I think banks should quickly adopt Bitcoin, some are focusing on Blockchain technology, but Bitcoin has the power to generate liquidity quickly. With the issue of negative interests, it is no longer just for those who make deposits with more than 100,000 Euros, now the Furstenfeldbruck bank, forces to charge negative interest to its customers.
Here it is with some more detail: https://cryptoiq.co/german-bank-levies-negative-interest-on-regular-customers-for-the-first-time-a-move-that-could-benefit-bitcoin-btc/
All this is positive, because now they will see bitcoin as the Digital Gold that it has always been, bringing more demand to the market, in order to seek refuge from money.
Topic: From 2020, the sale and custody of Bitcoin will be allowed to all German banks - page 5. (Read 1090 times)
November 28, 2019, 03:28:44 PM
November 28, 2019, 03:15:47 PM
The source is the Handelsblatt.
Not exactly a third row journal in Germany
https://app.handelsblatt.com/finanzen/rohstoffe-devisen/kryptowaehrungen-neues-geldwaeschegesetz-banken-duerfen-bitcoin-verwahren/25276392.html
Not exactly a third row journal in Germany
https://app.handelsblatt.com/finanzen/rohstoffe-devisen/kryptowaehrungen-neues-geldwaeschegesetz-banken-duerfen-bitcoin-verwahren/25276392.html
November 28, 2019, 03:05:01 PM
This is listed as a source: https://thebitcoinnews.com/from-2020-the-sale-and-custody-of-bitcoin-will-be-allowed-to-all-german-banks/ I dont see nor author here nor where he got this information's from. From first sight looks like a classic crypto shit news.
November 28, 2019, 03:04:07 PM
Cool, but I guess it will under strict KYC and AML? European Commission is trying to force a string KYC/AML on all wallets and exchange providers. Even FaucetHub is closing services due to this.
Most curious here is what taxes will banks implement on crypto trades, considering crypto as a competitor to own services.
Most curious here is what taxes will banks implement on crypto trades, considering crypto as a competitor to own services.
November 28, 2019, 03:00:12 PM
If the government has spoken, then it's a goods sign for bitcoin acceptance, hopefully it would be accepted.
However, one thing to note is the EU commission decision, because; EU law is always above the national law of the member states and therefore Germany now has to submit to the fourth EU money laundering directive.
If they say "NO" to the German government, what's left to do? Something like Brexit? Gerxit
haha
However, one thing to note is the EU commission decision, because; EU law is always above the national law of the member states and therefore Germany now has to submit to the fourth EU money laundering directive.
If they say "NO" to the German government, what's left to do? Something like Brexit? Gerxit
haha November 28, 2019, 02:40:51 PM
This is, without any sugarcoating a good news all in all. Germany trying to integrate cryptocurrencies into traditional banks will make people believe in the said cryptocurrency more, knowing that the government has just given a green light for such. Either way, it may or may not receive the attention and traction it needs to get a boost, considering that fiat and banks are still the most trusted combination of people who don't know anything about bitcoin. It will take time, though people would soon realize the that it can work, albeit a slightly absurd way of handling things (banks handling a coin that promotes people to 'be their own bank')
I wouldn't be so sure banks don't know anything about bitcoin.
Banks have a lot of people looking into bitcoin, even if they cannot uffcially do anything touching bitcoin.
But they have a dying business model, and they have a lot of money to be put at work.
We might be suprorised on that front.
And, as I often repeat:
Quote
It's not Bitcoin that need Wall Street, it is Wall Street that needs Bitcoin.
November 28, 2019, 02:34:26 PM
This is, without any sugarcoating a good news all in all. Germany trying to integrate cryptocurrencies into traditional banks will make people believe in the said cryptocurrency more, knowing that the government has just given a green light for such. Either way, it may or may not receive the attention and traction it needs to get a boost, considering that fiat and banks are still the most trusted combination of people who don't know anything about bitcoin. It will take time, though people would soon realize the that it can work, albeit a slightly absurd way of handling things (banks handling a coin that promotes people to 'be their own bank')
November 28, 2019, 01:56:30 PM
This is one of the most bullish news I've heard recently:
From 2020, the sale and custody of Bitcoin will be allowed to all German banks
It makes a lot of sense for a Bank to sell Bitcoin.
But why would make it sense from a customer point of view?
Well, we are on bitcointalk.org forum, so I guess you are not the person to convince to hold bitcoin.
But the average German man of the street. Well, there is at least one reason:
Survey: 58% of German Banks Charge Negative Interest Rates
Pay to leave your money in the bank, or be your own bank and gain from a deflationary currency? The choice is yours!
Custody is the most basic business for the banks. In the middle ages banks were born to take custody of the gold of merchant and allow them to travel safely.
The same is true today, where banks must enter the world of cryptos and bootstrap a digital gold economy.
Also is a sheer change of prospective from regulators, who finally understood the competitive advantage a bank could have over the competition being on the edge of this technology, that, in a way or in the other, will encounter mass adoption.
Edit:
Additional link:
GERMAN BANKS COULD STORE BITCOIN AND PROVIDE CRYPTO SERVICES SOON
Original link from the Handelsblatt (in Deutchsche)
German banks to offer Bitcoin custody by 2020
From 2020, the sale and custody of Bitcoin will be allowed to all German banks
Quote
So far, there was a clear legal separation between the normal regulated banking and crypto transactions. The custody and trading of Bitcoin and Kryptos has until now always been outsourced to specialized partners or subsidiaries with appropriate licenses. By 2020 all German banks should be redeemed.
Quote
If all German banks can suddenly sell bitcoin to their customers with a few clicks from 2020, that is a big digital transformation of the traditional banks. It could finally enable the bitcoin and blockchain industry in Germany to compete on equal terms with other states. Although the Federal Council still has to approve the new law, the approval is considered certain.
It makes a lot of sense for a Bank to sell Bitcoin.
But why would make it sense from a customer point of view?
Well, we are on bitcointalk.org forum, so I guess you are not the person to convince to hold bitcoin.
But the average German man of the street. Well, there is at least one reason:
Survey: 58% of German Banks Charge Negative Interest Rates
Quote
Germany’s central bank, the Deutsche Bundesbank, has conducted a survey of banks charging negative interest rates on customer deposits. Some are charging retail customers as well as corporate clients.
Quote
A growing number of German banks are passing on the burden of negative interest rates to their customers as the European Central Bank (ECB) continues to maintain a negative interest rate policy (NIRP). The current ECB deposit rate is -0.5%, the lowest on record.
Pay to leave your money in the bank, or be your own bank and gain from a deflationary currency? The choice is yours!
Custody is the most basic business for the banks. In the middle ages banks were born to take custody of the gold of merchant and allow them to travel safely.
The same is true today, where banks must enter the world of cryptos and bootstrap a digital gold economy.
Also is a sheer change of prospective from regulators, who finally understood the competitive advantage a bank could have over the competition being on the edge of this technology, that, in a way or in the other, will encounter mass adoption.
Edit:
Additional link:
GERMAN BANKS COULD STORE BITCOIN AND PROVIDE CRYPTO SERVICES SOON
Original link from the Handelsblatt (in Deutchsche)
German banks to offer Bitcoin custody by 2020
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