Dr. Michael Gebert has 25 years of experience as an entrepreneur, in addition to exploring and analyzing tomorrow’s trends today.
Michael is President of the European Blockchain Association, Managing Director of the CrowdSourcing Association and a founding member of the German CrowdFunding Network
He also advises the European Commission within the CrowdFunding interest group in Brussels, in addition to being a designated member of the TAB “Digital Work” support group for the German Bundestag.
BeInCrypto had the opportunity to interview him thanks to the agreement reached with our media partner for Blockchain week in Hong Kong .
Thanks to his advantageous position and high-level contacts within the European Union, he was able to provide us with valuable information on the new upcoming regulations for the cryptocurrency industry, the digital euro and many others. topics.
On regulation within the European Union
BeInCrypto: Europe seems to be moving towards specific regulation of cryptocurrencies. In September, the finance ministers of Spain, Germany, France, Italy and the Netherlands proposed to the European Commission the creation of a draft of strict regulations on asset-backed cryptocurrencies, such as stablecoins, in order to protect consumers and preserve the sovereignty of their states. What does the European blockchain community think of this regulation?
Michael Gebert: First of all, with our experience in alternative finance, with very unregulated markets, we think it’s a very positive step forward that there is some sort of indication of regulation. . It is not a regulation in itself, only an indication. We now know what the direction is, for market players and especially large players, this provides them with a guide in the legal circuit.
Whether or not this is positive for the cryptocurrency market is yet to be discussed, but there are two positives to this. First, this is a very good indication that the European Commission is taking the issue very seriously. Secondly, a common approach within the European Union will be developed for all ministers.
We are very surprised at how quickly this framework has been put in place with regard to the complex administrative machinery of the EU. We see it as a real victory for decentralization. This is a step forward, as the Brussels Central Commission has understood the power of blockchain and is preparing for a new era of understanding at the settlement decision level.
BeInCrypto: This body will create a new oversight committee in the EU. It will be a mixed set of national and European authorities that will oversee digital currencies. Do you think that the European authorities have the necessary knowledge to regulate this dynamic market?
Michael Gebert: We were part of the process, we were critical at the beginning about the level of knowledge and also because of the strong influence of the lobbies of the old banking sector.
Of course, the former players have a lot of power through their extended lobbies, but they realized they couldn’t stop the change. This is why the power of knowledge, even in this sector, has been strengthened in recent years.
The expert committees of the European Commission that consult or comment on future results and documents are very diverse, which means that there are many experts from different countries and from different backgrounds. In theory, this means that the aggregation of knowledge and understanding has been done well.
At the end of the process, all the knowledge gathered is presented in a decision document for all EU ministers gathered around the table. At this stage, the politicians have to discuss it among themselves and it becomes complex because some position themselves on the right or on the left …
To be fair, the current regulations are not ideal, but as a first comprehensive approach to the roadmap, it’s a good step. Even though those who will make the final decisions don’t really have in-depth knowledge as usual, I have seen the documents provided and can say that there is a very good knowledge of the subject.