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The regulatory constraints that previously prohibited German banks from offering Bitcoin-related services to clients could soon become a thing of the past.

New reports are coming in that once the fourth EU Money Laundering Directive comes into effect, financial institutions in Germany will have the legal and regulatory approval to offer and hold cryptocurrencies including Bitcoin.

Source link here (https://beincrypto.com/bitcoin-gets-a-big-boost-in-germany-after-banks-allowed-to-offer-cryptocurrencies/?utm_campaign=amba&utm_medium=social&utm_source=bitcointalk&utm_content=jc)

What can I say? A change of heart indeed for German banks to finally embrace Bitcoin and cryptocurrencies in their country.

Last time, German banks are prohibited to offer services related to Bitcoin, because they think that it could really hurt their financial ecosystem or consider it as a threat. Now that they have finally understand the impact of Bitcoin and blockchain that would really help them in the long run.

I’m just so happy for them that they can do this legally in their country. I hope that other countries would follow suit, but I don’t expect China, India, Russia and other anti-Bitcoin countries out there might have a “change of heart” soon. I believe there come a time that they would finally change the way they view Bitcoin and other cryptocurrencies in their respective financial ecosystem and not considering them as threats.

Great news,  thank you for sharing.
Germany is leader in EU and usually what they do or decide other countries in EU simple follow.
I think that now we will see other banks in EU with the same policy toward crypto what is very good news for EU crypto community.
Of course,  China, Russia and other countries are different story.
But, I think that even before this news we had many positive examples about mass adoption of crypto in EU countries like recent example in my country where state owned Croatian post offering crypto exchange in local post offices.

This would be a game-changer for the world, maybe more and more people would start learning about Bitcoin and realize that it is the future. It's not scams or anything, and sooner or later, every bank will follow in the footsteps. I read also that it's still limited but allowing it is a step towards pure adoption.

For anyone interested in other articles check the link below.
https://cointelegraph.com/news/germany-new-proposed-law-would-legalize-banks-holding-bitcoin

Germany has taken a bold step by allowing banks to offer crypto services, and this is precisely what we keep saying here that fiat and bitcoins can coexist all it requires is some cooperation from banks and governments. @cheezcarls I don’t think any of those countries will adopt bitcoins anytime soon, because they’re busy making anti bitcoins law, and honestly I feel their administrators lack the knowledge of what bitcoin actually is and how they can benefit from it.

This just proves what I was saying, that banks are interested in Bitcoin and to offer to the clients Bitcoin related services. They didn't want to destroy Bitcoin like many thought but tried to find the way how to get into the game.
This is big news and probably a role model for many banks, especialy in Europe so we'll see how this will develope during the time.

I think we should wait till the actual bill and its content are released before popping the champagne. Who knows if they will allow Bitcoin to be traded or will just make their own bank coin for use throughout EU. This is the more probable outcome as they may want to follow China's lead.

Although why would anyone want a central bank issued cryptocurrency is something i just don't understand. Like what possible benefit does bitcoin offers in terms of pure functionality to a bank, as compared to their online clearance system/ payment operators?? Nothing..The benefits that it does offer are to the common people. All the banks may be interested in is to not lose the potential business that the old holders can bring.

All 16 states have to pass this bill before its implemented in Germany. If its passed, it will be a role model for rest of the world.

They are probably preparing to shove DoucheBank under the bus. :)

Germany is starting to emerge as the possible big leader in the cryptocurrency market under the EU banner. Now, I am sure that this move can be attracting other banks within the EU economic system, and I am also hoping that the impact long-term can really be good for the whole cryptocurrency industry. Should we then start to celebrate? We can do that subtly because things remains to be seen how this new development can really affect the overall market. But personally I am really hoping that the impact of this can be so good for all of us. Let's see if this can be a good source of inspiration and envy with other countries especially the big ones including the USA, Russia, India and of course China.

Sweet, adoption is real in Germany. This is what we are hoping that now, the government is favoring bitcoin. This is already a movement, a trend that bitcoin and another crypto will be available legally. As a government supports this, people will follow and more will have trust in this new technology.

This is the same/similar change to what happened to all European banks a couple days back, right? Pretty sure there was a bill that is close to getting passed that allows all European banks to be associated with crypto-currency.

Wonder what banks are going to start directly selling crypto-currencies to their customers because it looks like that's now a thing. I'm going to assume they are all going to charge exuberant fees, but it'll make buying BTC extremely, extremely easy. Just login to your banking app, and directly buy BTC!

Indeed, it's possible that it might influence the decision of other countries regarding on legalizing bitcoin, maybe someday the government from other countries will recognize that bitcoin can be beneficial for their country and to their people. It has great capabilities particularly on giving us opportunities, it is great to see that the adoption is getting better day by day and it's improving. There are possible things that may happen in the future and I just hope that things will get better like how people think about bitcoin, this just proves that bitcoin isn't bad as they think it is. It is more than that and it's capable on giving us a better life.

Europe has generally been supportive for the blockchain technology and bitcoin. The east European and Baltic countries as well as finance based economies like Luxembourg, Switzerland, Malta and Gibraltar has used blockchain based projects to boost their economies and retain their status of tax haven.

Good news to hear! I hope the rest of Europe will follow Germany's steps to create a clear regulatory regarding Bitcoin. Once the U.S. and all EU have this, I'm sure the rest of the world will soon follow. This will be huge once China stops making FUD and tanking the price once every year.

As far as I know Germany has been friendly to bitcoin already. And there are a lot of on line merchants already accepting bitcoin as mode of payment.

But this news may validate what we all have been saying all along about Germany, the country is pro bitcoin as compare to the rest of the EU countries who says that bitcoin will disrupt their financial sector.

UTRUST Announces Partnership with Germany’s Largest E-commerce Solution, Gambio, to Enable Cryptocurrency Payments (https://medium.com/utrust/utrust-announces-partnership-with-germanys-largest-e-commerce-solution-gambio-to-enable-2bc2772f8335). This news was early 2018,

Germany has been a bitcoin-friendly country for years, it's a step forward to take it through the EU law which probably will become a stumbling block.
If it could be realized then it's no wonder if the price of bitcoin will rise significantly in 2020, it's something that could only be done with regulation.

When the government is positive with crypto, this is always a good news, imagine if crypto will be widely accepted in Germany, that would really help to increase the adoption and that will be an example for other countries to realize that its possible to embrace crypto as long as its properly regulated.

Well, a bold step was taken by German and in the right direction.
As I remember, they were among the first ones to come up with policies that were crypto-friendly.
This right here is the adoption we should be talking about.
Slowly, pro-crypto Governments around the world will follow the suit and make decisions as such.
I'm sure in a few years this is the reason we'll see cryptos to a new high.

This is good news though and something to rejoice over. It shows the world is evolving and times are changing not for the negative for crypto though which needs to be emphasised. The interesting thing about Germany is that, I had not read anywhere that are hostile or ban bitcoin with aggressive moves like their counterparts in China but just kept their cool to further understand what the new innovation is all about at the same time creating some fundamental framework for it to thrive. Good news let others think of how to make it better.

I wouldn't really take that too serious because everything in crypto depends on the cycle it is in. If the cycle is bullish then you have a strong point there, but with how bearish the market currently is, I don't see it happen.

I think it's more likely that we will lose a percentage of adoption now the price is going down continuously. Businesses capitulate, people do, miners do, and so on. The space has to bleed in order to grow during the next bull cycle.

Even in your statement it shows that the German banks wanted to offer bitcoin related services but the regulatory obstacle was holding them back and hence it is not a change of heart by the regulators will change the entire bitcoin market and people will be able to trade bitcoin with the help of the banking sector and hopefully we will see more countries adopting the same strategy.

This news is not only a win for frequencies enthusiast in Germany but a massive news for all users of crypto around the world. This news to me is a pointer to the fact that Global adoption of the use of crypto is near. Germany is set to take a lead role, which country will be next?

This news is not only a win for frequencies enthusiast in Germany but a massive news for all users of crypto around the world. This news to me is a pointer to the fact that Global adoption of the use of crypto is near. Germany is set to take a lead role, which country will be next?

This is only really good for the banks. German people were always allowed to get and use crypto, and even German banks could still deal with businesses dealing in crypto (unlike in Israel for example or even India where those accounts would get blocked). The only thing this law does is make things easier, but it won't be so much of a big impact for adoption I think. People won't get crypto just because it's easier.

If the bill get passed and banks in germany are allowed to deal in crypto related services then it would be a bold move on their part and set an example for the rest of the world to adopt blockchain technology and cryptocurrencies in their legal financial system which coule really help to boost the economy.A country who supports who decentralized currencies and making trade legal will surely have impact on global market and motivate other to become crypto enthuaiast as more people will be aware about it.Hope all countries understand its need.

China is nowhere near being pro-Bitcoin. They're still insisting and would still push the growth of their own government-made cryptocurrency, giving/retaining their control and surveillance to their population's financial activities while still banning and keeping an eye to enterprises with operations related to other cryptocurrencies.

Still, having known Germany leads the way to Bitcoin adoption could impose impact on US and other countries that are still neutral to implementing cryptocurrencies.

So please explain to me why am I able to deposit transactions from Bitcoin exchanges to my Commerzbank account if all banks in Germany are prohibited to offer such services.
There are German exchanges like bitcoin.de that had been able to offer their clients bank transfers for the last 3 years or even more.
Austrian-based bitpanda also provides German bank transfers, and Bitcoin held for over a year is not taxed in Germany.

It's great that they're going to regulate it, but there are no effective bans in place at the moment!

Germany doesn't have the financial clout to become a world leader in banking. Especially as France seems to be taking over control of the EU. The more interesting (in my opinion) group is the emerging BRICS central currency. They are de-dollarising, and accumulating gold, and they are talking about creating a  common crypto to replace the Swift system.

China and bitcoin does not correlate as the government does not like transparent and decentralized currency to be used by its citizens as they want to control the flow of money and wanted to monitor every single transaction and so is the reason they are coming up with their centralized currency.

There is no race between countries to make bitcoin legal and if that is the case they would have already done that, German banks got the permission to deal with the bitcoin market and it is a good news of their citizens and hopefully we might see more countries coming up with an positive attitude.

Though Germany is not a leader in finance or at a strong position in world leadership but still we should welcome any positive step towards crypto regulation. Hopefully, we will see some more adaptation from neighboring countries too.
There are still some countries where government wont allow banks to even transact with exchanges.

woah this was a big news for germanians indeed because for the long time of waiting , they can now finally use bitcoins  .

  if germany did able to change thier mind , why not other countries   ?  afaik china did also change thier mind before a couple times  .  they ban and allow btc and then they ban and allow it again and so on  .  germany was a good country and not really strict while china is controversial so that would be the reason on why they have an issue on the legality of bitcoins .

Actually, there's been an thread about it already: https://bitcointalk.org/index.php?topic=5205444. However, it's important info, so I guess it's okay to have another thread about it. Like people states both here and there, though, the EU-level bill has to pass before any of that stuff with Germany can become possible. So it's early to talk about great news yet in this case. Moreover, the banks might refuse to process cryptos on their own, it's not like all they are waiting for is for cryptos to become legal for them.

Obviously, Germany is not a leader in finance, But big investors are available in Germany. So It will really helpful to adopt the some other countries regulations. Most of the market will grow and sudden drop is loose the investors are mindset so it will useful to concentrate the future investment of crypto platform.

Financial institutions in Germany like banks offering crypto-related services directly to their clients is a great news indeed because other countries will follow once they see positive outcomes and hopefully they will be able to implement this by year 2020 so might achieved crypto mass adoption sooner.

Change after change has happened in crypto that we all know a few years ago almost every country did not recognize crypto as a currency let alone enter the bank, but what is happening now is that almost all who refuse now turn to accept it, this is a very good move and I also hope that in the future some countries and the World Bank will follow suit.

Germany is one step ahead and open with new technology that can benefit many people.
To be honest I am very impressed with Germany where its economic development is always rapid and does not want to be inferior to other developed countries.
Other competing countries such as China and the US should be able to imitate what Germany has done because of its courage to make the right decision.

It's a good thing because banks now will be allowed to store your crypto for you but we could also say that it's a pointless law because it goes against the purpose of cryptocurrencies.

Placing your cryptocurrencies under the custody of banks makes them useless because it takes away the two best things cryptocurrencies carry: decentralization and anonymity. Now all your bitcoins are useless because they are held by a bank just like fiat and can be seized just like fiat.

some countries consider bitcoin as a frightening specter that will threaten their financial ecosystem, now some countries are beginning to understand the benefits of crypto, it's time for the world to accept crypto.

I'm happy that my country that not really have to ban it. Because since in the beginning, we are free of investing and pulling out money from cryptocurrencies. We can go back and forth all day and no one from the government is going to get us because of those transactions. But I wish that this country is going to talk about more about the blockchain technology.

I like this, it sort of normalises crypto in a way.
The fact that going forward in Germany people can deal with their bitcoin in a perceivably easy way and they can trust their bank to look after it.

 ???

this is good and interesting news, starting one by one developed countries accept bitcoin, I hope this is the beginning for all countries to follow that policy .. !!

its not only for german bitcoiners but for the whole crypto world mate,because we know that every good news for bitcoin is a good effect for the whole market so i think we are now heading to much better German Bitcoin investing.

and in our community now?we need more and more thread like this because adoption is what we really have to make as FUDders are keeping their work to maintain the nagativity to our good community.

What the Mesmerizing news at the beginning for my day, Thanks for sharing with us of this news, I think it's the beginning of the new era of Bitcoin and cryptocurrency in the EU, the time is not so far that Cryptocurrency will get accepted around the world and it will dominate in the monetary system for sure, so as a potential leader of EU, Germany has started this journey with a strong hand, I hope other countries will get learn from this steps so that Cryptocurrency system will become more flourish and the people will have the opportunity to  connect themselves with the conventional monetary system.

I see, more and more country are getting serious about cryptocurrency. I am lucky I have a country who's government do really care about building infrastructure rather than see the danger from cryptocurrency if there is. But to the fact that they need to ban bitcoin for their plans would just disregard opportunities. In terms of Germany's positive involvement in crypto, I could say it would not affect crypto market that much but it can contribute market adoption for countries with lots of population and thus might provide more decent market price for bitcoin.

Thank god we are hearing such wonderfull news coming from these countries.

That means more investors, more buyers, more price rise sooner than we expect.
Due to their demands i believe there will be a tiny noticeable spike. As it is also a very positive sign of how adoptation is becoming a thing.

I hope for more acceptance from this as an example for future approvals.

if indeed the success of legalizing bitcoin in Germany can be proven, I think this will trigger for other countries to follow in Germany's footsteps in adopting a system like this. because the potential of bitcoin for the future does have a wide reach and will be able to change the situation in the transaction system in a country