Good news arrives this coming year, and it is that by 2020 cryptocurrencies could be legal in Germany; as German banks would sell cryptocurrencies like Bitcoin.
Cryptocurrencies in Germany
The future of cryptocurrencies in Germany could change, and all thanks to the planned law implementing the 4th EU Money Laundering Directive. The bill has already been approved by the German Federal Parliament (Bundestag), and now awaits the consensus of the 16 states.
This bill proposes to allow regulated banking institutions to provide cryptocurrency services without relying on third-party custodians and special subsidiaries, as is currently required.
Sven Hildebrandt, head of consulting firm Distributed Ledger Consulting (DLC), said:
“Germany is on its way to becoming a crypto heaven. The German legislator is playing a pioneering role in cryptocurrency regulation.”
If states give the proposal the green light, German citizens will be able to hold Bitcoin, Ethereum and other digital currencies directly in banks.
Cryptocurrencies in Germany – CRIXTO
Many see this project positively, Germany would prevent crypto-related money laundering, and allow German investors to enter the blockchain and crypto ecosystem through national funds.