Topic: From 2020, the sale and custody of Bitcoin will be allowed to all German banks - page 4. (Read 1090 times)

The good news about this is it makes it easier for people to get introduced to bitcoin since likely the bank salesmen are going to talk them into their new product.

I think the main positive here would be to help improve adoption but other than that nothing really innovative.


Another question should be, keep your money in your own wallet or in bank account the government can freeze?

When did the Chinese government made any "moves" on Bitcoin? They remain extremely hostile to the cryptocurrency, and a few days back some of the government officials were talking about banning the activity of cryptocurrency exchanges inside mainland China (they are already operating under heavy restrictions). There was a statement from Xi Jinping regarding the Blockchain technology a few weeks back, but he never mentioned anything about Bitcoin or any other cryptocurrency. It will be very idiotic to assume that the Chinese government has suddenly become tolerant towards cryptocurrency.

Yup they definitely designed as system to keep the people from ever becoming great that's for sure. If your ancestors were smarter they wouldn't be shackled with the same system we are all in now.

Some pretty good news to lift the spirits high. Since after the Chinese government move on Bitcoin, other countries and lazily sitting up and loosening their tight crypto regulations. If this new development is well implemented, it means vey good for Germans and bitcoinners in general as well. 2020 seems to be having some goodies coming with it.

This can be said to be good news for Bitcoin users in Germany.
Yesterday I also heard unpleasant news for bitcoin users in Germany: https://bitcointalksearch.org/topic/negative-interest-rates-in-germany-5203303
However, with the advent of this news, bitcoin will become the most important asset for the community in germany and can awaken the economic sector of the german people, very wise and positive.

Banks cannot, touch bitcoin or anything barely relted to bitcoin. Even servicing fiat accounts to crypto proved something "challenging" for banks.
This was due to a sort of "moral suasion" from central authorities about crypto-related businesses.
Now things are starting to move in hte right directions, banks are now best oriented on the level of analysis required to handle bitcoins,  and regulaters are adoptin a more agnostic approach to the matter.
Hence more room dor action.


Agree, but again, we are aldready tracked in every fine details; Bitcoin on the other hand gives you the options, once you buy it, to gain some privacy.
Using this option is up to you.
NOT buying this option, leave you with no choice.
I would say that for the general public, the one who need a bank to take care of their bitcoin, that shouldn't pose a major threat.

This must be one of the positive consequence of adopting European union's recent money laundering directives. It seems as per those directives, German laws now may start supporting cryptos as an asset. Still, European countries are not ready to declare bitcoin as a legal tender like how Japan did some 3 years back itself. I believe Swiss government may do that first among Europe countries.

Let's wait and see what are the consequences in crypto space, this news will trigger. This must be a huge positive step stone kind of news as it will encourage bitcoin to be considered as an alternative to gold in banking which means many people will know about bitcoins even they are sticking with traditional banking. I am just seeing clear possibilities for bitcoin to hit million dollar values in near future.

I still don't understand why flawed system is not yet on resurfacing. Negative interest rates feels so horrible, imagine earning money in a hard way but banks wants you to spend it easy just to avoid making banks to store it with negative rate. Good thing they already accepted the nature of cryptocurrencies, volatile and speculative. People from their country will now learn hw to invest than just to hold money on their pockets and banks. The best solution for now, isn't it?

Yes it does, and I'm actually surprised that banks haven't started to do it yet.  Granted, banks don't sell gold or stocks or other investments, but bitcoin is kind of a hybrid thing--an investment that's also a currency.  And most banks also offer some investment services, usually to their wealthier customers.  The only thing I can see that would make it not make sense is that banks are well aware of the criminal activities bitcoin is associated with and I'd think they might not want to be connected to any of that.

But here's the thing:
As a customer, I'm not sure I'd want to purchase bitcoin from a bank.  That would be almost as bad as buying it from the government.  They would obviously know where that bitcoin is going and perhaps even what it was spent on if they could connect addresses.  If you're not doing anything illegal, it wouldn't cause you any trouble but who wants banks or the government tracing your financial transactions?  They already can if you're using your debit card or checking account, but my guess is that if you spend bitcoin you'll be under a microscope.  Yikes.

However, I do agree that this is a bullish thing overall.  While I wouldn't take advantage of such a service, other people might--and I hope it works out in Germany and that adoption increases there as a result of this.

Germany seems to be a crypto friendly country. I have also heard that the tax treatment in Germany is very friendly toward cryptocurrency transactions but I don’t know the specifics.

Germany is sharing a currency with 19 other countries (the euro). Negative interest rates are here to stay regardless of how well the German economy does, because the other 19 countries arn't doing so well apart from the Netherlands.

One complication is that success in the German economy doesn't boost the eurozone countries, instead it boosts the non-eurozone countries that border Germany to the east (Poland, Czechia, Slovakia, Hungary).

It's a design flaw in the eurozone that the constituent countries arn't properly aligned.

Indeed a great news on the community, there will be another added user for cryptocurrency in the future.

German governtment is indecisive with cryptocurrency since most people consider cryptocurrency as an investment asset giving the authority to warm the public about its potentiality to make a negative outcome because of its speculative nature and high volatility. But I guess they were pretty sure this time, it might even boost their economy that may delete their negative interest rates.

News from Coindesk:

German Banks Allowed to Sell and Custody Crypto Assets From 2020: Report

I think this is great news, the easier it is for people to buy bitcoin the better.

Whether the German people take advantage of this is a whole other discussion. They are very risk-averse, which is why their savings are still in the form of cash at the bank, despite zero and negative interest rates, instead of putting it in real estate, bonds or shared. Bitcoin is more volative than stocks or property, so they may shy away from adoption.

I shared this concern.
More and more reliable news report are surfacing. I added some of them in the OP!

yes it is correct as I understand it too so far from the media news especial from the news I posted above.

the "Bundestag" produce the law and do approve it but further approval from the "Bundesrat" is needed which is not done yet but is expect to do it with no decline. "Bundestag" is central part of government and "Bundesrat" is de-central part of government from the states like the US have states but far smaller in Germany.  the US suckers didn't want to get Germany great again after the war so they forced us to establish a political system like theirs in this small country.  

As I understand it has been already been approved by the German federal parliament “Bundestag”, and has yet to be approved by each national state parliaments. This is a formal step to get to the final law, but it’s almost certain approval.

Gyrsur do I stand correct?

Law "Draft"?

So this is speculation?

I do pay 24k per year for my Bloomberg terminal: Where is my f***ing news?  

Source for the news might be this law draft which has to be further approved by the "Bundesrat" before the end of 2020. to busy to go through the text. sorry!

Source: https://dip21.bundestag.de/dip21/btd/19/138/1913827.pdf

https://cryptomonday.de/bitcoin-banken-revolution-in-deutschland-verwahrung-und-handel-ab-2020-erlaubt/

So is this true or not?
I have no clue what constitutes a legit German news source, I would think something like this would be on Reuters.


nothing from a quick google.

https://www.google.com/search?client=firefox-b-1-d&ei=sEzgXZ2UL-u0gge6gozADA&q=Reuters+german+banks+accept+bitcoin&oq=Reuters+german+banks+accept+bitcoin&gs_l=psy-ab.3..33i160j33i299.13783.21856..22247...0.2..0.168.2978.14j15......0....2j1..gws-wiz.......0i71j0i273j0j0i131j0i10j0i22i30j33i22i29i30.bUR_lNrTx2M&ved=0ahUKEwidrNHR_I3mAhVrmuAKHToBA8gQ4dUDCAo&uact=5