New law enables german banks to sell and store cryptocurrencies in 2020

[bitvestorhacked]

I always knew this was gonna happen but i am surprised it is happening so soon.

[Apes]

This is the best solution that been expected by many parties so far, in my opinion the current economic law is old-fashioned and indeed needs to be adapted to the current economic conditions that have been advanced and widely digitized. I believe the revision of the law will benefit many parties including policy makers such as the government and the state not only for user and the bank.

[BitHodler]

I always knew this was gonna happen but i am surprised it is happening so soon.

It depends on the country I guess. Germany has been far ahead of other countries in terms of crypto regulations, and as far as I have read into it, they seem friendly and open enough to allow crypto to gain more ground.

The thing however is that we need more countries like Germany being open to crypto. Everyone is looking at what the USA is doing in terms of regulations, but it seems that they are not as open minded as Germany is unfortunately.

[sana54210]

I wouldn't trust ANY bank to keep my bitcoins, that is when the horrible fiat problems started anyway, back when whenever banks started saying "give me your money for safe storage" was the first moment humanity destroyed its own economy. Money was money, you either had it or didn't, nowadays there are people spending money that doesn't exist, hell you can literally purchase stocks of a company that has imaginary profits with your credit card that has imaginary money.

There is no way I am trusting banks with my crypto as well, no thanks. Bitcoin is my money and I will keep it in my bank account which is my own wallet. Whoever wants to use this system might as well destroy bitcoin by the whole because this will lead to bitcoin being destroyed by the banks in the end.

[Argoo]

This is the best solution that been expected by many parties so far, in my opinion the current economic law is old-fashioned and indeed needs to be adapted to the current economic conditions that have been advanced and widely digitized. I believe the revision of the law will benefit many parties including policy makers such as the government and the state not only for user and the bank.

This, of course, is a very good solution and very useful for cryptocurrency in general. However, do not assume that a decentralized cryptocurrency will crowd out ordinary currency. Cryptocurrency will be one of many means of payment, and its place will depend on the degree of its usefulness to people. Moreover, a decentralized cryptocurrency has yet to withstand fierce competition with stable state coins. Each species has its advantages and disadvantages. Moreover, stable coins will have the authority of states. However, cryptocurrency can develop and increase liquidity only through cooperation with the usual currencies of states.

[sana54210]

Banks storing bitcoin is not a problem, it is actually something awesome, it is banks that do not have the bitcoins they claim they have that could be the problem.

We all know banks claim they have certain amount of fiat from people, if all people that have money on their bank account would withdraw their money from the banks we will see that banks do not have enough money for it, so they would bankrupt very quickly, same could happen for bitcoin as well which is the trouble here, thankfully bitcoin people all created this crypto world because they don't trust banks to begin with, so banks can't get too ahead of the bitcoin world in this regard because we could store our coins in our own wallets, we don't need banks for it. Maybe they could provide some help with spending bitcoin everywhere for adoption, now that would be awesome.

[Betwrong]

if Germany would do that, why is it so difficult to do in America and China, because they are in the first and second position of the economy?
what makes it difficult for them to implement it.
whether the rules are different, or the government deliberately prohibits it for a reason.

It can be both, and I mean not only the USA and China, but other countries too. It is no secret that in many governments, if not in all of them, there are people who oppose the implementation of the laws which can make the utilization of cryptocurrencies easier. But I think that we are closer and closer to the point when such actions and/or laws do more harm to the countries than to cryptocurrencies.

[Kevondo]

if Germany would do that, why is it so difficult to do in America and China, because they are in the first and second position of the economy?
what makes it difficult for them to implement it.
whether the rules are different, or the government deliberately prohibits it for a reason.

It can be both, and I mean not only the USA and China, but other countries too. It is no secret that in many governments, if not in all of them, there are people who oppose the implementation of the laws which can make the utilization of cryptocurrencies easier. But I think that we are closer and closer to the point when such actions and/or laws do more harm to the countries than to cryptocurrencies.

On daily basis, the users of crypto currencies are increasing which clearly shows that they are the future of the world. People even have started calling banks useless by the invention of crypto currencies. There are few countries which have realized the worth of cryptos timely and have made them legal. Sooner or later all states have to accept cryptos because public demand this. People find crypto great.

[Cherylstar86]

if Germany would do that, why is it so difficult to do in America and China, because they are in the first and second position of the economy?
what makes it difficult for them to implement it.
whether the rules are different, or the government deliberately prohibits it for a reason.

It can be both, and I mean not only the USA and China, but other countries too. It is no secret that in many governments, if not in all of them, there are people who oppose the implementation of the laws which can make the utilization of cryptocurrencies easier. But I think that we are closer and closer to the point when such actions and/or laws do more harm to the countries than to cryptocurrencies.

On daily basis, the users of crypto currencies are increasing which clearly shows that they are the future of the world. People even have started calling banks useless by the invention of crypto currencies. There are few countries which have realized the worth of cryptos timely and have made them legal. Sooner or later all states have to accept cryptos because public demand this. People find crypto great.

I definitely agree on that mate. As time passed by many users getting involved about crypto currencies as they want to know, explore and invest on it since its already proven its capability that can have a great amount of profit. Though, it takes time to wait but I definitely believe that can give a profit in the end.

[tulpe123]

Lets see how this will affect others eu countries laws

[BitHodler]

But I think that we are closer and closer to the point when such actions and/or laws do more harm to the countries than to cryptocurrencies.

In what way exactly? I haven't seen much from the crypto industry that makes governments lose out. It's mainly big hopes and promises this industry relies on, but fails to actually deliver a problem solving product.

A lot of "promising" blockchain products haven't even been launched yet in fully working order. The money involved in this industry is so insignificant that countries with strong economies can keep ignoring it for a very long time.

[alexsandria]

Is this just sounds that bitcoin would be in control at some point? Governments are literally making their way to have a spot in crypto currency huh. But still this a good news, as it is a sign of government closely, little by little accepting crypto currency. However, on the other side it may come totally the opposite in a sense of blocking crypto currency.

[milewilda]

if Germany would do that, why is it so difficult to do in America and China, because they are in the first and second position of the economy?
what makes it difficult for them to implement it.
whether the rules are different, or the government deliberately prohibits it for a reason.

It can be both, and I mean not only the USA and China, but other countries too. It is no secret that in many governments, if not in all of them, there are people who oppose the implementation of the laws which can make the utilization of cryptocurrencies easier. But I think that we are closer and closer to the point when such actions and/or laws do more harm to the countries than to cryptocurrencies.

At least we do already see a sample of recognition of crypto in terms of integration with it to banks.Each country do have its own jurisdiction no matter on what would be its economic state.
There are really lots of laws on different sector and as said there are some which do really affects or give harm into its own.Lets see on how this movement will influence other countries views
on such matter.Lastly, do really people considered to store their crypto on a bank? I dont think so.

[Oceat]

Is this just sounds that bitcoin would be in control at some point? Governments are literally making their way to have a spot in crypto currency huh. But still this a good news, as it is a sign of government closely, little by little accepting crypto currency. However, on the other side it may come totally the opposite in a sense of blocking crypto currency.

Well, technically they can't control Bitcoin because it is decentralized but they can control those who transact Bitcoin through the merchant/exchanges. I think banks are trying to be as an exchanges also that do offer both cryptocurrency and fiat but is centralized. I think it is a good news for the german people if they would want to agree.

[imstillthebest]

Is this just sounds that bitcoin would be in control at some point?

yes it does . the banks can control thier own btc   . they can only control the btc that they already bought but not the overall btc  .

Governments are literally making their way to have a spot in crypto currency huh.

yes along time ago  . other like it while others reject it   .some also create thier own crypto based centralized coins   .

But still this a good news, as it is a sign of government closely, little by little accepting crypto currency. However, on the other side it may come totally the opposite in a sense of blocking crypto currency.

not governments but banks as well  . how do you said "blocking crypto "  ? when they already accept it  ?

i like this new law made by germans  . i hope that is good news are again be the reason to uplift the price of cryptos  .

[AniviaBtc]

I always knew this was gonna happen but i am surprised it is happening so soon.

It depends on the country I guess. Germany has been far ahead of other countries in terms of crypto regulations, and as far as I have read into it, they seem friendly and open enough to allow crypto to gain more ground.

The thing however is that we need more countries like Germany being open to crypto. Everyone is looking at what the USA is doing in terms of regulations, but it seems that they are not as open minded as Germany is unfortunately.

I hope more country should adopt to digital currency as a part of their economy. Not all country's governments are knowledgeable enough to understand how cryptocurrency works. Governments from other countries just get the taxes of cryptocurrencies from exchange and that's very unfair.

Germany is really developing its economy because of the digital money the provide to their citizen.

Many people nowadays are using crypto and they should allow people to freely access their money through adoption of the government.

[Betwrong]

But I think that we are closer and closer to the point when such actions and/or laws do more harm to the countries than to cryptocurrencies.

In what way exactly? I haven't seen much from the crypto industry that makes governments lose out. ~

Well, I think there are two very important characteristics money should have:

1. It should be impossible to counterfeit;

2. Governments, having money printing machine in their possession, shouldn't be able to print too much money.

Isn't Bitcoin incomparably better than fiat money in this regard? And if it is, then Bitcoin is the future of money, however naïve or corny this might sound. Yes, some problems are still to be fixed, like the scalability problem, for  example, and that's why Bitcoin is not the present of money, but I think the governments that really care about their people should rather concentrate on solving those problems instead of ignoring a technology that can help to create perfect money.

[silversurfer1958]

It’s smart for banks to want to join the cryptocurrency economy rather than fight it. It is inevitable that this is the direction that the people want and need to go.

No, I don't think this is the right policy for the German government. Why do banks have to hoard Crypto when the value of the coins is so volatile and carries high risks? In addition, banks can combine with blockchain technology and create a new type of service.
I realize that banks should not hold coins because they are all unofficial organizations, they can destroy the value of that coin and get out of the market easily.

[carlzec]

If there is a real rise, it will be with such news. If the European banks support the cryptocurrency trade, the whole order will change. A new economic model emerges. I want to think that the new economy will be more transparent. This excitement shouldn't go to waste.

[whyrqa]

If there is a real rise, it will be with such news. If the European banks support the cryptocurrency trade, the whole order will change. A new economic model emerges. I want to think that the new economy will be more transparent. This excitement shouldn't go to waste.

Nevertheless, if such laws are adopted in the European Union, then I am sure that cryptocurrency will be legalized all over the world, because such countries as the United States will have to give in and act according to the current trend, when Europe and other countries accept cryptocurrency in their economy.