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

[AirdropNotifyer]

The legislation enables banks to sell and store cryptocurrencies from January 1, 2020. Other providers will now require a German license.

The German parliament today passed a bill allowing banks to sell and store cryptocurrencies from next year.

It had to happen. And there will be. Very soon the whole world will accept crypto currency. I know it will happen one day

[bettercrypto]

Why do government always make a hard time for cryptocurrency fanatics and supporters? I think because ig is really a silent threat for government. A kind of threat that didn't bring harm to the citizens but preventinvg government to be corrupt. As soon as people embrace it no matter how many laws they will make for crypto banning, crypto will still arrive.

[supercanada1]

Why do government always make a hard time for cryptocurrency fanatics and supporters? I think because ig is really a silent threat for government. A kind of threat that didn't bring harm to the citizens but preventinvg government to be corrupt. As soon as people embrace it no matter how many laws they will make for crypto banning, crypto will still arrive.

It is ultimately people who decide the future of everything in a state whether it be a law or any social reform or any new invention. Common people are enjoying investing into bitcoin and other genuine crypto projects and they are experiencing financial freedom totally different from the one they were enjoying under government influence. I agree with you that government cannot stop cryptos if people don’t want it.

[Chrystora123]

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.

you are right.. Smart Banks are those that follow developments like cryptocurrencies and not fight that. cryptocurrency is a very good innovation and safe for the future of humanity.  I really appreciate the steps that Germany will take against cryptocurrencies.

[Webetcoins]

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.

you are right.. Smart Banks are those that follow developments like cryptocurrencies and not fight that. cryptocurrency is a very good innovation and safe for the future of humanity.  I really appreciate the steps that Germany will take against cryptocurrencies.

Private Banks will join hands with crypto currencies for their survival and they must have been working on projects for mutual benefits of crypto currencies and banks. Bitcoin is the future of the world and banks are really aware of these realities. They won’t take any risk of losing their customers entirely to bitcoin. I did not get the point about Germany. Is she supporting bitcoin or going against it?

[Mpamaegbu]

Finally, people will carry out speculation and withdrawals in local currencies, which means that all crypto funds will be under central control, thus reviving those institutions.

Here lies my skepticism with that news. There is a snare to that move and shouldn't be taken on the face value that it's a plus for the Bitcoin community. Even the introduction of KYC by some crypto projects is already tying people to data and making a nonsense of the anonymity of Bitcoin.

[awik p]

Finally, people will carry out speculation and withdrawals in local currencies, which means that all crypto funds will be under central control, thus reviving those institutions.

Here lies my skepticism with that news. There is a snare to that move and shouldn't be taken on the face value that it's a plus for the Bitcoin community. Even the introduction of KYC by some crypto projects is already tying people to data and making a nonsense of the anonymity of Bitcoin.

as a bitcoiner I'm a little sorry that our personal identity was not secret with Kyc. therefore we must be good at choosing an exchange for example that does not require kyc, in my opinion the most convincing if without kyc can withdraw an amount of money and withdrawal above 2 btc required kyc

[desticy]

Finally, people will carry out speculation and withdrawals in local currencies, which means that all crypto funds will be under central control, thus reviving those institutions.

Here lies my skepticism with that news. There is a snare to that move and shouldn't be taken on the face value that it's a plus for the Bitcoin community. Even the introduction of KYC by some crypto projects is already tying people to data and making a nonsense of the anonymity of Bitcoin.

I, too, am rather skeptical of similar news, all the same, banks are trying in tricky ways to curb cryptocurrency.
However, there is still a benefit, because cryptocurrency status is becoming increasingly legal, even if using similar methods.
One way or another, this increases the credibility of the general population.

[russel123456]

Congratulation to German Crypto enthusiasts people. This resolution will help german people for helping secondery income also crypto market will open more doors.

[Betwrong]

Finally, people will carry out speculation and withdrawals in local currencies, which means that all crypto funds will be under central control, thus reviving those institutions.

Here lies my skepticism with that news. There is a snare to that move and shouldn't be taken on the face value that it's a plus for the Bitcoin community. Even the introduction of KYC by some crypto projects is already tying people to data and making a nonsense of the anonymity of Bitcoin.

I, too, am rather skeptical of similar news, all the same, banks are trying in tricky ways to curb cryptocurrency.
However, there is still a benefit, because cryptocurrency status is becoming increasingly legal, even if using similar methods.
One way or another, this increases the credibility of the general population.

We should also take into account that the vast majority of people don't engage in something if it's not approved by the government. That's like by default. They don't even bother to investigate something by themselves, completely relying on their government in this regard. And I don't blame them because there are so many scams, and people have so little of spare time that maybe it's the only way for the vast majority of people.

So, when something like in the OP happens, I like it without second thoughts. If other countries will follow Germany's example, the number of cryptocurrency users will grow 10 times, at least.

[bdivrik]

The most realistic approach is to cooperate. Because that's the situation. It is easy to oppose a new technology. Because in the early periods, their supporters are scarce. However, if something prohibited is beneficial, people's interest will increase. I think what needs to be done is to integrate it into the current economy.

[henrybek3]

We need to find out which cryptorurrency these banks are buying. Will they issue a new subcoin or buy from existing ones? Knowing this will offer a lot of investment. Of course, this is not certain. Banks may not make storage. They can only be in the broker.

[Betwrong]

The most realistic approach is to cooperate. Because that's the situation. It is easy to oppose a new technology. Because in the early periods, their supporters are scarce. However, if something prohibited is beneficial, people's interest will increase. I think what needs to be done is to integrate it into the current economy.

Apparently the German government completely agrees with you on this one.

Imo, it's just a matter of time until every government will realize that it's disadvantageous, economically, to ignore cryptocurrencies any more. These currencies may not be perfect yet, because nothing is perfect in its early stage, but ignoring them is an economic suicide.

[NathanJB]

The most realistic approach is to cooperate. Because that's the situation. It is easy to oppose a new technology. Because in the early periods, their supporters are scarce. However, if something prohibited is beneficial, people's interest will increase. I think what needs to be done is to integrate it into the current economy.

Apparently the German government completely agrees with you on this one.

Imo, it's just a matter of time until every government will realize that it's disadvantageous, economically, to ignore cryptocurrencies any more. These currencies may not be perfect yet, because nothing is perfect in its early stage, but ignoring them is an economic suicide.

They are slowly getting into the game, one step at a time. Their resistance are now gone. Well, there are still some negative statements against cryptocurrencies but this is just the last round of their fight for the old system. Deep within them they are aware that the world of finance will have to open up for new innovations.

[henrybek3]

They are slowly entering the market. However, when they announce it, they will take over most of the market. What kind of economy will we meet? Individuals need to protect themselves. If a new economy is formed tomorrow, it can be economically difficult. Because investment tools are changing.

[judaspriest]

2020 seems to be very interesting, if Germany has a program to legalize cryptocurrency there, this is really positive news for bitcoin, buying bitcoin and hold in 2020 will probably be 2x 

[kotik085]

The German state is so prudent that it provides cryptocurrency to banks. This has a very positive effect on the entire crypto market.

[Betwrong]

The most realistic approach is to cooperate. Because that's the situation. It is easy to oppose a new technology. Because in the early periods, their supporters are scarce. However, if something prohibited is beneficial, people's interest will increase. I think what needs to be done is to integrate it into the current economy.

Apparently the German government completely agrees with you on this one.

Imo, it's just a matter of time until every government will realize that it's disadvantageous, economically, to ignore cryptocurrencies any more. These currencies may not be perfect yet, because nothing is perfect in its early stage, but ignoring them is an economic suicide.

They are slowly getting into the game, one step at a time. Their resistance are now gone. Well, there are still some negative statements against cryptocurrencies but this is just the last round of their fight for the old system. Deep within them they are aware that the world of finance will have to open up for new innovations.

What provides a ray of optimism is that however stupid the governments can be themselves, they are receiving better and better advisers these days, because people in general become more educated faster than ever today. The only thing governments need is providing the fair process of selection for the positions of advisers. It looks like Germany is doing the right thing in this regard.