Sale and Сustody of BTC in EU. Will Germany be the First?
The sale and custody of BTC and other crypto might be supported in German banks. If a new bill is issued, of course. So if it happens, the changes start rolling this year.
On the 27t of November one of the most famous news agencies, Handelsblatt, made an announcement. They said that the bill passed through the Bundestag successfully. Now it needs consensus from the country’s 16 states. It is not clear, however, if this happens and if the bill passes. But the event on its own is a prominent one.
Sale and custody of BTC is not the end of the good news
The bill is suggested to transform the current status of cryptocurrencies. Now German banks are prohibited from facilitating the sale of crypto. So the bill will change the system to the core.
Handelsblatt outlines, that the point about make recourse to external cryptocurrency custodians or dedicated subsidiaries was excluded from the last version. But it was present in the draft. According to the analytics, this should burst the cryptocurrency-related operations efficiency.
The domestic industry met the bill, even a draft version, with huge enthusiasm. Sven Hildebrandt even said that Germany was on its way of becoming a perfect place for cryptocurrencies. However Germany’s example can become a turning point in the status of crypto. It can shift the whole Europe and even the world in general.
Association of German Banks supports the bill. It is a notable point as far Association is a huge lobbying group representing over 200 financial institutions. The representatives say that the banks have enough mechanisms and experience in managing the risks. So they are capable of protecting the assets of the clients even in case of cryptocurrencies. Earlier this year the Asociation issued an article. They suggested a “digital Euro” as a way to improve the economic situation in the EU.
Risks against the profit
The Bundestag, however, made a statement with one key like – BTC and other cryptocurrencies – “are not real money “. So they call for measuring the risks and take precautions for protecting the assets. Another point is the government’s fear of the stablecoins’ impact on the monetary system and its ability to disrupt it. European Central Bank expressed the same position.