German Banks Will Likely Store Bitcoin Starting From 2020

The German Banks will likely start storing Bitcoin from 2020 while most of the countries are struggling to find the perfect regulation approach to cryptocurrencies as we are reading further in bitcoin latest news.

The new proposed bill in the country suggests that the German Banks will become able to store bitcoin and other digital assets directly in the banks. Germany is on the way to become the leader in crypto adoption in Europe since the latest reports show that the country is aiming to implement a new set of rules to benefit the crypto investors. As of 2020, the German Banks will be adding another feature for their customers including the storage of Bitcoin and other digital assets.

The financial institutions will purportedly allow the cryptocurrencies to be used in a similar manner as the traditional assets and the customer will have the opportunity to operate securities such as bonds and stocks. Also, when using online banking, the clients will also be able to navigate the cryptocurrency assets just as they can do with their fiat money so far. According to the report, the bill is the newer version of the previous one and is mainly trying to reduce the money laundering schemes.

This could potentially spike opposite opinions in the ecosystem. On one side, it seems that the head of the consulting company, Sven Hildebrand who seemed very happy with the new bill saying that the country could become a crypto-heaven and that it is an important role in the regulation of crypto assets. The banking association expressed positive sentiment as well and the officials even said that this move is a move in the right direction as the banking institutions are good with the safekeeping of the assets.

The banking storage of cryptocurrencies could protect the investors and prevent money laundering and terrorist financing because of the regulations within the system. However, not everyone is so optimistic.
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The report criticizes the idea since the financial expert Niels Nauhauser believes that the banks are too aggressive when looking for new clients and adding cryptocurrencies to their portfolio:

 “Basically, banks sell a variety of financial products if the commission is right. If they are allowed to sell cryptocurrencies and keep them for a fee, they run the risk of turning their assets at risk of a total loss to their clients, without them knowing what they are getting into.”