Topic: Is Germany the NEW World’s Crypto Superpower (Read 506 times)

Germany's projects do not support crypto because they are part of a legal entity but now Germany is developing a new world crypto superpower to improve their country and it has been legally implemented. If this law is passed, it will be much easier for immigrants with technical skills to come to Germany Until now, only institutional educational qualifications were given more importance In that case Germany will become a very friendly country.

In my opinion, slow payment processing by including crypto on the general market of the economy would be a big mistake. I'm not negative about cryptocurrencies but I know that behind that are the big criminals who always launder money there. If a country combines crypto and fiat money, it is very easy to rebel. Then there will be more criminals and they trade in forbidden things very easily because they don't need to receive it in cash or through the bank and certainly cannot control the government.

We dont have any super crypto country in the world right now. In any we can find problems with regulation, no one is supporting crypto at gov level

When you are talking about Germany they are superpower in basically everything in the world. Dudes literally the only country I can remember in my entire life that made a profit as a nation, I don't know what it is called when you profit (seriously) but you know how when a nation sells stuff to other nations and buys stuff from other nations, well they are in profit.

Obviously China has been doing that for a long time but they are both not super power because world uses them as just a factory and not really care about them, which they do enjoy, but Germany is in the middle of Europe and has been so awesome for the last 50 years or so. So, if they want to get into the crypto world, believe me they are not going to have any type of competition from anyone, they will become the biggest and best in all of Europe easily and compete for the whole world as well.

In the last few days I have seen very often in local & international media, about Germany both about current crypto in Germany and also gambling, Germany may be currently heading for cryptocurrency heaven.

On the contrary, other countries have many pros and cons of crypto, Germany has one positive thing about Bitcoin, why not, As far as I know, that the citizens of these countries can own currencies such as Bitcoin, Ethereum, and several other cryptos that are directly related to the Bank, This opens up quite a good opportunity for the German people to have direct access to their crypto assets.

OP, there is no doubt about Germany in the future, a new crypto world will occur in Germany.

There are several aspects to consider. I am partly German and know the country well, thus I can share at least some insights.

First of all, Germany is already a "power" when it comes to Bitcoin usage. According to Bitnodes, there are ~1700 publicly visible Bitcoin full nodes in Germany. This is only slightly less than those in the US (~1900) and much more than in China (~175). So in nodes per capita, Germany has one of the strongest presences of nodes.

On the other hand, like @tyz already wrote, Germany has a tendency to over-regulation. For example, in the last month one of the most discussed news in the German Bitcoin forum was that all shitcoins.club Bitcoin ATMs were closed in the country (shitcoins.club was the leading provider in Germany). While there are still some ATMs, the ATM density is now one of the lowest in Europe. This is in contrast to neighbors like Austria and Switzerland, but also France, which are much less restrictive here.

It is also very difficult for Bitcoin startups to operate legally in Germany due to the strict regulations. More or less, few things are forbidden but you need a lot of capital to fullfill requirements. So there is no major exchange located in Germany, only a P2P marketplace (Bitcoin.de) and some smaller service companies like Bitwala. The new law draft is also a step in this direction, although it also provides some legal clarity for some services.

No, this is just a "this is good for Bitcoin" type of wishful thinking. There's no grounbreaking news here, even if it's positive, it's small. Germany is more welcome of crypto than other countries, but it's not some libertarian crypto paradise.


If something is good for "blockchain technology" or some shitcoins, it doesn't mean that it's good for Bitcoin, which is one of the few coins that still follows the original values of decentralization.

I don't think China can be taken serious in terms of crypto currencies. Every coin coming from them will be fully controlled by the communist party and will be first of all a political tool. In my opinion this is the complete opposite what crypto currencies stand for and will never be successful among independent investors.

As for Germany, the problem is that the Internet infrastructure and 5g mobile network coverage is not good. High speed broadband is lagging behind many other countries. Until Germany keeps investing heavily into its infrastructure I don't see them becoming a superpower.

This is really good. In the case of the country creating a stable coin, this is the first time I’m getting to know about that. Every other country that I know that have tried to create their own cryptocurrency, it all never worked out and they ended up dropping the project due to one reason or the other.

The only country that seemed to be serious about is China, and it was making waves around last year because of that, but ever since this year no one is talking about it any longer and it seemed to be forgotten, maybe because of the pandemic. And apart from that, it seems like they are no longer serious about it. I’m looking forward to them all to see what they have, and now you said that Germany is on the list, that’s good .

Well, Germany isn't really a pioneer when it comes to the digital world. Most authorities probably still use fax  . So it would really surprise me if the German government plays a leading role in Crypto adoption. However, if they see that this is potentially another way to earn taxes here, they will definitely do everything possible to tap that new source of income ....

It is a great thing for adoption and surely will put Germany in a good place in terms of crypto market and crypto industry.
However, there is China with over 60% of bitcoin mining farms in it (if I'm not mistaken) so it has a lot of power and at the same time they're working on implementing own cryptocurrency country-wise.
So I can't think of a Germany as the superpower, but they have capacity to compete in crypto industry on the world level

There's also a race in making each country's stable coin. I would consider the CBDC to be the same so it's not only Germany who has plans of making their own.

The first that I've read is with China and then the European Central Bank. Whichever comes first to them gets the first recognition. For them, it's important for this race to us, what's important is that they are recognizing and adopting.

Many countries already show their support for cryptocurrency and its hard to say that Germany will become a crypto super power but this move is indeed great for all of us.

If there’s more countries to regulate and make laws to support cryptocurrency, then expect people to coming-in and since the demand increases and the supply decreases, we can feel the price slowly pumping.

I am pleased with the move by the German government which is starting to show the courage to adopt cryptocurrency even further.
Hopefully other countries can follow the steps taken by Germany, because cryptocurrency is the future. So it will be regretted if a country
late realizes that cryptocurrency is very important for human life.

USA is very slow to accept crypto because it is a country that wants to keep its currency strong. As for Germany, it is an important bill that if implemented intact will be a great victory for the crypto space. Germany could offer its inhabitants the versatility of the use of blockchain, improving to decentralized values ​​that once suitable in that nation will continue throughout Europe to be a Crypto Superpower.

If germany accept crypto as legally, it will be a great era of crypto currency. Because for crypto currency, a lot of support are needed. If most of the country like germany support crypto, then it will improve within short range of time.

Definitely not. I am from Germany and I can tell you how much money I had to invest the last years to get the unregulated tax questions about cryptos solved. It's good times for tax consultants. They make a mint of money. Besides, this government is backward concerning economic development anyway and I don't believe in the framework described in the article. There will be so many exceptions and special cases that crypto companies will first have to hire a bunch of lawyers to navigate through this legal jungle. I still believe that smaller countries like Switzerland, Luxembourg, Liechtenstein and maybe the Netherlands have a better chance of becoming a crypto-powerhouse.

You got me excited for a second. Turns out, it's an extremely tiny bank (only 29 million EUR in total assets) that is developing this EUR stablecoin. In other words, they are an ant compared even to a small company like Tether. Doesn't really say much about Germany either.

https://www.coindesk.com/german-bank-to-offer-tokenized-securities-based-on-stellar

https://de.wikipedia.org/wiki/Bankhaus_von_der_Heydt

Germany is at a disadvantage in terms of energy expenses and a highly valued fiat currency, and a strict bureaucracy; maybe someone more privy to the inner workings of

German politics can chime in, but it's very hard to perceive Germany as a Crypto Superpower under the current status-quo lover Merkel administration...

It's a good sign that crypto is going to be successful in the long run.

When big countries take the lead, usually the small countries will just follow, and what you shared is a good news, and with regulation, adoption will follow constantly. Good thing they realize that crypto makes life easy and it provides a lot of opportunity that could help on their economy, also, people like transparency so crypto is a great choice as long as there's  a proper regulation.

yeah, but that regulation to stop usage of paypal and visa in online casino is related to laws that are oriented to online casinos, that are forbidden in some German counties, not in all, if i am not wrong
and they do not plan to allow crypto and make their own crypto-currency to make online gambling easier, they do want to develop better financial system

There have been several departments claiming they are working with bitcoin regulation and related paper. Yet, there is still no country to launch its first crypto-friendly system.  Actually, I believe that it is hard to attach cryptocurrency to a centralized system or a banking system. A whole new financial concept is required in order to implement new technologies. Our current system is still obsolete, but it is very useful for the world and other people who do not have a chance to interact with bitcoin and digital tokens. Visa still provides opportunities and cashback for whom using frequently

Recently, I have read an article saying that Germany is trying to stop a player from using Paypal and visas in an online casino. This move has been considered as a big change to the online gambling industry in general and the cryptocurrency in particular. More people tend to use cryptocurrency to avoid the laws and regulations in this country. This can bring more users to the crypto world

Yes, but I am not in favor of the combination of crypto and fiat money. This will facilitate money laundering by mafia and large corporations and then many black transactions will no longer be controlled by the law. and you know, working in the underworld usually makes a lot of money and if every transaction is hidden in blockchain systems and no one can detect it, do you think there will be a lot of crime? I am very concerned about this problem in the future if I integrate the two markets together.

Dynamic national currency exchange and circulation integrated with all levels of the economy would be significant in making Germany top level in crypto seems like.   Perhaps this could be a real thing for Germany based on history and their  disaster that occurred alongside hyperinflation, they have the will to take all measures to avoid that occurring once again.    Germany has walked into the control of ECB which has operated a reckless QE program that could result in something like uncontrolled hyperinflation, so a desire to embrace crypto as some alternative for the people and business of Germany could be realistic proposition.

I also read about Lithuanian president send bitcoin as a gift to Estonian president, and there's a thread here in this forum about it.

Germany is really a supportive country when it comes to cryptocurrency and their utilization and regulation of coins in their country is very efficient and effective. Hoping that some other countries will also see the importance of bitcoin in the economy, even though it is volatile. But this engagement in this kind of technology is really a good sign of development.

Short answer: NO

Long answer. The reason why it´s hard for Germany to become a crypto superpower are their insane taxes, their tendency to eventually overregulate and the fact that the EU always can come up with a law limiting the use of cryptos because EU law stands above EU-member-countries law

Hello, Thanks for the feedback, This is my second time creating a thread and I'm using a 32" inch wide screen monitor so in my view it's just normal. It's my fault
to never consider small screen user to view my thread. I already adjust it and I don't know if that is already fine since I don't know what is the standard image size so
that it will be fitted to all screen size. Also I just want to used image to give aesthetics to my thread.



What is your definition of Superpower and Crypto??? Are you thinking something like massive force like nuclear power? We are discussing crypto here and crypto is currency.
So if we define "Superpower" in cryptocurrency, It only defines the adaptability of a certain country to used cryptocurrency in there own economy. Or maybe you are thinking to same guy above that comment that China is better to called Superpower because they own the most miner in the blockchain?

Guys we are discussing here the used of blockchain in general and not a certain coin like bitcoin, ETH and ETC. I know that many country are already friendly but Germany is
making legal move to used blockchain to be part of there economy and some first mover country are already stagnant on rolling there law for crypto.

First, it's really hard to define what crypto superpower really means.

It is based on the following criteria?
(1) adoption?
(2) mining dominance like China?
(3) number of exchanges or online gambling?
(4) regulations and relax law?

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Anyways, everyone is moving towards utilizing blockchain technology with everything that they can think of. So Germany is not the first one to get on board with blockchain in enhancing or fully replacing their old and traditional system. As far as I can remember, the government of Canada is already moving to blockchain as well.

As I have said in the previous thread, Germany has been in the forefront of crypto in EU for many years now.

PayPal for Crypto: Up to 25,000 Online Stores in Germany May Accept Digital Money in 2019.

But the definition of Crypto superpower is really vague at this point, we can argue that China is, because of their mining facility, although we heard so much news that there is a proposal to ban miners. And then we have Japan, who is the first country to make bitcoin as legal tender.

So let's see how this electronic securities (eWpG) will work for Germany, and as far as I know they just want to digitised securities here through blockchain technology and replacing those paper certification to digital security form. So I don't know how you can be a crypto superpower with that move. 

Base on how they've describe a nation that's a "crypto superpower", I think It's because of their government's involvement and openness for crypto related projects and future payments/financial system innovations, that wouldn't hinder the people for creating such game changing projects like the ones in Germany without being afraid If the government will go against them.


I agree, technically. It just lacks of governments support as they planned to shut down crypto mining companies back in 2019. Eventually, the issue  has calmed down.
Therefore, the government's support to cryptocurrency is essential for crypto development in a country, thus be called as a crypto superpower country.
So, If Chinese government would embrace and be open on cryptocurrency like Germany and Japan, I guess they'll become the "most powerful crypto nation" lol  

We can say that one of the most friendly and generous nation when it comes to crypto, but superpower, I don't think so.
What are the criteria to be labeled as crypto's superpower?
So the OP should think about valid reasoning why Germany fits that profile, not only because banks are willing to accommodate crypto.
But superpower or not, their approach towards crypto is very welcome of course in the crypto community, that means possible adoption among its citizens.

OP, please read parts of this thread and all of this one and stop posting enormous images that add nothing to the thread.  Thank you.

How is Japan a "crypto superpower"?  What would make any country earn that title anyway?  If I were to think of any country that's a crypto superpower, it'd be China since they dominate in terms of mining (or used to; I'm not sure if their government outlawed it yet or not).

Props to them, and I wish Germany all the best when it comes to integrating crypto into their banking system--and in the people's everyday lives, too.  The United States really needs to start catching up when it comes to banks and crypto.  So far I haven't seen any US banks who are willing to touch bitcoin with a ten-foot pole, and given that bitcoin has been around for over a decade I find that surprising.

I do understand the problems US has with the ongoing crypto engagement with the economics , they think that they are loosing the dominance in the market and therefore it usually ends bad for the crypto users and to think that president Trump is not that frantic about the whole Idea of Bitcoins , at the same time there are people who are supporting the incoming elections because there are people who are crypto enthusiasts and running in the elections too.

_*_

At the same time when we are talking about Germany , they definitely have decided to integrate safe Crypto in the economy and they do need to work on the issues regarding the small crypto investment businesses and make the registration easier for them.

_*_

I envy Japan somehow , how they accepted the crypto and how easy it is for the government to think about the people first. I think Japan is already a crypto superpower and we soon will have Germany in the list too.

Germany is among the countries that do not hide their backing of cryptocurrency with a legal framework that allows individuals to trade and use bitcoin just like fiat. In fact it is known that some banks in Germany are declaring their intention to offer crypto-related services https://news.bitcoin.com/banks-germany-crypto/ which I believe with all this support for crypto, Germany is by far is one of the most friendly and generous nation to crypto-related services

Germany is seeing the right direction.
I believe that they have heard people's voice, recently a lot of projects are coming out of Germany.
This might have helped in order the Ministry to see that there is a lot of demand for tokenized securities and blockchain projects.

Well Germany is probably doing it as a part of their financial reforms and to be able to stay ahead of the game because German legislators believe that digital currencies are the future. That's why they want to prepare the incubation ground and have it ready to adopt future changes coming to the financial market through cryptocurrencies. However, the article talks mostly about 4 major points and I see a serious concern in one,


This step should not open up a can of worm in crypto market. Reducing paperwork and legal costs mean, that releasing digital security will become easier for anyone who wants to raise capital for a new/existing business! ICO market gone down to drain only because anyone and everyone could start an ICO back in 2017-18. Same should not happen here as well. I am sure Germany will have more discussions before this draft bill can become a law.

South Korea imposes 20% of tax for income generated in cryptocurrency trading which is A LOT, that's already a fourth of what the traders are getting in trading cryptocurrencies. Not looking good for Korean traders, though there are massive movement happening in South Korea, this might be the drawback from their decision.

Switzerland adopted the cryptocurrencies, they welcomed it and had a crypto law in progress. This country may be the center of cryptocurrencies because of their remarkable approach.

I'm really bothered with India's decision, they are so indecisive in dealing with cryptocurrencies which I don't like about their government. One day they accept it, then the next day they don't. This means that they are not looking at it very well. I'll just consider it a good one once they stapled the papers and get this down on the table for talks.

What's happening right now is a process of adoption though we can't really say that this will boost the crypto community but it will help most people out there to understand how it really works. 3 to 5 years from now, we are going to have a fully established regulation on these matters especially with bitcoin.

Countries are updating their laws and regulations all the time. I would say Germany is very late with securities and ICOs. They should focus in regulation DeFi now.

This isn't first time such an initiative taking place with one of the high technology developed country. There were more and more similar incidents happened in the past. I've mentioned few of those happened in the past

• South Korea’s Capital Is Planning to Launch Its Own Cryptocurrency
• Switzerland Seeks a Study of Starting Its Own Cryptocurrency
• Indian Gov’t Is ‘Evaluating’ the Launch of Its Own Cryptocurrency

Few sources provided were older than two years.

Even more countries have made plans, but nothing has striked the real market for various reasons. Few other that has come to real-time usage too hasn't gained good usage. Upon the same I don't think Germany is gonna make a big change with its new bill.

This is another great news for adoption, I hope Germany becomes successful on implementing this so that other countries can start joining the crypto space. The key is to make it easy for everyone to understand and use this technology, this is similar to Symbol from NEM's seamless API integration which allowed the Lithuanian government to develop their own coin.

The introduction of electronic securities (eWpG) is
just one of such futuristic advances cryptography deserve, a replacement for these paper certificates is needed to ensure a more secure and easily marketable alternative by entering the details regarding these securities on a blockchain-based register, which would provide more hitch free transactions to a larger extent.

The hopeful successful practice would as well rise the interests of other nations which would in turn promote crypto prominence further. The future holds more!

Before this bill, Germany was known for being supportive on cryptocurrency when BAFIN release guideline during ICO madness. This only show how Germany accept and embrace the blockchain technology. They are also currently developing there own stable coin using Stellar, If this become successful and approved, They will be the first country that create there own stable coin and used on there own banking system which will be the game changer on financial world. Maybe many major country will follow this lead especially the US which is very slow on processing any crypto bill.