‘We Don’t Need Blockchain Regulations’ – Austrian Digital and Economic Affairs Minister

Austria Europe Regulations

Margarete Schramböck, Austria’s Federal Minister for Digital and Economic Affairs, says blockchain technology needs no regulations.

Schramböck expressed her opinion speaking at the recent ANON Blockchain Summit in Vienna, during a panel discussion entitled “The Role of Government in the Age of Blockchain.”

“We don’t need blockchain regulations,” she said adding that, in her view, the lack of European companies amongst the world’s best is due to overregulation.

“Europe has a strong tendency to overregulate and then we are surprised that there are no European companies in the top 10 worldwide,” she said.

Schramböck’s stance found support with Marta Piekarska, Director of Ecosystem at Hyperledger:

“We don’t regulate technologies such as machine learning or C++ – sparking the question that if that were the case, why should blockchain be any different?” she said.

Schramböck, also added that blockchain can be beneficial for businesses as well as governments, with its potential to counter corruption and reduce bureaucracy.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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