German banks in 2020 will be able to manage cryptocurrencies as a new bill is passed by the government
- The German parliament has approved a bill to allow for Gerrman banks to manage cryptocurrencies.
- Banks in 2020 will be able to sell and store cryptocurrencies from 1 January 2020.
In 2020 German banks will be able to manage cryptocurrencies such as Bitcoin once the fourth EU money laundering directive goes into effect.
The German parliament passed the bill, which will allow for local banks to be able to sell and store cryptocurrencies from January 1, 2020. Until then, financial institutions and cryptocurrency exchanges still have time to obtain a special license.
In terms of the bill it facilitates them to manage transactions with digital assets in the country legally. This bill can already be considered as a turning point in the global adoption of cryptocurrencies. Distributed Ledger Consulting’s partner Sven Hildebrandt said that Germany will soon become a real “cryptocurrency haven”.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
