Bitcoin Forum

Banks in Germany started to allow people to buy and sell cryptocurrencies this January 2020. I think other countries will do the same soon, Japan might be another country with such services. In the beginning, someone has to start something so others can follow suit.  

What are the other countries where anyone legally can buy/sell cryptos at commercial centralized banks?

Aside from Japan & Switzerland where cryptocurrency movement is really strong and expanding, I am expecting that South Korea can be the next one for this trend. Though we are generally wary about banks getting into cryptocurrency I am still considering this as a good news because this can help this industry spread to as many people as possible. We have to admit that people are still trusting banks (even if we might refuse this fact) and so banks can therefore be of big help to convince more people to invest with cryptocurrencies. Banks are for profits and generally they want to deal with anything where they can be making money and where there is clearly a good demand. They are seeing it with cryptocurrency. Let's see and watch developments on this thing and whether this trend can be catching up fire and spread to many other countries as well.

Yes, banks are a good thing to be in the crypto industry, even when we know they are centralized entities, they are a good tool for achieving mass adoption. They might not be there all the time, once people realize the power of decentralization, they might stop using commercial banks!

One of the growing transaction today is with the use of crypto currency, and today there are only a few countries are accepting the use of crypto because they are afraid about the transaction of each of the users. But one of the largest country today is Germany, and they are going to adopt the use of crypto to their transactions and applied into their banks, and it is more efficient to the holders of cryptocurrency because they don't need to convert their crypto into fiat and cause of transaction fee and reduce their money instead of having income.

We all know that banks are very crucial when it comes to holding money. Being decentralized is more helpful for the people to adopt cryptocurrency in their daily lives. Mass adoption really needs to improve because with that, the demand in bitcoin will increase its price. Probably, if that happens, all holders will celebrate and banks will also benefit the people by means of fees and taxes. That's why some banks in a certain country allows it, because they know that cryptocurrency has a big factor to their economic state.

Will be good way for bitcoin raise to higher price again, many bank look interested for accepting bitcoin and altcoin as their partner platform and become wonderful way how to make bitcoin become best and most popular payment digital currency in the world at the future, good working with bitcoin right now have update their way to be implement in real business.

Seems more countries motivating accept bitcoin. It's better for government if they allow buy/sell bitcoin via bank. It would reduce sell bitcoin on black markets. Same like my country, government doesn't allow to use crypto currency, so we can't sell it on bank even can't deal openly. So by force we have to sell it on black markets in order to cash out. Alos government losing TAX by this way, and negative effect is some newbies getting scam during buy and sell. So it's quite important to sell bitcoin legally to avoid so many harrassment.

For that you may take a look on A Complete List of Bitcoin Friendly Countries (https://99bitcoins.com/bitcoin-friendly-countries).

I have a strong feeling that none banking system nor govs of any country wants to deal with uncontrollable and unknown bitcoin.
So they rather make up their own digital currency, maybe less secured and more centralized but more comfortable for them to work with it.
I don't see bitcoin as worldwide digital currency of the future honestly, but I really want it tho

Absolutely best ideas adopted by Germany bank where brave using bitcoin and altcoin allow buy and sell for their member, I think bank give best solution for bank member where could save their money in the bank and using altcoin or bitcoin, not only as saving assets but many member can get much profit when bitcoin or altcoin have higher price.

Aside from Japan, this is the second country.

I read this just two weeks ago and, despite the hype of it since it might trigger other countries to follow them too, at the end of the article, I read that doing this still pose a threat and I agree. I am not disappointed but I agree. Decentralization is a problem when it comes to this type of legalization. That is why I don't really hate people that is against this, it is the reality. As long as Bitcoin and other cryptocurrencies are decentralized, there is no way that it will never be volatile.

I just heard this. as far as I know, Germany finally supports crypto, but to be a place of exchange, this is something new that I have heard. this certainly makes Germany re-exploit the development of crypto at this time, and I think Germany is trying to profit from it. I'm just curious, what cryptos are accepted to be exchanged at German banks?

Not sure but I think South Korea, Switzerland and Slovenia are also in this list. There are very few countries that are embracing the crypto revolution rather then opposing it. In my country its still ban to buy and sell bitcoin and anyother currency.

I really don't get the obsession that people seem to hold over traditional banks embracing bitcoin.

As far as I know, commercial banks aren't the ones that are currently integrating BTC in their day to day practices. Rather, the only traditional institutions that are able to sell them as investment products are financial intermediaries as well as investment banks.

Commercial banks aren't exchanges anyway. They need not fill the role of a crypto exchange for crypto to succeed.

It is not difficult to conclude that people trust banks the most when it comes to their money, so if their bank offers Bitcoin as one of the services, then for most people this is a sign that Bitcoin is something positive because banks would otherwise not accept it. Personally, I don't see anything wrong with having anyone go to a bank and buy BTC, which is actually a lot easier than making a crypto exchange account, go through KYC and then deposit fiat via bank to exchange.

Confidence, security, practicality, and speed are in this case something that will definitely attract people. Some will certainly not agree with the big institutions going crypto business this way, but I would like to see some better alternative that leaves BTC completely decentralized, yet at the same time allowing for progress in adaptation.

The BTC sign-on banks, post offices or shopping malls may not be a distant future, but it is still something that governments must approve - while on the other hand, BTC has to become competitive with other forms of payment.

I am damn against this type of banks holding your crypto for you thing. They did it one time before with fiat and now they are literally holding less money in their vault than the money they say they can give out, just to give an example there are banks with 1to9 ratio where they can hold 100 dollars but give 900 dollar loans instead, we do not need that with bitcoin at all.

Think about it they will show your bank account with 1 bitcoin but they will have 0.1 bitcoin instead, is that something you would want to happen? Right now if everyone in the whole world with money on their bank accounts went and tried to withdraw it, eventually banks will not have enough money to give it, it is basically a big ponzi scheme, bitcoin can't be like that at all.

Well, BELARUS. One of the cryptocurrency-friendly country and I guess the number one. I still remember the days where cryptocurrency companies are trying to move to that country since the Belarusian government is also making projects in the crypto-space. I still remember them making a building exclusive only for cryptocurrency-based companies. Switzerland, one of the cryptocurrency-friendly country as well. I still remember that Libra is actually based in Switzerland, --they also have banks where you could do money-laundering. A dream country for money maniac, indeed!
 

State banks do not risk anything if they provide services for the exchange of cryptocurrencies in ordinary currency and take a certain percentage for this. The high volatility of the cryptocurrency will not in this case affect the profit of banks from the provision of such services. Therefore, it all depends on the laws in specific states. If legal and organizational problems are resolved, banks of any form of ownership will provide cryptocurrency exchange services. The provision of additional services will depend on their profitability.

Sure! we the smart people do not need commercial banks, but non-techie people will need them, there are a lot of people that don't know how to manage digital money like cryptocurrencies. Banks will cover that necessity, and at the same time will promote crypto indirectly!

No one has mentioned Malta, we've been hearing the good news about that country that they are very open to cryptocurrencies. Binance did open an headquarters on that country because AFAIK, tax is there is free with some conditions.

But it's an example of a country who has a go signal for cryptocurrencies but don't want to issue or sell bitcoins directly. I guess for this matter, it's hard for another country to see such banks to buy and sell crypto's. Do we need them if we already have specific exchanges where we can trade?

right, I think cryptocurrency does not have a dependency with banks, maybe in European countries banks do that for personal gain, given the number of bitcoiners. and banks certainly want to continue to exist and control the economy with changing times

It is a long process and Malta does not realize at this point how far ahead they went (compared to other countries) and what advantage they can gain with trading crypto.

More and more countries are getting into cryptocurrency usage with regulations that needs to be followed. Banks are the one that experience a huge revenue loss out of the increasing cryptocurrency usage. Germany being a leader to technology driven industries coming forward with banks starting to buy and sell cryptocurrencies takes cryptocurrency to next level of growth.

This year marked to be a big year for cryptocurrency. As a part more countries have begun to accept cryptocurrency and create their own cryptocurrency.

If I am correct, there is a difference between countries that let people use their debit cards to buy bitcoin because as in these countries there are no laws they simply allow people to do it Vs countries that legally allow people to buy bitcoin with cards of legally permitted banks. If my reasoning is correct it means that few countries have legally allowed commercial banks to accept that their customers buy bitcoin using their debit cards. I know Japan and Malta and the USA (I think)

For the past years, they were always been in the news and I thought that it's something like that. Yeah, they're still far from that kind of adoption but still their status about crypto is better to be like that than nothing or negative.

When I've searched about exact thought of OP about Malta, it's really not that I have expected because as you have said they are still in the process. However, they probably are and will be going up to that point within the next months or up to a year.

Indeed Malta is like the center of cryptos, leading this industry in many ways, good for them and their citizens, being pro-crypto will bring them a lot of benefits and fast progress!

Indeed, something like this is expected by the cryptocurrency community, banks can accept cryptocurrency transactions. Because of the
country with the bank receiving cryptocurrency transactions will make the economy stronger. Because cryptocurrency investors and bank
investors can help each other, hopefully it will continue to grow in countries where banks have begun to openly accept cryptocurrency
transactions. Thus growth can make cryptocurrency can also be increasingly rapid and may even become a global currency.

So do not be surprised if there are many projects in crypto with offices there, because indeed the government provides freedom in Malta. many people also say that this country is a paradise for cryptocurrency

I was one of the people who got excited about this project. The first days where people are trying to address this idea were the days the Cryptocurrency industry was booming. People are getting excited to make it work in the real world. However, this one idea caused banks and the government to notice the potential disruption and threat to their businesses.

Since cryptocurrencies are generally decentralized, Bank has no chance to control or take advantage of the market. So they need to call the people who let them do business which is the government. They will be distrupted, the business and the taxation. Everything would make the wolves and lions angry.

Malta is a small nation with around 4.94 lacks population as per 2019 population count. This leads them to be more advanced and technical as the resources available in that specific nation are in good amount but the population to use them is much lower as compared to any other countries. This might have made Malta to start regulating the cryptocurrency transactions for the betterment of their population.

This has created a huge impact on the cryptocurrency projects and also we could see that places where cryptocurrencies are been circulated without any legal restrictions than the number of crypto related projects grown in such nation and the same is the case with Malta.

Ok so, I found the list from the internet apparently , these are the banks allowing the cryptocurrencies buying and selling .
I am shocked myself to see that most of them are not situated in Japan but they are actually in Europe and UK .

Hopefully it will be helpful for you people living there .


Wirex (UK & Euro Region)   
Change (Euro)   
Revolut (UK & Euro Region)
Bankera (Euro)   
MonAize (Euro)
The United Services Automobile Association (US)   
Bitwala (Germany)
Ally Bank (US)   
Simple Bank (US)   
The National Bank of Canada
Barclays (UK)   
 
(https://themoneymongers.com/crypto-bitcoin-friendly-banks/ (https://themoneymongers.com/crypto-bitcoin-friendly-banks/))

I think aside from Germany China wants to regulate the cryptocurrency in their country If the demand for cryptocurrency increases in every country this is often excellent news for Bitcoin. Bitcoin prices and demand will both increase If all countries spread the crypto then its transactions would be much easier and banks could easily control the cryptocurrency. within the future all countries of the planet are going to be considered a well-liked currency.

Countries are already thinking about their finances in the future, paper money will definitely have a limit, and if they switch to crypto and create their own digital money, it can be appreciated as a new history, but the negative impact is that altcoin will knocked out

I'm benumbed to hear that banks in Germany have started allowing cryptocurrency trades within the bank. This would be a great step by cryptocurrencies towards a bright future but how could this actually circulate? Prices keeps on changing due to their high volatile nature and this would make it difficult for the banks to buy or sell at those volatile prices as banks are not this updated to the technologies.

Banks needs to customize their internal affairs in order to get more advanced and start circulating cryptocurrencies into their monetary system. I guess, some of the banks which are not centralized may have started this movement as the governments would never allow the centralized banks to perform such tasks unless until the country legalizes cryptocurrencies.

History repeats itself, once China starts using their own digital currency, other countries will do the same, they won't like to be left behind this trend of countries issuing their own blockchain digital currency. Something similar already happened with the mass adoption of the internet in 2000.

buying and selling bitcoin and other crypto currency is not a problem in my country. You can buy and sell directly using your atm card, not only that there are many other option for buying in my country even using remitances.
I hope it will also work with other country since it all working to us.

Allowing customers to exchange their cryptocurrencies directly from bank is actually smart move by government. In this way government will have more control and information regarding crypto transactions. But the outlook towards bitcoin is still negative in most of the countries so I don't think more countries will follow the footsteps of Germany.

I don’t understand, but nobody forbade us to buy or sell cryptocurrency before. Why people should buy cryptocurrency at a bank, when they can use a regular exchange or wallet?
What can ordinary people get from this innovation?
I don't see any advantages here, except for cryptocurrency advertising and state promotion of cryptocurrency.

As you know, there are a lot of non-techie people right? for example grandpa, old uncle, people that don't like or don't know how to use email or computers. They need a third party company to do things for them as we see it these days, they use centralized banks. They will keep using commercial centralized banks when they need to own and use cryptos. Understand it now?

where do you live? It seems like your country is very friendly to cryptocurrency, in my country cryptocurrency is still difficult to be used as a means of payment, but to be an asset the crypto currency is already registered with the government ;)

I do not think this can happen now in my country because of the government through the Central Bank have warned people a couple of time to be wary of a digital asset popularly regarded as crypto mostly because of the fact that it was used in a few years ago to fuel a Ponzi scheme popularly refers to as MMM, which had led to lost of life and properties when it crashes. However, there has been increasing awareness about the potential of the blockchain technology especially in banking industries and if there will be anything like selling and buying of crypto by bank in the nearest future, the blockchain technology must have been bedrock on which the most bank will rely on.

Singapore and Japan are countries where you can also buy and sell cryptocurrency. We all know that those two countries are well-developed countries and high in technology so it is not impossible for them to implement such cryptocurrency in their country. People already adopted cryptocurrency when it was first promoted by the government so it is easy for them to use it nowadays. They achieved mass adoption quickly because of using  their technology in promoting cryptocurrency and I read that most of the people there are mining bitcoin just like a normal crypto users. That's why their country is continuously developing from time to time, how I wish that we also have that same government who values their economy.

Guess that's here in the Philippines. The government is fine with bitcoin and most cryptocurrencies to operate. It's just that we've been recently hit by a scam by on of our fellows which could possibly tarnish it's reputation to the general public. But as what I have mentioned, our government is fine with it. It's easily accesible on ours and some banks that are in the country partnered with bitcoin to manage your funds easier and faster than ever.

But if it's not Philippines then I would guess it's a country in the southeast asia. Regulations are surprisingly high in our region.

Crypto was booming a few years ago and still growing every day, sometimes slow sometimes fast.
As many of us know the halving will occur this May 2020 and the price will go high as a result of halving, we don't know for sure when it will hit ATH, but history has shown that after 1 or 1 and a half year the price goes up. That event itself will make more people and governments to pay more attention and get engaged with blockchain.

I don't have list of countries where you can buy bitcoin via banks officially but this is what they do mostly: Some banks own electronic wallet companies (Similar of webmoney, yandex kiwi and etc) and in some countries there is no crypto regulation and such wallets can easily accept bitcoin and altcoin payments. When banks own those companies too, they can offer you all of bank services, their wallet just keeps exchange/hold feature, once you exchange btc into USD or local currency, you can withdraw that money with 0 commission on your bank's account instantly and then do whatever you want. Also terminals and ATMs of these bank's allows you to buy bitcoin with cash and withdraw bitcoins with your bank's card (converts btc into local currency automatically).

Yes you’re right. I have read news about it that they will soon start selling cryptocurrency to people. But I don’t know if they have started offering cryptocurrency for sale. According to the news there have been some who are against the idea. I am looking forward to other countries doing the same, they should start allowing people to buy and sell cryptocurrency using banks, that will be really cool and will help in the adoption.

Although before this time, I have seen a lot of e-banking platforms that have been allowing people to make use of cryptocurrency and even buy and sell it at anytime. Banks such as Wirex, located in the UK, has been doing that for long.

Here in the Philippines, the bitcoin is doing great here! We have a local bitcoin exchange that almost covers all of the needs of every user. You can buy prepaid load, pay bills, transfer to the bank, and many more. We are using it here, and our government approves it. Buying and selling of bitcoin at our local exchange which is coins.ph is also effortless! You can even buy bitcoin here using 7/11. Transferring to a bank is instant, and I think it's almost supported all of the banks here in the Philippines.

It's not a bank supporting crypto, but this local exchange of us is excellent, and I think it is giving all of its user needs.

This was right I don't think everything will be dependent on Banks. More often it is all about the value that our local exchanger gave to us. I don't think there are another exchanger here that can beat Coins.ph. This primarily one of the reason why it is widely accepted here because it was easy to access.
If these will be apply to other foreign exchanger wherein it covers all the basic needs of the people like paying bills and buying load bitcoin can easily be adopted.

That will be positive for other countries who still believe that cryptocurrency is something that should be avoided by its citizen. But, they should know the improvement against technology the citizen will quickly accept rather than wait for an advice from the government. That has happened in all country especially for those who still reluctant to accept the using of them.

As an example in my country, the government still not allowed to buy cryptocurrency with bank account, but do you know there are many platforms who provide to do these thing easily. Such as the developer A created a platform for intention to buy some stuff (such as wallet) so the people will be easy to buy everything through their smartphone.

But now, the platform has been accepting bitcoin and some altcoin to make a deposit and otherwise the use can easily buy bitcoin and some altcoin through the platform with a low fee. This is pointed out the government was wrong to keep their regulation. So, this time is the right time to allowed buying-selling cryptocurrency with their bank account because they will get profit as well.

I'd definitely be wary--if a bank sells you bitcoin, you can be sure they're tracking where you send it, just like Coinbase does.  And although they might not be able to determine who the recipient is or whether the coins were used for anything shady, who knows what the banks would do with that information.  On the other hand, if you have a bank account they can track everything you spend your money on anyway, so it's probably not that big a deal.

Personally I'd like to be able to purchase crypto for cash without having to resort to an exchange.  It was so nice when Circle was providing that service, even though that's just about the same as buying bitcoin from a bank.  I have a feeling that these kinds of services aren't going to become widespread in the US anytime soon, but we'll see how it works out in the countries where banks are starting to do this.

One thing I wonder is whether banks are going to keep bitcoin on hand or whether they're going to act as a third party, just buying it from wherever when a customer wants to buy it from them.  I don't think there's enough bitcoin in existence to allow banks to buy it in anticipation of customer orders, nor do I think they'd want to bear the risk of keeping a volatile asset like bitcoin on their books.

I didn't know Philippines was like that when it comes to crypto, I wish there were more places like that in the whole world. If we had one company in every nation (one each, not one for all) that basically does exactly what you say you guys have, bitcoin would be adopted so much that we would be basically living in a crypto world.

I don't need to even spend it on everywhere, all we would need could be just bills and meals, that is literally it. If I can spend money on cafe's and movies and whatever in fiat I would be fine with that, as long as I can spend my crypto on paying the bills plus buying the grocery food stuff, that would be more than 50% of my all expenses covered in bitcoin. Giving people around the world chance to spend 50% of their expenses in bitcoin would increase adoption like crazy.

German is so far ahead from Finland in cryptos, which is funny because we are both EU countries and our approach should be at least somewhat similar on this. Bank that i am using just banned while ago their employees to invest in cryptocurrencies. This makes no sense what so ever because buying bitcoin is totally legal in here. I have been thinking of moving at least my address to some other country. I am just waiting to see how things are balancing out on other countries as well, because Finland used to be very crypto-friendly as well.

Philippines is one of them they allow people to buy Cryptocurrency though indirectly, they will have to deposit funds to their coins.ph account this is a local exchange, using bank that are their partners after you deposit you can buy Cryptocurrency and you can also sell your Cryptocurrency and withdraw it using your favorite local bank.

I know that US and Japan can now legally buy and sell cryptos at their commercial centralized banks because i heard that they already have bitcoin atm machines in both countries. I am also hoping mot only in those countries will crypto became legal because i really wanted for my country to legalize cryptocurrency, so that i will not have problems in converting my cryptos into fiat and vice versa.

To be honest, I do not quite understand what is the illegality of buying cryptocurrency on ordinary exchanges.
It seems that the banks simply decided to stick their intermediary services here.

However, this is an unambiguous plus, because due to the fact that the banks themselves will offer the purchase of bitcoin through their services, ordinary people can safely invest in bitcoin and cryptocurrencies.
In particular, in this way, banks increase the credibility of cryptocurrencies on the part of the general population.

I will not be surprised if in the future there will be deposits allowing you to buy bitcoin at a percentage or take on credit.
How this will be realized is of course a big question, but banks will certainly not lose their profits.

Bottom line is that banks and governments can't stop people from using bitcoins! Some tried to that, some are still trying, we read about that in news, but actually they are not doing anything significant.
In this way banks decided to take earn something from people who wish to buy trough them. Blockchain is making a revolution in the global economy. DAO (decentralized autonomous organization), DeFi (decentralized finance) are just some new things that blockchain is bringing on the table, it will be interesting to see what will banks do and how will they adapt on this. In one thing I am sure, not all of them will be able to adapt.

There is no illegality there. I feel why most banks wants to implement bitcoin into their system is because they thinks they are missing out. Compare to now and when bitcoin started out, alot of people are moving away from saving in the bank to hodling their funds in cryptocurreny for the future. People want to have control of their funds; I mean, who wouldn't want to?
Since they can't beat or stop digital currency, particularly Bitcoin; they have to join it. It's for the best.
But also, let's hope they won't put too many restrictions on those who will be banking with their cryptocureny.

Read this news like so many times and Every time I keep doing my research to see if any bank in Germany has already started offering cryptocurrency services, but it seems like none of them has taken up with that. I only see the same news about the new law that was implemented and it says that banks may start offering such services, so it’s probably a matter of choice and none of them has started yet. Maybe they are all waiting for who would do it first and when the first goes, others will follow.

It’s quite good that they have passed such a law, but banks should be fast with it and I look forward to other countries doing the same.

As you said, it is done indirectly since banks here in our country don't really let you buy bitcoin or any other crypto currencies directly. It is through an excxhange, coins.ph that is why we can transact or buy bitcoin. I don't know when will they consider buying or selling bitcoin or other crypto currencies since for now, I see that impossible to happen.

I have always thought banks will still be of useful advantage to cryptocurrency and to the fact that we may not need to have them totally eliminated for cryptocurrency, they can have a way of working hand in hand with each other to satisfy the users, China would have been my next suspected country but the coronavirus infection may take them little time to gain balance.

I am not surprised to see European countries to legalize crypto. Japan was always expected. My eyes are on China. If it does the same, a tremendous pressure will be created on its competitors relating to bitcoin and crypto in general.

They legalized again mining of Bitcoin.

I think it can lead there but I don't think that Bitcoin will be their main currency. I think they will focus on Blockchain technology rather than the cryptocurrency itself. In terms of the banks, as far as I know, last year an article said that it will not be Bitcoin but something for them or for their country, a digital currency like Yuan.

dont expect too much on china . arent you aware with thier issues with cryptos before  and now they are facing another isues which was this virus .  like you i also think that banks is still useful even if we already have cryptos but many says that cryptos are already enough because cryptos can as a bank too  . the only problem is the support for cryptos versus banks  . banks is still the legal tender and recognized by many  .  instead of seeing one of them go down why cant we just be good to the both of them  .

I do not believe much in China even if they are a farm nation and own many big bosses because they often create serious events in the market, fake information, causing lots of discomfort and annoyance for investors, so ignoring them is the best thing to work more effectively. On the subject of banking and crypto, many people may be thinking that crypto can become a bank, it's a possible idea but I'm not sure you can guarantee your money won't be lost or diminished due to the collapse, banks have their own advantages and values, combined with crypto would be perfect

Well not all countries will buy and sell crypto , many of them want only to put a tax on crypto and take 10. But i hope to can use faster bank transfer with crypto someday.

They might now accept and buy or sell crypto currencies but I think in the future where digital currencies are inevitable, a lot of countries would be accepting it. I don't think banks will be considering bitcoin or other altcoins to be in their circulation so I think it will just be legalized by a lot of countries and this might be used by a lot of people accepted in a lot of stores or by the merchants.

The Monaco government is looking to set up this type of project. With a bank, of course there is no doubt that part of the percentage when purchases and sales are intended for their operation but the idea is there.

In Romania the IRS legislation covers the crypto domain with specific taxes but regarding banks, they are still reticent to this field.

Actually I do not know other countries that allows to buy and sell cryptocurrency but this happenings in Japan will probably inspire other countries even more that there is no harm if they allow cryptocurrency in their country. Some of them do not want to allow it because they were afraid that their fiat money might be replace by it. Little did they know that it crypto will have a huge impact for their economic growth.

I read this article after reading this thread: https://www.coinspeaker.com/germany-law-banks-cryptocurrency/

I am not sure how it works as if banks hold crypto on behalf of their clients, what happens if a hack takes place which is the most common thing for any exchange these days. Also, can't find any information about the interest rates and other services like deposits etc.

If banks hold crypto of their users, it will be similar to the online crypto exchanges we know already nothing different, the only difference will be that these commercial FIAT banks will help to spread crypto faster to the non-crypto average person, meaning more value for bitcoin and cryptos.

The participation of banks in the provision of services for the exchange of cryptocurrency into ordinary currency is inevitable and will have only a positive side for cryptocurrency. The appearance of such an exchange in banks will simplify the purchase and sale of cryptocurrency and at the same time increase interest in it, because this will mean a serious attitude towards it from the state.
However, it should be noted that people will not stop using the services of state and commercial banks, since banks perform much more specific functions than cryptocurrency.

in asia specifically in Philippines there are Banks with Cryptocurrency ATM's in which you can Purchase numbers of crypto.

but Banks that Buying and Selling Crypto?that would be cool to see,imagine they are offering safe service(of course without scams like online )and this is one good moves from Government of Germany as they are one of the adopters of Bitcoin and Cryptocurrencies like Japan and other countries.

You understand what we are talking about here, right? It is no different than Fiat and not sure if that is what Satoshi wanted to happen but probably thought that was inevitable in the end.

Specially the CEXs which store people's data and give it to the governments to evaluate. Banks of course do that and it will make it even more easier.

That is a good thing. We will see a lot of new blood entering crypto and that means more market movements and rising stock prices of these banks. Soon enough other countries will be forced to follow suit.

If this trend continues the good effect is that bitcoin will become more popular than those country-represented shitcoins.

well, I think a lot of bitcoin atm has been circulating so that many people will find it easier to make cryptocurrency withdrawals but it is unfortunate that currently there are still few who can accept payments using bitcoin and they are still unsure of bitcoin sellers because some countries are still concerned about regulations regarding the use of bitcoin.

Some even don't have any regulation at all, and does not restrict using and buying cryptocurrencies.

Adoption of Germany is quite expectable since they are early to adopt digital currency to eliminate paper cash money. More cities in Germany have most of their population use digital payment systems (but still fiat).

If all countries, including banks launch cryptocurrency buying and selling cryptocurrencies the cryptocurrency will improve and therefore the demand for Bitcoin will increase. In my opinion not just Japan but the UK China and Malaysia will help it spread among the people to enhance their economy and industry Bitcoin does tons of excellent work and without it the crypto market is going to be at its peak when the whole world is spread.

Crypto in the past was a potential threat to the government, although the perspective from the government was better with it but the restraint is obvious, so a country that allows banks to buy and sell crypto, I would feel a lot of doubt here if I were a resident of that country. Besides, we should keep in mind that many topics discuss the bank and government's permission to trade crypto but over time, that information seems to be removed, it is best to use trusted exchanges to buy and sell crypto

There's no doubt about what you said about the Philippine because they prove themselves to be business-oriented in every angle of new innovative technology and business but there are some countries (Japan, Belarus, Malta, Swiss, Gibraltar,  Slovenia etc) which the Philippines is totally behind them in the crypto-friendly and bank integration of crypto buy and sell procedure.

Keeping buying or trading cryptos at centralized exchanges won't help that much to bring 100% crypto tx and make finance totally decentralized, but in the beginning has to be in this way, maybe in the future, there will be more people using only decentralized exchanges.

Bank in Other countries are still not interested in following Germany's Bank steps, because in other country cryptocurrency are still limited in distribution and in daily life use. they will say this step is uneffective, and does not provide significant benefits for bank.
and for the user will prioritize to buy or sell in tranding center because of the more actual market prices, the possibility of buying crypto at the bank would be their last choice.

And we all know what happened when users held their money on crypto exchanges as most got hacked while only few reimbursed the money. If banks also get hacked, there's no point as banks should have the upmost security. I don't see anything positive here as the moment we invest in banks, they circulate our money and give out loans etc. and put restrictions of holding a minimum balance. Thinking about everything, it's not looking good.

Nobody is afraid of banks going into crypto? I mean looking at the financial world right now, banks are the reason why we are not doing that well right now. They are using everyone's money to make more money, that is literally stealing. I do not have 100% control over what my money is doing right now for example, it is at a bank which is putting it on some stocks and making profits whereas I am said that I can withdraw whenever I want.

Well, that is not reality is it? If all the money was withdraw, how could they pay us all? They would have to at least sell all their investments which would crash the economy. We already gave banks too much power with fiat, I really hope the same won't happen with crypto, if we let them do whatever they want, they will ruin crypto market as well.

Feel the same of giving someone else the control over my funds and they will be applying so many verification barriers to know where each input is coming from. On withdrawals also restrictions would apply. It would be worse than giving exchanges control over our money. I fear if a person chooses to withdraw his entire balance, it would be a case like shares or mutual funds where you get less than what you stored/deposited. Else they would suffer huge loses and stop offering crypto services.

The Domino Effect will occur.. where when a country innovates and then succeeds, other countries will follow in the footsteps of that country.  IMO.. China, Japan, South Korea, Singapore, and Russia will most likely follow Germany in the future before other countries in the world

I think you are a bit confused. The government/bank is not buying or selling crypto currencies. They are just allowing their clients to make crypto purchases online. If I remember, some banks at different countries were blocking transactions that involved crypto currencies. Where did you get this news from? Post a link over here so I can clarify.
Crypto currencies and banks don't go with each other. If banks started to sell crypto currencies, they will end up strictly regulating the currency which in turn will cause people to lose their financial freedom.

I think that is good since more and more people will be accepting it and will be wanting to use it as a payment method. If that will also happen in our country, government might put an additional way to secure the safety of its citizen. Banks might even accept it in the future.

What do you mean cryptocurrencies registered in your country? if register that means legalized crypto from government than why it's troubled to use as a payment and other way to pay, where the prohibition to use? in my country buy and sell is legalize by using atm,VISA card and may ways to pay for buy.

Are you sure of what you’re saying? The news I saw never said that any bank in Germany is buying and selling Bitcoin or any cryptocurrency, rather the news was that a new law was passed and according to the  federal banks may be allowed to buy and sell cryptocurrency. And of course I’m hoping to see them start doing that, but none of them have started doing because I checked if there was any bank that has already started selling and buying Bitcoin from their customers and there was none. I’m looking forward to other countries doing the same.

Someone once said it’s going to be China, but I don’t believe that. Any country with plans to release its own cryptocurrency wouldn’t tell banks to be buying and selling Bitcoin, because they would want their own cryptocurrency to be the one issued out by the banks.

Everything is possible, and like what you have said domino effects once success being reached a lots of countries will follow and begin to embrace
this new innovated  system.  There's no doubt that some countries are also looking forward and only waiting for some big news about the success
of others that already adopting the system.

in my country there are official exchangers for buying and selling cryptocurrency in accordance with government regulations. so purchasing bitcoin using a local bank intermediary can be done. but if what is meant is that the bank has a crypto market buying and selling, in my country there is none. I think in some countries it never hurts to buy bitcoin as long as the exchanger is official.

I agree with you that this new service will bring Crypto to its peak  Will gradually support each country and meet decentralized needs. The United States or the United States is launching this system to improve the economy of their country.

That’s a very good thing. But no bank has reported that they are buying and selling bitcoins yet. Only that the law was approved in Germany and the law will allow banks there to be able to buy and sell Bitcoin. But, there have not been anyone that is accepting it yet, the law was passed January this year, so banks wouldn’t rush into it yet.

As time goes on they will start selling it to their customers. I also look forward to when other countries will set similar rules and allow banks to be able to sell Bitcoin to people, it would be really good.

Indeed, keep on buying cryptocurrency, do what you used to do and do it with knowledge so that the profit is secured. Cryptocurrency is decentralized wherever you are you can buy it if you really want to, there are some buyers have some techniques, they can buy crypto even if it is ban on their country, I don't really know how they do that but that will to buy and eagerness to earn is a good attribute of being an investor or trader. There is nothing that can restrain you from what you want if it really supports what you need.
Maybe there are some banks that are accepting bitcoin and they will convert it into fiat or local currency so that the particular person can really withdraw that money and use it in a local store. If the banks really adopt bitcoin, it is good to spread the goodness of cryptocurrency has.

You are being very optimistic. While I appreciate the effort but you have to understand that the popular opinions about crypto is not really good in most countries barring a few. While one country may accept and allow its banked usage, other countries may refuse so what you think of a domino might be a mixture of domino vs anti-domino  ;D

Truly it would be a bullish trend if that occurs but it is not likely to happen and certainly less likely to happen within a few years.

LOL nothing really has happened till now except this news from German banks. They may not accept it and stop allowing it to be bought sold in future. Still lets hope for the best.

I also know that banks in Germany have started to buy and sell cryptocurrency. This is a good step for crypto mass adoption. Regarding other
countries that have not followed Germany's steps, it is likely that other countries feel the number of cryptocurrency users is still very low
compared to the world's population. And it's also possible because cryptocurrency has not been widely used for life everyday, so other countries
are still in doubt. But sooner or later other countries will follow in the footsteps of banks in Germany. Because cryptocurrency growth is far
better than fiat currency.

This long process will take its time, maybe fro 1 to 3 years just for people to know about it, try, test it, and then buy and use it.

Goverment are making their move to study and soon be adopt. I think government will only keep this secret and soon will accept it after they finalise about how will cryptocurrency and blockchain will help them to do better in their currenct system. Banks will also accept bitcoin as payment but it will take a lot of time to implement it. They will make their own study on how will help them and adopt their current track because it's price is not stable.

Interesting! Banks from other countries should to do that. Virtual money is even not legal in some countries so your country must be the best!

but I think banks will be subject to government regulations. in this case the government has the main role to adopt the mass, and the bank will obey orders from the government determined by law. hopefully the government will immediately decide to adopt this mass, given the rapid development of the human population

I've read more about the Buy/Sell of cryptos in Germany.
https://news.bitcoin.com/german-banks-authorized-to-store-and-sell-cryptocurrency-in-2020/ (https://news.bitcoin.com/german-banks-authorized-to-store-and-sell-cryptocurrency-in-2020/)
. I really think crypto is unstoppable and this is a good thing to wash away little by little that cryptos are scam and untrusted since it is already the bank that offers cryptos. Here in PH, I am so happy to think that even in an express money changer, or even a convenience store we can buy crypto.

I think it is possible that some other banks will do the same thing. But ofcourse if that happened, we have to follow their rules.

Always. If that happens, crypto will be regulated in that country by the government. It is not that difficult to do so. Just KYC the exchanges allowing crypto and monitor the users who are using it. When they see some tainted transactions that person gets into trouble. ;D

It will be bullish even if people may feel their skin crawl. As long as you are not doing something that is illegal you should be fine. There are stock markets commodity markets which are regulated and bitcoin will be a similar one.

It will actually get into control the bitcoin related cybercrimes that happen but dont get reported.

Wow that's really cool tho, i can't really imagine that there are some countries that can allow to buy and sell crypto currency in their bank, that really awesome i hope my country will allow it too. But do you think that government itself who allow it?

on what country you reside ? if your government blocked cryptos then chances are you cant use cryptos too as well as those services mentioned here will not also be possible  but dont worry because your country will not be forever like that  . many countries are now crypto friendly and soon no countries will be left out because that will be shameful for them if they will act differently    . however if cryptos are already legal on your place but there isnt a service like this , you are still always welcome to buy and sell on other platforms   . there many of them  .

As the number of supporters for crypto currency increases, the chance for it to soar high develops too. Trends like this could strengthen the crypto community as a mass adoption would surely happen. I hope our country also would see the bright future of cryptocurency ahead and invest in it for a possible return of profit that will benefit the society. Furthermore, crypto currency could help a country with the benefits it has especially an opportunity for the people to be an investor in the comfort of their own home and accessibility anywhere.

There is NO WAY banks are not buying into crypto fever. They are the biggest players in the financial world and they are definitely trying their best to make as much money as possible and bitcoin is literally out there to get power under them and bring it back to people so they will want to make some sort of investment against that.

They probably caused the 2017 peak as well because they wanted to buy as much as possible and store somewhere in case bitcoin became too powerful, they can't just be left behind watching when everyone is making money. However the real money will come when instead of binance, coinbase and stuff like that we have international huge banks like HSBC helping people buy/sell/trade and even send/receive bitcoins with ease and charge less.

It seems to me that with the legalization of cryptocurrencies, the banking system, including the government, will lose the monopoly in the financial market and lose the ability to influence and control people.  Although many cryptocurrency users today are trying to take bank loans in order to invest in cryptocurrency.  This is a very dangerous step, but for banks it is a very profitable and good cooperation.

In Venezuela a few days ago the Western Discount Bank (BOD) started its services with cryptocurrencies. This bank will allow transactions and transfers with cryptocurrencies, and will allow the link between its users and exchanges, although at the moment this service will only be between clients of the same bank. This announcement was made in a period of time very close to the announcement, by the Venezuelan government, of the collection of taxes for all payments made in cryptocurrencies that will be between 21% and 41%.