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Author Topic: From 2020, the sale and custody of Bitcoin will be allowed to all German banks  (Read 308 times)
fillippone
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November 28, 2019, 05:56:30 PM
Last edit: November 29, 2019, 06:45:22 AM by fillippone
Merited by vapourminer (2), JayJuanGee (1), Cryptotourist (1)
 #1

This is one of the most bullish news I've heard recently:

From 2020, the sale and custody of Bitcoin will be allowed to all German banks

Quote
So far, there was a clear legal separation between the normal regulated banking and crypto transactions. The custody and trading of Bitcoin and Kryptos has until now always been outsourced to specialized partners or subsidiaries with appropriate licenses. By 2020 all German banks should be redeemed.

Quote
If all German banks can suddenly sell bitcoin to their customers with a few clicks from 2020, that is a big digital transformation of the traditional banks. It could finally enable the bitcoin and blockchain industry in Germany to compete on equal terms with other states. Although the Federal Council still has to approve the new law, the approval is considered certain.

It makes a lot of sense for a Bank to sell Bitcoin.


But why would make it sense from a customer point of view?
Well, we are on bitcointalk.org forum, so I guess you are not the person to convince to hold bitcoin.
But the average German man of the street. Well, there is at least one reason:


Survey: 58% of German Banks Charge Negative Interest Rates

Quote
Germany’s central bank, the Deutsche Bundesbank, has conducted a survey of banks charging negative interest rates on customer deposits. Some are charging retail customers as well as corporate clients.

Quote
A growing number of German banks are passing on the burden of negative interest rates to their customers as the European Central Bank (ECB) continues to maintain a negative interest rate policy (NIRP). The current ECB deposit rate is -0.5%, the lowest on record.

Pay to leave your money in the bank, or be your own bank and gain from a deflationary currency? The choice is yours!

Custody is the most basic business for the banks. In the middle ages banks were born to take custody of the gold of merchant and allow them to travel safely.
The same is true today, where banks must enter the world of cryptos and bootstrap a digital gold economy.
Also is a sheer change of prospective from regulators, who finally understood the competitive advantage a bank could have over the competition being on the edge of this technology, that, in a way or in the other, will encounter mass adoption.

Edit:
Additional link:
GERMAN BANKS COULD STORE BITCOIN AND PROVIDE CRYPTO SERVICES SOON

Original link from the Handelsblatt (in Deutchsche)
 German banks to offer Bitcoin custody by 2020

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November 28, 2019, 06:34:26 PM
Merited by JayJuanGee (1), fillippone (1)
 #2

This is, without any sugarcoating a good news all in all. Germany trying to integrate cryptocurrencies into traditional banks will make people believe in the said cryptocurrency more, knowing that the government has just given a green light for such. Either way, it may or may not receive the attention and traction it needs to get a boost, considering that fiat and banks are still the most trusted combination of people who don't know anything about bitcoin. It will take time, though people would soon realize the that it can work, albeit a slightly absurd way of handling things (banks handling a coin that promotes people to 'be their own bank')

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November 28, 2019, 06:40:51 PM
 #3

This is, without any sugarcoating a good news all in all. Germany trying to integrate cryptocurrencies into traditional banks will make people believe in the said cryptocurrency more, knowing that the government has just given a green light for such. Either way, it may or may not receive the attention and traction it needs to get a boost, considering that fiat and banks are still the most trusted combination of people who don't know anything about bitcoin. It will take time, though people would soon realize the that it can work, albeit a slightly absurd way of handling things (banks handling a coin that promotes people to 'be their own bank')

I wouldn't be so sure banks don't know anything about bitcoin.
Banks have a lot of people looking into bitcoin, even if they cannot uffcially do anything touching bitcoin.
But they have a dying business model, and they have a lot of money to be put at work.
We might be suprorised on that front.
And, as I often repeat:
Quote
It's not Bitcoin that need Wall Street, it is Wall Street that needs Bitcoin.


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November 28, 2019, 07:00:12 PM
 #4

If the government has spoken, then it's a goods sign for bitcoin acceptance, hopefully it would be accepted.
However, one thing to note is the EU commission decision, because; EU law is always above the national law of the member states and therefore Germany now has to submit to the fourth EU money laundering directive.
If they say "NO" to the German government, what's left to do? Something like Brexit? Gerxit Grin haha

 
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November 28, 2019, 07:04:07 PM
 #5

Cool, but I guess it will under strict KYC and AML? European Commission is trying to force a string KYC/AML on all wallets and exchange providers. Even FaucetHub is closing services due to this.

Most curious here is what taxes will banks implement on crypto trades, considering crypto as a competitor to own services.

 
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November 28, 2019, 07:05:01 PM
 #6

This is listed as a source: https://thebitcoinnews.com/from-2020-the-sale-and-custody-of-bitcoin-will-be-allowed-to-all-german-banks/   I dont see nor author here nor where he got this information's from. From first sight looks like a classic crypto shit news.

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November 28, 2019, 07:15:47 PM
Last edit: November 28, 2019, 08:15:45 PM by fillippone
 #7

The source is the Handelsblatt.
 Not exactly a third row journal in Germany

https://app.handelsblatt.com/finanzen/rohstoffe-devisen/kryptowaehrungen-neues-geldwaeschegesetz-banken-duerfen-bitcoin-verwahren/25276392.html

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November 28, 2019, 07:28:44 PM
 #8

I think banks should quickly adopt Bitcoin, some are focusing on Blockchain technology, but Bitcoin has the power to generate liquidity quickly. With the issue of negative interests, it is no longer just for those who make deposits with more than 100,000 Euros, now the Furstenfeldbruck bank, forces to charge negative interest to its customers.

Here it is with some more detail: https://cryptoiq.co/german-bank-levies-negative-interest-on-regular-customers-for-the-first-time-a-move-that-could-benefit-bitcoin-btc/

All this is positive, because now they will see bitcoin as the Digital Gold that it has always been, bringing more demand to the market, in order to seek refuge from money.

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November 28, 2019, 10:41:25 PM
 #9

So is this true or not?
I have no clue what constitutes a legit German news source, I would think something like this would be on Reuters.


nothing from a quick google.

https://www.google.com/search?client=firefox-b-1-d&ei=sEzgXZ2UL-u0gge6gozADA&q=Reuters+german+banks+accept+bitcoin&oq=Reuters+german+banks+accept+bitcoin&gs_l=psy-ab.3..33i160j33i299.13783.21856..22247...0.2..0.168.2978.14j15......0....2j1..gws-wiz.......0i71j0i273j0j0i131j0i10j0i22i30j33i22i29i30.bUR_lNrTx2M&ved=0ahUKEwidrNHR_I3mAhVrmuAKHToBA8gQ4dUDCAo&uact=5

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November 28, 2019, 11:29:16 PM
Last edit: November 28, 2019, 11:47:57 PM by Gyrsur
Merited by fillippone (1)
 #10

I do pay 24k per year for my Bloomberg terminal: Where is my f***ing news?  Angry

Source for the news might be this law draft which has to be further approved by the "Bundesrat" before the end of 2020. to busy to go through the text. sorry!

Source: https://dip21.bundestag.de/dip21/btd/19/138/1913827.pdf

https://cryptomonday.de/bitcoin-banken-revolution-in-deutschland-verwahrung-und-handel-ab-2020-erlaubt/

Derivatives like Futures and Options are part of the formation of BTC prices since some time. Whether we like it or not the best way to adapt it is to learn how they are working and how we can profit from them.
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November 28, 2019, 11:50:49 PM
 #11

I do pay 24k per year for my Bloomberg terminal: Where is my f***ing news?  Angry

Source for the news might be this law draft which has to be further approved by the "Bundesrat" before the end of 2020. to busy to go through the text. sorry!

Source: https://dip21.bundestag.de/dip21/btd/19/138/1913827.pdf

https://cryptomonday.de/bitcoin-banken-revolution-in-deutschland-verwahrung-und-handel-ab-2020-erlaubt/


Law "Draft"?

So this is speculation?

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November 28, 2019, 11:53:25 PM
 #12

I do pay 24k per year for my Bloomberg terminal: Where is my f***ing news?  Angry

Source for the news might be this law draft which has to be further approved by the "Bundesrat" before the end of 2020. to busy to go through the text. sorry!

Source: https://dip21.bundestag.de/dip21/btd/19/138/1913827.pdf

https://cryptomonday.de/bitcoin-banken-revolution-in-deutschland-verwahrung-und-handel-ab-2020-erlaubt/


Law "Draft"?

So this is speculation?

As I understand it has been already been approved by the German federal parliament “Bundestag”, and has yet to be approved by each national state parliaments. This is a formal step to get to the final law, but it’s almost certain approval.

Gyrsur do I stand correct?

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November 29, 2019, 12:03:13 AM
Merited by fillippone (1)
 #13

I do pay 24k per year for my Bloomberg terminal: Where is my f***ing news?  Angry

Source for the news might be this law draft which has to be further approved by the "Bundesrat" before the end of 2020. to busy to go through the text. sorry!

Source: https://dip21.bundestag.de/dip21/btd/19/138/1913827.pdf

https://cryptomonday.de/bitcoin-banken-revolution-in-deutschland-verwahrung-und-handel-ab-2020-erlaubt/


Law "Draft"?

So this is speculation?
As I understand it has been already been approved by the German federal parliament “Bundestag”, and has yet to be approved by each national state parliaments. This is a formal step to get to the final law, but it’s almost certain approval.

Gyrsur do I stand correct?

yes it is correct as I understand it too so far from the media news especial from the news I posted above.

the "Bundestag" produce the law and do approve it but further approval from the "Bundesrat" is needed which is not done yet but is expect to do it with no decline. "Bundestag" is central part of government and "Bundesrat" is de-central part of government from the states like the US have states but far smaller in Germany.  the US suckers didn't want to get Germany great again after the war so they forced us to establish a political system like theirs in this small country.  Roll Eyes

Derivatives like Futures and Options are part of the formation of BTC prices since some time. Whether we like it or not the best way to adapt it is to learn how they are working and how we can profit from them.
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November 29, 2019, 06:57:35 AM
 #14


I shared this concern.
More and more reliable news report are surfacing. I added some of them in the OP!

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November 29, 2019, 12:21:00 PM
 #15

I think this is great news, the easier it is for people to buy bitcoin the better.

Whether the German people take advantage of this is a whole other discussion. They are very risk-averse, which is why their savings are still in the form of cash at the bank, despite zero and negative interest rates, instead of putting it in real estate, bonds or shared. Bitcoin is more volative than stocks or property, so they may shy away from adoption.

 
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November 29, 2019, 12:32:49 PM
 #16

News from Coindesk:

German Banks Allowed to Sell and Custody Crypto Assets From 2020: Report

Quote
From next year, banks in Germany will be allowed to offer the sale and storage of cryptocurrencies under new legislation.

Previously, banks were barred from offering direct access to crypto assets, but the new law implementing the fourth EU Money Laundering Directive would change that, according to local business newspaper the Handselblatt in a report on Wednesday. The bill has already been passed by the German federal parliament, the Bundestag, and is expected to be signed off by the nation's 16 states.


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November 29, 2019, 01:14:35 PM
 #17

I think this is great news, the easier it is for people to buy bitcoin the better.
Indeed a great news on the community, there will be another added user for cryptocurrency in the future.

Whether the German people take advantage of this is a whole other discussion. They are very risk-averse, which is why their savings are still in the form of cash at the bank, despite zero and negative interest rates, instead of putting it in real estate, bonds or shared. Bitcoin is more volative than stocks or property, so they may shy away from adoption.
German governtment is indecisive with cryptocurrency since most people consider cryptocurrency as an investment asset giving the authority to warm the public about its potentiality to make a negative outcome because of its speculative nature and high volatility. But I guess they were pretty sure this time, it might even boost their economy that may delete their negative interest rates.

 
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November 29, 2019, 01:35:58 PM
 #18


German governtment is indecisive with cryptocurrency since most people consider cryptocurrency as an investment asset giving the authority to warm the public about its potentiality to make a negative outcome because of its speculative nature and high volatility. But I guess they were pretty sure this time, it might even boost their economy that may delete their negative interest rates.

Germany is sharing a currency with 19 other countries (the euro). Negative interest rates are here to stay regardless of how well the German economy does, because the other 19 countries arn't doing so well apart from the Netherlands.

One complication is that success in the German economy doesn't boost the eurozone countries, instead it boosts the non-eurozone countries that border Germany to the east (Poland, Czechia, Slovakia, Hungary).

It's a design flaw in the eurozone that the constituent countries arn't properly aligned.

 
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November 29, 2019, 04:07:49 PM
 #19

Germany seems to be a crypto friendly country. I have also heard that the tax treatment in Germany is very friendly toward cryptocurrency transactions but I don’t know the specifics.

 
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November 29, 2019, 04:17:15 PM
Merited by micgoossens (2), fillippone (2)
 #20

It makes a lot of sense for a Bank to sell Bitcoin.
Yes it does, and I'm actually surprised that banks haven't started to do it yet.  Granted, banks don't sell gold or stocks or other investments, but bitcoin is kind of a hybrid thing--an investment that's also a currency.  And most banks also offer some investment services, usually to their wealthier customers.  The only thing I can see that would make it not make sense is that banks are well aware of the criminal activities bitcoin is associated with and I'd think they might not want to be connected to any of that.

But here's the thing:
But why would make it sense from a customer point of view?
As a customer, I'm not sure I'd want to purchase bitcoin from a bank.  That would be almost as bad as buying it from the government.  They would obviously know where that bitcoin is going and perhaps even what it was spent on if they could connect addresses.  If you're not doing anything illegal, it wouldn't cause you any trouble but who wants banks or the government tracing your financial transactions?  They already can if you're using your debit card or checking account, but my guess is that if you spend bitcoin you'll be under a microscope.  Yikes.

However, I do agree that this is a bullish thing overall.  While I wouldn't take advantage of such a service, other people might--and I hope it works out in Germany and that adoption increases there as a result of this.

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