In Germany A new law is being proposed. This law would legalize banks providing Bitcoin services. Enabling banks to support the sale, along with the custody of holding Bitcoin (BTC) and other cryptocurrencies by 2020.
Handelsblatt, a German news agency has reported on this subject on November 27th. Reporting that the bill now requires an agreement between the country’s 16 states. Following its successful pass through the Bundestag, which is the German federal parliament.
New law could make Germany become the new a crypto haven
Until today German banks and financial institutions the law has been limited. Prohibiting them from facilitating the sale of any cryptocurrencies for clients. If this law were passed, it would transform the status quo.
News of the new law has been greeting with enthusiasm from the domestic industry. Sven Hildebrandt the Head of “Distributed Ledger Consulting” has stated:
“Germany is well on its way to becoming a crypto-heaven. The German legislator is playing a pioneering role in the regulation of cryptocurrency.”
It’s important to note that the Association of German Banks, has reported support for the bill. Arguing that supervised financial institutions have risk mechanisms in place. Along with the experience and in place to protect clients and their assets. The currently association represents over 200 financial institutions.