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

[Clement Kaliyar]

This must be one of the positive consequence of adopting European union's recent money laundering directives. It seems as per those directives, German laws now may start supporting cryptos as an asset. Still, European countries are not ready to declare bitcoin as a legal tender like how Japan did some 3 years back itself. I believe Swiss government may do that first among Europe countries.

The German banks have the permission to sell and hold bitcoin but i cannot find any by law that says it will be considered as a legal tender, it might be considered as a commodity and if the government gives the permission to use bitcoin as a legal tender then it will be a huge news for the market and it will reflect in the market and i am still waiting for more news about the recent development.

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[With Gusto]

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

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.

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.
....

Wow, reality and fantasy are colliding in an Epic Multi-Trillion Dollar Big Bang.

[k@suy]

A great move by the German authorities. Now the industry will come fresh money. Many Bank customers will be happy to use the new service, because they do not even need to install any wallets for cryptocurrency, because everything will be tied to their Bank accounts. Banks will ensure the safety of customer funds.

This could be a great news for everyone of us! Especially to all bitcoin users worldwide. Im sure that this will affect the current price of bitcoin , I am expecting a great pump, europe continent has a rich people, given that German is one of them accepts bitcoin is a great news.

[Hueristic]

This must be one of the positive consequence of adopting European union's recent money laundering directives. It seems as per those directives, German laws now may start supporting cryptos as an asset. Still, European countries are not ready to declare bitcoin as a legal tender like how Japan did some 3 years back itself. I believe Swiss government may do that first among Europe countries.

The German banks have the permission to sell and hold bitcoin but i cannot find any by law that says it will be considered as a legal tender, it might be considered as a commodity and if the government gives the permission to use bitcoin as a legal tender then it will be a huge news for the market and it will reflect in the market and i am still waiting for more news about the recent development.

Under the proposed bill, financial institutions will purportedly allow cryptocurrencies to be used in similar manners as traditional assets. Customers would still be able to operate securities such as stocks and bonds. Additionally, when using online banking, clients will reportedly also be able to navigate their cryptocurrency assets, just as they have done with fiat money until now.

https://cryptopotato.com/report-german-banks-could-be-able-to-store-bitcoin-from-2020/

https://www.liechtensteinusa.org/article/liechtensteins-parliament-approves-blockchain-act-unanimously

[Cherylstar86]

A great move by the German authorities. Now the industry will come fresh money. Many Bank customers will be happy to use the new service, because they do not even need to install any wallets for cryptocurrency, because everything will be tied to their Bank accounts. Banks will ensure the safety of customer funds.

This could be a great news for everyone of us! Especially to all bitcoin users worldwide. Im sure that this will affect the current price of bitcoin , I am expecting a great pump, europe continent has a rich people, given that German is one of them accepts bitcoin is a great news.

If that's the way it is, it's definitely a great and good news to each and everyone of us. I still believe someday that the bitcoin will increase tremendously though we don't know when it will be happen. Nowadays, market is not good but the good thing many countries adopt the crypto currency and it's a good time to invest.

[meliodas]

This is such a great news for bitcoin and for the overall cryptocurrency in the market because bitcoin is now allowed to all german banks which means that the germans can now easily do transaction with bitcoin without worrying to screw up the rules and regulation in their country. This should be a role model for other country to step into cryptocurrency and accept it like what the Germans did.

[fullhdpixel]

So, crypto currencies are basically something between gold and euro in the banking world as well (it has been like that for years around here). We all know how you can spend bitcoins and buy something, can you do it with gold?

Well, it is doubtful but in veeeeeery rare cases you might, however normally you can't. Does euro have the store of value like bitcoin does? No it doesn't. So, crypto has all the good parts of gold and all the good parts of fiat and doesn't have any of the bad parts of neither, which I suppose banks will see it that way as well. You will be capable of storing it on your bank and you will be capable of spending it at the same time, as long as banks are regulated in bitcoin world and they don't create their own ledger, this could be awesome.

[LeGaulois]

People always criticize banks, especially here in a forum about cryptocurrencies, anarchism, decentralization, etc. (nothing wrong with that basically). But when they read a news saying banks from a country will be able to use BTC on behalf of the customers you're all praising it
There are too much "it's wonderful news" here. I will bookmark this topic and if I see one of you saying in the future '"not your keys not your coins"' or "don't trust exchanges", and similar adages, I will remember you your double standard and irony.

I know you will keep saying "mass adoption" bla bla bla, which isn't a valid argument. Bitcoin has been doing well without it for a decade.

[fillippone]

People always criticize banks, especially here in a forum about cryptocurrencies, anarchism, decentralization, etc. (nothing wrong with that basically). But when they read a news saying banks from a country will be able to use BTC on behalf of the customers you're all praising it
There are too much "it's wonderful news" here. I will bookmark this topic and if I see one of you saying in the future 'not your keys not your coins' or don't trust exchanges, and similar adages, I will remember you your double standard and irony.

I know you will keep saying "mass adoption" bla bla bla, which isn't a valid argument. Bitcoin has been doing well without it for a decade.

I perfectly understand your point.
I run a bitcoin full node, I HODL my coins, and I own my private keys.

But not everyone is like me (luckily, might I add).
Not everyone is ready to take the burden of financial sovereignty.
So welcome to more choices in the environment. More choice mean a more diverse audience can get introduced to bitcoin. And this is good.
One thing to remember is in fact, that this another choice adding on top of the others. This is not taking away the possibility to have your coins with you.

Can we think of the central states to ban personal detention of bitcoin (digital gold) like they did in the first place with physical gold? Sure the can (not that mean it will be effective), but this is totally a different story.

[Oneandpure]

People always criticize banks, especially here in a forum about cryptocurrencies, anarchism, decentralization, etc. (nothing wrong with that basically). But when they read a news saying banks from a country will be able to use BTC on behalf of the customers you're all praising it
There are too much "it's wonderful news" here. I will bookmark this topic and if I see one of you saying in the future '"not your keys not your coins"' or "don't trust exchanges", and similar adages, I will remember you your double standard and irony.

I know you will keep saying "mass adoption" bla bla bla, which isn't a valid argument. Bitcoin has been doing well without it for a decade.

Last year we found many people giving information about bank want adopt bitcoin as their partner until now there are nothing and today have people said like last year for adoption blockchain in the bank, they have giving bullshit information every time how come bank want mass adoption blockchain in their working without get legal bitcoin as currency in their country, better stop always giving incorrect information.

[Hallmader]

This is not just another good news about Bitcoin. The all makes all the difference. And it is not just happening in any country; it is happening in Germany. Sale and custody of Bitcoin in all banks? Can you believe it? One has to rub one's eyes to make sure he is reading it right.

Well, that I guess is the best decision of the German people about the rising inflation and fast eroding of their fiat's value. This decision somehow saves the banks. This could be the main reason why they will continue operating for the next years. They are almost becoming useless with the negative interest rates offer.

[Altcoins enthusiast]

This is good news from German and this is a great sign of adoption. If bank will be buying and selling bitcoin directly then government will have no much options than to adopt it. This is part of the reason why we should buy bitcoin now that is extremely less expensive and sell when market starts to react to those events in 2020.

[minersday]

Finally Germany has also join the train of countries that would allow the use of Bitcoin. I know most of us are rather much interested in bitcoin being accepted as a mode of payment but let's not jump ahead of things. I know once that their banks have opened in using bitcoin i believe they would find a way to use bitcoin as a medium of exchange in the future.

[clickerz]

This is good news from German and this is a great sign of adoption. If bank will be buying and selling bitcoin directly then government will have no much options than to adopt it. This is part of the reason why we should buy bitcoin now that is extremely less expensive and sell when market starts to react to those events in 2020.

Of course and this is what we want. It is almost 15 days and we are in 2020 and hoping this German rule will have an impact on bitcoin price. So far more good news is coming, but the impact of this maybe next year as added that halving is coming. We are expecting a brighter year ahead with cryptocurrency next year.

[fillippone]

Apparently not only German banks are starting to think about this kind of services:

Exclusive: ING working on digital assets custody technology - sources

NEW YORK (Reuters) - Dutch bank ING (INGA.AS) is working on developing technology to help clients safely store digital assets, according to people familiar with the matter.

The custody project, which is being run out of Amsterdam, is still in its early days and is one of the bank’s several initiatives around blockchain, the technology underlying cryptocurrencies, the sources said.

[LeGaulois]

People always criticize banks, especially here in a forum about cryptocurrencies, anarchism, decentralization, etc. (nothing wrong with that basically). But when they read a news saying banks from a country will be able to use BTC on behalf of the customers you're all praising it
There are too much "it's wonderful news" here. I will bookmark this topic and if I see one of you saying in the future 'not your keys not your coins' or don't trust exchanges, and similar adages, I will remember you your double standard and irony.

I know you will keep saying "mass adoption" bla bla bla, which isn't a valid argument. Bitcoin has been doing well without it for a decade.

I perfectly understand your point.
I run a bitcoin full node, I HODL my coins, and I own my private keys.

But not everyone is like me (luckily, might I add).
Not everyone is ready to take the burden of financial sovereignty.
So welcome to more choices in the environment. More choice mean a more diverse audience can get introduced to bitcoin. And this is good.
One thing to remember is in fact, that this another choice adding on top of the others. This is not taking away the possibility to have your coins with you.

Can we think of the central states to ban personal detention of bitcoin (digital gold) like they did in the first place with physical gold? Sure the can (not that mean it will be effective), but this is totally a different story.

Don't worry because I also understand your argument. Do you know what? It's like GNU/Linux, basically, people wanted to create an open-source operating system with open source software, etc. To be free from Microsoft's monopoly, etc

Forks after forks now the things changed. You can find commercial OS like Red Hat or buntu family with for example Google chrome pre-installed and many other softwares that are not so "free", handled by big companies. We could well say for example Ubuntu is not "free" anymore. Canonical owns it and decide

The geeks use OS like Debian & co, the mass use Ubuntu & co

So yeah it gives multiple alternatives to people and yeah it helps the mass adoption. But for ourselves, you, me and everyone here, as early adopters it's funny to read it =)

Apparently not only German banks are starting to think about this kind of services:

Not surprised, ING is located in the Netherlands, Netherlands and Germany is like the same country, they are very cousins lol

[Hueristic]

Apparently not only German banks are starting to think about this kind of services:

Exclusive: ING working on digital assets custody technology - sources

NEW YORK (Reuters) - Dutch bank ING (INGA.AS) is working on developing technology to help clients safely store digital assets, according to people familiar with the matter.

The custody project, which is being run out of Amsterdam, is still in its early days and is one of the bank’s several initiatives around blockchain, the technology underlying cryptocurrencies, the sources said.

Yes, they are all working on a technology to do what can already be done with the available tools.

Translation is we are working on ways to control your use of bitcoin because we cannot defeat it.

[LUCKMCFLY]

I like the position that German banks have taken, I think they have analyzed the series of events that are coming for 2020, it is obvious that there will be a stablecoins war, from Countries that want to continue to control the economy.

Germany knows that there is not enough time for them to develop a stablecoin to face what is to come, apart they know that all this amount of events will bring in a massive way the adoption of Bitcoin.

They are intelligent movement and I admire this position, they do not really want to be left behind, they want to be at the forefront and take advantage of what happens.

[cutesgirl]

Finally Germany has also join the train of countries that would allow the use of Bitcoin. I know most of us are rather much interested in bitcoin being accepted as a mode of payment but let's not jump ahead of things. I know once that their banks have opened in using bitcoin i believe they would find a way to use bitcoin as a medium of exchange in the future.

We glad with many countries have accepted bitcoin as legal currency payment but until today we don't now what happen with country before have announcement for adopting bitcoin as legal currency payment. When German want adopt and accepted bitcoin as legal currency give positive respond for other country want to allow what have German did and received bitcoin as legal currency payment.

[Mometaskers]

The good news about this is it makes it easier for people to get introduced to bitcoin since likely the bank salesmen are going to talk them into their new product.

I think the main positive here would be to help improve adoption but other than that nothing really innovative.

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

Another question should be, keep your money in your own wallet or in bank account the government can freeze?

i agree this is a move so the centralized bankers still can control your assets and therefore control you.

But it is a good thing that it adds legitimacy to those on the fence of whether bitcoin is safe.

I understand your last argument. The best it can help with bitcoin adoption is to further legitimize bitcoins in the eyes of the public. Best case scenario is people get their first bitcoin this way and then they move on to keeping their bitcoins in their own wallets rather than the bank's.