While most countries are busy researching and <a href="https://www.cryptoknowmics.com/crypto/china-strengthens-regulation-to-restrict-bitcoin-and-other-cryptocurrencies/" target="_blank" rel="noopener">regulating</a> cryptocurrencies, the Germans have a plan to actually introduce them to the public. According to a newly proposed bill, as of 2020 clients would be able to store bitcoin and other virtual assets in banks.

At the moment, German banks do not have the right to directly sell cryptocurrencies to their customers. However, this could be altered next year according to the new law that seeks to implement the fourth EU Money Laundering Directive. The new bill has already passed Germany’s federal parliament (Bundestag) and now it now awaits the consensus of the 16 states.
<h2>No need for third parties</h2>
Moreover,Germany is on its way to becoming a global leader in crypto adoption. A <a href="https://www.handelsblatt.com/finanzen/maerkte/devisen-rohstoffe/kryptowaehrungen-neues-geldwaeschegesetz-banken-duerfen-bitcoin-verwahren/25276392.html" target="_blank" rel="noopener">recent report</a> claims that Germany is planning to implement a new set of laws that will benefit the cryptocurrency industry. In  2020, German banks will be reportedly able to store Bitcoin and other digital assets; directly without need for third parties.

In addition, The German crypto community is quite happy with the new bill. Sven Hildebrandt, head of consulting firm Distributed Ledger Consulting (DLC), said:
<blockquote>“Germany is well on its way to becoming a crypto-heaven. The German legislator is playing a pioneering role in the regulation of cryptocurrency.”</blockquote>
Furthermore, if the bill receives the greenlight from the 16 states; Germans will be able to hold Bitcoin, Ethereum as well as other cryptocurrencies. Additionally, German banks will be able to provide online solutions in the whole sector. They will be able to offer stocks, bonds and even crypto. 

In conclusion, not every German is pleased with the proposed bill. The consumer center of Baden-Wuerttemberg worries that financial institutions will engage in a more aggressive sale of the new product. In addition, financial expert Niels Nauhauser stated that  German banks are now tying new customers by all means. They may also fail at educating customers on potential risks on investing in cryptocurrencies.

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German Banks Could Provide Crypto Services in 2020

While most countries are busy researching and regulating cryptocurrencies, the Germans have a plan to actually introduce them to the public..%

My first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.

German Banks Could Provide Crypto Services in 2020

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