Germany: New Proposed Law Would Legalize Banks Holding Bitcoin
Marie Huillet's original article for cointelegraph.com reduced by 77%
A new bill in Germany could enable banks to support the sale and custody of Bitcoin and other cryptocurrencies by 2020. At present, German banks and financial institutions are prohibited from facilitating the sale of cryptocurrencies for clients. If passed, the proposed bill will transform the status quo.
While an initial draft of the bill had reportedly included a "Separation clause" that would have required banks to make recourse to external cryptocurrency custodians or dedicated subsidiaries, the latest version of the proposed law removes this. "??Starting in 2020, financial institutions will be able to offer their customers online banking, virtually at the touch of a button, along with classic securities such as stocks and bonds, as well as cryptocurrencies. Notably, the Association of German Banks - a major lobbying group representing over 200 financial institutions - is reported to be supporting the bill, arguing that supervised financial institutions have the experience and risk mechanisms in place to safeguard client assets.
The Bundestag has recently published a statement determining that cryptocurrencies such as Bitcoin "Are not real money," citing their volatility and allegedly limited use for payments.
Donate Bitcoin to this address
Scan the QR code or copy the address below into your wallet to send Bitcoin
Donate Ethereum to this address
Scan the QR code or copy the address below into your wallet to send Ethereum
Donate With MetaMask
Donate ETH With MetaMask
Alternatively, support us by using the following referral links:
CN [too long; didn’t read]
Summarised crypto news.