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.