German banks may be able to start holding and selling Bitcoin, Ethereum, and cryptocurrencies in general by just next year if a new bill passes.
This news comes to us via Handelsblatt, a German news outlet, on November 27. There, they note that the bill needs the 16 states to vote on it, as it has already passed through at a federal level.
Interestingly, the bill originally was going to force a separation between banks and any crypto offerings. However, this updated version sees that as no longer the case. Instead, banks can manage the process themselves, not only making it more accessible to customers but streamlining it all in general.
“Germany is well on its way to becoming a crypto-heaven. The German legislator is playing a pioneering role in the regulation of crypto-truths,” says Sven Hildebrant, the head of a consulting firm related to this change.
Another banking group, BdB, approves of this as well:
“Especially credit institutions are experienced in the safekeeping of client assets and in risk management, are committed to investor protection and have always been controlled by the financial supervision.”
However, not everyone is on board with this. Baden-Wuerttemberg, a consumer center in Germany, fears that many customers will get involved in the process without understanding Bitcoin or cryptocurrencies much at all.
“So far, distribution was only possible for the banks through special bonds. Here, they had to inform their customers in advance about costs and key investor information. This is not the case in direct sales of bitcoin and co,” says Niels Nauhauser, financial expert at the group.