German banks may soon offer storage and trading facilities for Bitcoin


The economic innovation and technological advances brought about by Bitcoin and digital currencies have changed the way people from all over the world relate themselves to cryptocurrencies.
Due to the growing interest for Bitcoin from the retail sphere of the market, the financial actors started to prepare the ground for the next generation of crypto-related products and services.
And if there are a set of players in the market that know how to attract average users to digital assets, those are the traditional banks that are now in process of adapting their internal processes to attract and retain a new generation of customers who want more from financial institutions.
The idea of German banks working to offer customers storage and trading facilities for Bitcoin emerged in Handelsblatt, a local business publication, announcing that the Federal Parliament of Germany drafted a bill aiming to allow conventional banks to become crypto storage providers and traders from 2020.
The sale and custody of bitcoin and other digital currencies could thus be managed by all banks if this law, already adopted by the Bundestag, is approved.
According to the latest information available, the Bundesrat (the German Federal Council) passed the law on November 29 and the new regulation could apply from 2020.
Germany is becoming a crypto paradise as the local regulatory agencies take a pioneering role in cryptocurrency regulation improving the overall climate in one of the main economic engines of the European Union.
Banks may be accused of lacking a certain sense of adventure when dealing with Bitcoin and cryptocurrencies, but these institutions do have a good sense of experience in keeping commodities safe, no matter we talk about physical or digital assets. We must not forget that banks may be private, but they are still very much subjects of national and international regulations that demand them to comply with all money laundering and KYC rules.
After Switzerland and South Korea, we have another country that will enter the new crypto era from 2020. It’s even more unfortunate that other nations continue to curb the adoption of cryptocurrencies through an unreasonable level of taxation.

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