mati Greenspan on July 19. According to the letter, Weidmann reportedly supported the Libra project during a recent G7 meeting, arguing that digital currencies such as Libra can be attractive to consumers in case if they deliver …

Eliyahu Gigi, a 31-year-old from Tel Aviv, has been charged with stealing over $1.7 billion in a variety of cryptocurrencies. Gigi allegedly stole Bitcoin (BTC), Ethereum (ETH), and Dash (DASH) from users in the Netherlands, Belgium, and Germany. Lawyer Yeela Harel of the cyber department in the State Attorney's Office filed charges against Gigi on July 17, according to a report published the same day by Israeli business outlet Globes. Gigi has reportedly been charged with crimes including theft, fraud, and money laundering, among others. According to the report, Harel’s indictment claims that Gigi set up a network of scam …

A group of German logistics firms have partnered to create a joint blockchain tracking platform. Local news outlet Tiroler Tageszeitung reported the story on July 16. Per the report, logistics firms LKW Walter, GS1 Austria, and its EDITEL Austria subsidiary Bundesvereinigung Logistik Österreich, Deutsche Bahn subsidiary DB Schenker, and WU Vienna are participating in the project. Furthermore, big four auditing firm EY is managing the initiative. The system will reportedly see freight documents being digitized on the blockchain with the aim of reducing costs and resource consumption while ensuring higher transparency standards, and protect against counterfeiting. The project will be …

Central Bank of Germany representative Burkhard Balz said that cryptocurrencies do not pose a threat to financial stability. Balz’s comments came at a talk at the European Parliament, as reported in a post published on the institution’s website on July 9. Burkhard Balz, Member of the Executive Board of the Deutsche Bundesbank, stated that “crypto-tokens currently do not pose a risk to monetary or financial stability.” Furthermore, he also noted that “gaps may occur where they fall outside the scope of regulators’ authority or where there is an absence of international standards.” This idea is in line with the claims …

Deutsche Bank taking an axe to 18,000 jobs and winding down its investment banking arm paints a bleak picture of traditional finance at a time of booming growth for crypto. As reported by Reuters on July 7, Deutsche Bank’s momentous decision will entail the bank exiting its equities sales and trading business — which had reportedly raked in €1.96 billion ($2.20 billion) in revenue in 2018. While retaining a small-scale equity capital markets business, DB also plans to rein in its fixed-income business — in particular, its rates trading desks — Reuters notes. The move carries an expected toll of …

German Bitcoin (BTC) mining company Northern Bitcoin has signed a deal to buy almost 5,000 mining rigs from Bitmain and Canaan Creative, the company confirmed in a press release on July 1. Northern, which is headquartered in Frankfurt but operates a site in Norway, aims to double its capacity, currently operating with 55 petahashes per second. The expansion is part of a long-term scaling plan with a focus on sustainable energy which began last week, officials explained, as the Bitcoin mining industry becomes ever more popular and competitive. “The acquisition of the sought-after hardware is a great success for our …

German Blockchain-as-a-Service (Baas) provider Advanced Blockchain AG has become the first blockchain development firm to be listed on Germany’s Xetra digital stock exchange, operated by Deutsche Börse. The news was reported by financial news site DGap on July 1. The Xetra all-electronic trading system was founded in 1997 for use on the Frankfurt Stock Exchange, but has since expanded to over 200 trading participants from across16 European countries, as well as Hong Kong and the United Arab Emirates. According to recent data, Xetra accounted for €131.4 billion ($149 billion) of Deutsche Börse’s total cash markets €146.0 billion ($165 billion) turnover …

The head of the German Federal Financial Supervisory Authority (BaFin) has urged regulators to develop standards in response to Facebook’s forthcoming cryptocurrency, Libra, Cointelegraph Deutschland reported on June 26 Speaking at the International Club Frankfurter Wirtschaftsjournalisten, BaFin President Felix Hufeld stressed that policymakers and regulators should not stand aside on the issue of Facebook’s Libra as considerable control questions could arise once the coin comes into use. Hufeld hinted at possible regulatory measures introduced by BaFin, but also pointed to the need for an international regulatory framework: "We certainly can not just watch. We will have to respond appropriately in …