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Germany’s tech sector has hailed the government’s decision to allow some electronic-only securities—a move that paves the way for “crypto securities” to be entered into a blockchain-based register. However, with the shift initially ushering in only paperless bearer bonds—shares and mutual funds will come later—the sector says this move doesn’t go far enough.
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Finance Minister Olaf Scholz hailed the shift as “driving the digitization of Germany’s financial center.” “The paper certificate may be dear to some for nostalgic reasons, but the future belongs to its electronic version,” Scholz said following a cabinet meeting at which the decision was taken. “Electronic securities reduce costs and administrative work.”
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