Germany to Have Banks Storing Bitcoin Starting with 2021

    While the struggle to understand the crypto world and to come up with regulations for it is real in most countries, Germany seems to be ready to introduce the general public to cryptocurrencies.

    A new bill has been proposed in Germany, a bill suggesting that starting with next year, people should be able to store Bitcoin and some other digital assets directly with their banks . This indicates the country is on the right track when it comes to crypto adoption.

    German Banks May Be Open for Bitcoin Storage

    Authorities in Germany are more interested in implementing regulations that would benefit those who invest in crypto. Starting with 2020, banks in the country will most likely have to add another feature for their clients, which is a feature to store Bitcoin or other digital assets.

    Financial institutions may have to allow the use of cryptocurrencies just like they allow it for traditional assets. Their clients would still have the ability to operate securities like bonds and stocks, but what it would be great is that they would also navigate their crypto assets while using their internet banking app. Things would have to work just like how they do with fiat money at the moment. The bill is just a renewed version of an older one that was focused on reducing money laundering.

    People Have Many Different Opinions on the Matter

    It’s only normal for a matter like regulating and making the crypto space more known to have many people expressing their opinions. For example, Sven Hildebrandt, who runs a consulting company, is very pleased with the new bill and says the country may become a crypto haven for many. Also, he thinks Germany could be a pioneer in regulating crypto assets.

    The BdB banking association also seems to be very positive about the new bill, having its officials saying that things are moving in the right direction and that banking institutions are experienced enough to keep assets safely. Crypto banking storage can protect investors and prevent terrorist or money laundering activities as a result of its regulations.

    However, there are also voices criticizing the bill. For example, financial expert for the Baden-Wuerttemberg consumer center is saying banks become too aggressive when looking for prospective clients, so adding a crypto portfolio could generate many loses. Here is what he had to say exactly:

    “Basically, banks sell a variety of financial products if the commission is right. If they are allowed to sell cryptocurrencies and keep them for a fee, they run the risk of turning their assets at risk of a total loss to their clients, without them knowing what they are getting into.”

    Regardless if the bill is accepted or not, it still represents a step forward when it comes to the broader adoption and the use of Bitcoin or other digital assets.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Oana Ularu
    Oana Ularu
    Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Dash Price Analysis (February 16) • The overall outlook of the coin market is bullish in trend. • The bears may have a temporal control. DASH/USD Medium-term Trend:...

    Stellar (XLM) Price Analysis (February 16)

    • The price of Stellar is likely to encounter a price breakout soon. • Buyers are in the dominance of the market. XLM/USD Medium-term Trend: Bullish •...

    Bitcoin Cash (BCH) Price Analysis (February 16)

    Key Highlights Lately, there was a slow-increasing mote in the BCH/USD trade worth. As at the time of writing, the crypto’s value looks being...

    MONERO (XMR) Price Analysis (February 15)

    Key Highlights There have been long series of relative up rises in the XMR/USD market activities.  The XRM/USD market has maintained a range interval...

    Bitcoin is Gold on Steroids that would Make an All-time High by Halving: Galaxy Digital CEO

    Earlier this week, Bitcoin breached $10,000 and since then we have been keeping above this level. The digital asset is up 40% in 2020 so...

    Ethereum Technical Indicator Flashes Warning Signal But Active Addresses Jump Nearly 27%

    There is an onslaught of bulls on Ethereum price which is up 114% in 2020 so far while trading at $281, a level last...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.