WHAT ARE CO2 CERTIFICATES?
CO2 certificates are emission allowance certificates that have been issued to registered industries or companies by the Federal Environment Agency since 2005. These correspond to a permitted level of CO2 emissions. If more CO2 is emitted than permitted, the additional emissions must be paid for or CO2 certificates from other companies must be purchased as compensation.
WHAT ARE CRYPTOCURRENCIES?
A cryptocurrency is a digital currency that was not created by a central authority, e.g., a central bank, but using a mathematical algorithm. The first digital cryptocurrency introduced in 2009 was Bitcoin, which is now considered to be the reserve currency among cryptocurrencies.
WHAT IS BLOCKCHAIN TECHNOLOGY?
The basic technical prerequisite for the creation of cryptocurrencies was the development of blockchain technology by Satoshi Nakamoto. This is where a mathematical algorithm generates computing units that are passed directly between two parties (peer-to-peer) from computer to computer. The transfer is published as a transaction in a network in chronological order in blocks and confirmed by the network. Double payments are not possible, as the transaction can only be carried out by confirming its validity. Once a payment has been made it is non-reversible. This network structure is called a blockchain. The payment transactions are stored within the blockchain architecture in a seamless and forgery-proof manner that can be viewed by everyone on the participating network.
WHAT IS EMISSIONS TRADING?
Surplus CO2 certificates can be sold via the so-called emissions trading system. This means that companies for which the allocated certificates are not sufficient can buy additional CO2 certificates to compensate. Otherwise, the company must pay for any additional emissions.
WHAT ARE WALLETS?
A wallet is a digital money purse that holds all of its owner's coins. Each cryptocurrency has its own wallet and its own key. Whoever is in possession of the key can access the contents of the wallet.
WHAT IS KYC?
KYC is an abbreviation for Know Your Customer and is now mandatory for all transactions. This is where data must be stored that will enable the wallet holder to be identified. Withdrawals via transactions from a wallet without a verified KYC are generally no longer possible. KYC is a security process designed to prevent fraud, theft & money laundering.
WHAT IS AML?
AML is also an acronym and stands for Anti-Money Laundering and includes the KYC process.
WHAT IS THEG?
This is an abbreviation for the Greenhouse Gas Emissions Trading Act. The TEHG adopted in 2011 lays down the principles for trading emission allowances in an emissions trading system. It regulates the allocation of allowances, the issuance of allowances or surrender obligations and enters them in an emissions trading registry which is supervised by the German Emissions Trading Authority (DEHST).