Topic: Banks in Germany can sell and store cryptocurrencies from 2020 (Read 110 times)

Good news for crypto world, even we don't know how the works and regulation it will positive impact into another country/ bank to do the same. Their government see crypto is not threat and should take by clearly regulation to keep save another financial instrument they have. At the first time many problem will cams up but I'm sure they have powerful back up plan for this situation. Stay positive and never forget, crypto will change the world, soon.

this is great news, but these are just the first steps that will not affect the market right now. I am sure that when countries such as Germany begin to pay positive attention to the cryptocurrency market, only one thing remains for other countries: they should also think about it. The most important thing for us is that other countries begin to use cryptocurrency into their economy not in 10-20 years, but in the next 5 years.

This is fully the initial form of the crypto population for the future, until the adoption of the main pathway occurs. maybe for people who understand crypto is a little useless, because the assets we hold are in the bank (do not have full access rights), just like you keep it on the exchange. actually this is good news, because new people will be interested in trying crypto and its industry. and I'm sure new people are interested because of high volatility and in terms of blockchain security, rather than electronic money provided by banks.

Additional exchange points I would never have to store my cryptocurrency in a bank, what's the point of this at all? And people who do not understand cryptocurrency all the more so do not need this.

The question is if we really want to give banks power to store and manage our cryptocurrencies. Bitcoin and other cryptocurrencies were created to be an alternative for banks, to avoid using banks. So does it really make a sense? 

actually this can be a good step because there is an expansion of the crypto market by working with banks which are the largest financial platform in the country. if it can be successful in Germany, it is not impossible that the crypto market will also get a good impact too.

True, and of course it will be very beneficial for Germany and countries that approve cryptocurrency, because with the approval of the local government, cryptocurrency will be easier to develop and manage by trusted people.

Personally, I think the good news is that German banks can sell cryptocurrencies. Apparently, the German government has realized that cryptocurrency can bring big income to the treasury of Germany. With cryptocurrency, active income is considered. And I believe that Germany has set an example to all other states that have not yet approved cryptocurrency. And now cryptocurrency has become so popular that its growth will increase sharply.

This is great to witness such an event. It would be awesome if we could go to our local banks and open an account in Bitcoin. I would love to see that in other countries in Europe and around the world as well. It would alos be very much more cost effective for people like my Wife for example who earns her salary in Bitcoin. She would be paying much less in fees and transnational costs to exchange to FIAT, if her Bank had a a crypto account she could hold Bitcoin or other major crypto assets. Let us hope times move faster for the rest of the countries now to get onboard with the new paradigm of our times. I do hope we gt there faster as we are older and we do not have as much time as the younger generations.

This initiative of Germany is surely one of the milestones the crypto market has achieved. Allowing banks to sell and store cryptocurrency by a country is a means of widespread adoption of cryptocurrency. I believe the year of 2020 will come up with golden days for cryptocurrency. So guys hold your coins and get more profits in 2020.

In my opinion, there will be regulations as they apply in America. Only securities can be listed and of course not all altcoin will be able to register. I think with the regulation of the German Government which is increasingly friendly to cryptocurrency, it will give more confidence to investors.

Hopefully this will be a good thing for the cryptocurrency market. Banks are the most important financial institutions in the field of finance and I think if they refer to these regulations, banks might be able to be directly involved in cryptocurrency that they might make their own exchangers or maybe as custodies

I believe if not all of the cryptos can be stored and sold through use the germany bank but it must be there will be some qualifications that must be passed by the altcoins to able listed on the list. It will never be the germany banks will be added any crypto without seeing the qualifications of the crypto itself.
This just like when you are seeing a cryptucouncilrating created by US exchange sites members like coinbase, bittrex and etc. Major crypto might have added by im not sure if that will be a lot of kind altcoins will be added.

Banks in Germany can sell and store cryptocurrencies from 2020, according to new legislation passed in German parliament. The bill will come into effect from 1 January 2020, and should bring further clarity to financial institutions in the state. This is a big step for crypto, and could have an impact on how other nations handle crypto assets in the future.

Germany’s stance on crypto so far
At the G20 summit in February 2018, Germany’s economic experts and senior bankers sided with France when they called for deeper investigation into, and regulation of, Bitcoin and other digital assets. However, it was later decided that no further regulation would be implemented at that point.

In April 2018, the Deutsche bank called for a regulatory crackdown on digital assets, claiming that cryptocurrencies like Bitcoin lead to increased financial fraud and cybercrime. However, in the same month Wertpapierhandels Bank, a German securities banks, launched a crypto asset trading service, partnering with Solaris bank. Moon Banking further reported that Bayrische Landesbank, Commerzbank, Fidor, GLS Bank, Landesbank Baden-Württemberg, N26, Norddeutsche Landesbank, and Sparkasse are all crypto-positive financial institutions, while Deutsche Bank is seen as being unfriendly towards digital assets.

https://www.youtube.com/watch?v=gTubc12Y9M8

What’s the deal?
Up until now, there hasn’t been much of a regulatory framework surrounding cryptocurrencies in Germany, which has meant that banks have been reluctant to offer crypto asset services. This new law will likely change that. Handelsblatt, a German publication, originally reported that banks are barred from offering crypto assets. However, Coinbase allegedly spoke with a crypto industry expert who stated that there was no digital asset ban, although one had been considered earlier in the legislative process.

Sven Hildebrandt, the head at DLC, a consulting firm, told Handelsblatt: “Germany is well on its way to becoming a crypto-heaven. The German legislator is playing a pioneering role in the regulation of [crypto assets]. "

BdB, a German banking association, also spoke positively about the new laws: "Credit institutions are experienced in the safekeeping of client assets and in risk management, are committed to investor protection and have always been controlled by the financial supervision," they stated. As a result, banks will now be able to "effectively prevent money laundering and terrorist financing" with digital assets.

The bill will also allow investors to put their money back into the country via crypto investments, rather than abroad.

Still, not everyone is pleased by this development. Niels Nauhauser, a financial expert at Baden-Wuerttemberg, told Handelsblaat: "If [banks] are allowed to sell cryptocurrencies and keep them for a fee, they run the risk of turning their assets at risk of total loss to their clients, without them knowing what they are getting into."

https://www.youtube.com/watch?v=a35mbRZ7OuI

Germany is setting a precedent
Banks in Germany can sell and store cryptocurrencies from 2020, and this is setting a precedent for other countries around the world. So far, there’s little regulatory framework for digital assets on a global scale, but this new advancement from the European nation could signal a major change in opinion toward digital assets.

As of now, Germany is one of the few countries to welcome crypto with open arms. Other nations embracing digital assets include Malta, Bermuda, Switzerland, Estonia, Singapore, Japan, and Gibraltar. Not only countries, trading platforms like eToro have also contributed to the widespread interest in crypto by offering a platform that allows traders to learn how to trade the cryptocurrencies, and even buy some themselves. With the news of major countries like Germany now selling and storing cryptocurrencies, this is a sure sign that mainstream adoption is just around the corner.

https://twitter.com/bitbns/status/1205137055539286016

How could this impact other nations?
According to new legislation, banks in Germany can sell and store cryptocurrencies from 2020. This could have a major impact on how other countries handing the implementation of regulatory frameworks for digital assets going forward. As of now, only a handful of countries are really seen as “crypto-friendly”, with many nations remaining largely suspicious of crypto assets. However, sentiments are changing. China’s President Xi Jinping gave a speech lauding the value of blockchain technology in October 2018, and even infamously crypto-unfriendly Russia is set to launch their very own CryptoRuble (commissioned by none other than President Vladimir Putin himself).

What’s infinitely clear is that times are changing. As governments and financial institutions grow more accepting of digital assets, the general population will likely move closer to mass adoption. Germany is definitely setting a precedent here, and it’ll be incredibly interesting to follow the countries movements in the crypto asset industry going forward.

https://ourbitcoinnews.com/banks-in-germany-can-sell-and-store-cryptocurrencies-from-2020/