Will Bitcoin and Co. come under civil law?

The German Civil Code (BGB) is a cornerstone of the German legal system. For example, it regulates the transfer of rights and goods between people and could also include cryptocurrencies in the future. As a spokesman for the Federal Ministry of Justice (BMJ) confirmed to BTC-ECHO, the authority is currently examining “how the legal framework for the civil law transfer of crypto assets can be improved” as part of the Future Financing Act.

Moritz Schildt from the federal block welcomes the ministry’s initiative. For the blockchain association, he took part in several discussion rounds of the ministry. “All in all, it’s about creating a legal basis in German civil law to transfer cryptocurrencies in a legally secure manner,” says Schildt in an interview with BTC-ECHO. Germany could play a pioneering role in this. “To my knowledge, there is no other country that deals with these issues in civil law,” says Schildt.

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“New legislative territory”

However, it will still be some time before the first crypto paragraphs come. “18 to 24 months,” according to Schildt’s estimate. In addition, it is not yet clear whether a regulation is necessary at all. One is here on “uncharted legislative territory”.

The BMJ has already made initial concrete proposals. For example, suggested a central register in which blockchain transactions would be legally documented again. However, the crypto associations rejected this proposal. The state verification of “reliable blockchains” was also not approved. At the end of the day, users should decide which blockchain they trust for transactions, according to Schildt. The state should not interfere.

In general, the Federal Republic has been trying for a long time to gain greater regulatory access to Bitcoin and Co. For example with the crypto custody license. The federal government at the time thus laid down rules for providers who keep cryptocurrencies for customers. The license is also said to be inspiration for the recently passed MiCA regulation. With the push to anchor crypto in the BGB, new standards can be set again, says Schildt.

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