As reported CoindeskIt has recently been approved by the German federal parliament, the Bundestag, a bill that allows banks to sell cryptocurrencies since the year 2020. Thus, from next year, German banks will be allowed to offer the sale and storage of cryptocurrencies under new legislation.
Previously, German banks were banned from offering cryptocurrencies, but the new law will take into account the recommendations contained in the Fourth European Union Directive against Money Laundering, I would change this, according to a report published on Wednesday by the Handelsblatt business newspaper.
Sven Hildebrandt, director of the DLC consulting company, welcomed the news by telling the local Handelsblatt:
“Germany is on its way to becoming the sky of cryptocurrencies. The German legislator is playing a pioneering role in the regulation of cryptocurrencies. ”
On the other hand, a representative of the association of German banks commented: “Credit institutions have experience in safeguarding their clients' assets and in risk management, are committed to investor protection and have always been controlled by the financial supervisors. ” Therefore, banks could "effectively prevent money laundering and terrorist financing" with cryptocurrencies.
However, there have also been comments against this new legislation. Thus, Niels Nauhauser, a finance expert at the consumer center in Baden, Wurttemberg commented: “If banks are allowed to sell cryptocurrencies and keep them for a commission, they run the risk of putting their clients' assets at risk of a total loss, without let them know what they are getting into. ”