Bitcoin banks Revolution – 40 German banks in the starting blocks

Many are asking, what could trigger the next possible area-wide Hype around cryptocurrencies such as Bitcoin. Most think directly to the end of the year 2017, so the price of BTC and many other Coins through the ceiling shot. Not only the Halving in may of this year, traded as a hot candidate for a long-term upward trend to ensure. Also since 2017 strong increase in the Expansion of infrastructure in the Crypto area could cheer on the courses with increasing interest. To do this, since 1 belongs to. January 2020 in Germany, the applicable law, the banks allow you to store crypto-currencies and appropriate services. New Figures show that many of the banks have a vested interest to secure the appropriate licenses. Provide banks with their Crypto services for the next Bullrun?

Bitcoin trading since 2020 allowed

Since 1. January is the Fifth European Directive on money laundering. This includes not only arrangements of classical financial classes, such as stocks or bonds, but currencies and Crypto such as Bitcoin. In short, the banks, and legal Bitcoin and co. how shares and bonds allowed to treat.
A Bank could go and his customers ‘ Coins at the touch of a button via Online Banking offer. Not only that, but in principle a whole range of services from the purchase, sale and custody are possible.
But this is true not only for BTC, but for all the possible types of Token, as defined in the act, according to the Handelsblatt Cryptos as follows:

Digital representations of value that have been issued by any Central Bank or public body, or guaranteed and is not the legal Status of a currency, or money has.

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The Run on the banks on the number of licences has begun

As the Handelsblatt on the 7th of February reported, this information from government circles that the BaFin “has already received more than 40 expressions of interest from banks for a permit (s) must be in the future, the crypto-custody business to operate”. Frank Schäffler, a member of the German Bundestag, says:

The market is growing faster than the Federal Ministry of Finance has predicted. (…) The high demand for crypto-custodian licenses shows that companies are taking more and more of the Blockchain technology, but is also a result of the new legislation.

The 40 banks that are not referred to in the Report by name. Only one example is the Berlin Solaris Bank is headed:. This has created specifically for the Crypto-business of the daughter company “Solaris Digital Assets”.

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Germany, the new Crypto Valley?

The new law, are not, or not only the goal of Bitcoin has, of course, to keep pushing. Rather, it should serve the purpose of that trade is handled via banks, the usual money-laundering laws are not enough. So to prevent that crypto currencies are used for criminal purposes.
As Frank Schäffler has referred to in the above quotation already, Germany will receive the location advantage that could be the new “Crypto Valley” in Europe. The Brexit and the resulting weakening of the financial center in London could help Germany, especially the Frankfurt,. It is said in Berlin:

We have almost a unique feature that will be of use to us, the reputable supplier to Germany.

Bitcoin exchange rate Boost by banks?

The fact is that it needs more interest from the mainstream to Bitcoin and co., so that new people enter the area, and the courses in the long term, further to the above show. The new services, which allows the new law, can help massively.
Just imagine, the Bitcoin exchange rate rises by the Halving continuously, until the current all-time high (ATH) is broken from the December 2017. The past shows that there is often after the ATH is no stopping.
To invest now, if the barrier in Bitcoin is so low, how to invest in share, the of course, the more buyers. Exactly this point was one of the decisive reasons why the Bullrun 2017 came to an end. The Exchanges were overloaded and not afterwards, came with the establishment of new account. This is not so much new money could flow into the market, as it would have been possible. With a view to the year 2020, the upcoming Halving and the progress of Bitcoin Adoption in the case of banks, we can be in such a scenario, curious.

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About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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