BTC$64 269.87


ETH$3 393.79




Binance Coin






German Banks Might Fully Embrace Cryptocurrencies

11 Dec 2019


Next year will signify an immensely important stage of adoption of cryptocurrencies by the financial institutions of one of the leading countries of the European Union. The news arrived from Germany, the current economic locomotive of Europe.

Just a few days ago, the Bundestag, the federal parliament of Germany, elaborated the bill that permits banks to carry out operations with cryptocurrencies, Bitcoin in particular, as well as exercise the function of custodians and crypto merchants.

Amendment to the Directive, freedom to crypto operations

In essence, the underlying purpose of the proposed bill is to eliminate a specific clause of the 4th Anti-Money Laundering (AML) Directive, also known as Directive 2015/849, that had put a roadblock on banks’ way towards the gradual adoption of cryptocurrencies. In compliance with this clause and its “separation bid”, to be precise, the banks were prohibited from handling cryptocurrencies on their own accord. Instead, they were forced to rely on different third-party custodians or their subsidiary companies to take care of all crypto-related transactions. In a sense, this was a situation where an intermediary requires another intermediary in order to be able to work with a certain asset.

This state of things created a lot of inconveniences and bureaucratic acrimony, let alone that it complexifies the operations with an asset, and a form of digital money, which suppose to make things much more manageable.

The mentioned AML Directive was adopted in 2017, so it took the German government almost two years to comprehend that the current legislation is not entirely effective, especially in the nuances that concern cryptocurrencies. It didn’t only hinder the banks’ ability to work with cryptocurrencies, but also wasn’t doing any good for the customers, who were cautious about entrusting their cryptocurrencies to a third party, which is not much different from storing coin of centralized cryptocurrency exchanges.

Germany might become a go-to place for crypto holders

If the bill acquires consensus of all sixteen states that comprise the Federal Republic of Germany, the banks will be given the green light to provide the all-encompassing exchange, remittance, and custodian services for the customers who hold cryptocurrencies.

In theory, the adoption of the bill should incentivize those who were reluctant to store cryptocurrencies in banks, and also put Bitcoin on the same footing with the traditional securities, for example, bonds, equities, and stocks.

Should the proposal get the necessary approval of all political bodies, the bill is going to be passed by the Bundestag without a hitch and enacted into law in the first half of 2020. Subsequently, Germany might pave itself a way to becoming the largest and the most attractive cryptocurrency haven in Europe, a title that is currently being held by Estonia. In turn, it could set up a new and significant milestone in the mass adoption of cryptocurrencies since Germany represent the fourth-largest economy in the world.

The domestic reaction

The response to the legislative initiative has been nothing but positive. For example, Sven Hildebrant, a senior executive at Distributed Ledger Consulting, said that he fully supports the efforts made by the national legislator to place Germany at the spearhead of cryptocurrency adoption in Europe.

Bundesverband Deutsche Banken (BDB, which is the Association of German Banks and a powerful lobbying group, has also approved the initiative because it will grant better access for institutional investors to the crypto space.

Author: Alex Paulson for


NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Bitcoin’s continued slide down
Bitcoin’s continued slide down
A new round of crypto market mistrust
A new round of crypto market mistrust
Bitcoin holds its range, but pressure mounts
Bitcoin holds its range, but pressure mounts
Bitcoin unlikely to end correction
Bitcoin unlikely to end correction
Bitcoin looks set to take a severe dive
Bitcoin looks set to take a severe dive
Bitcoin set for a deeper correction
Bitcoin set for a deeper correction
Bitcoin falls under pressure
Bitcoin falls under pressure

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 78% 43 $64 269.87 -0.62% 11.37% $1 267 857 116 778 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 74.4% 47 $3 393.79 -1.07% 9.47% $408 005 838 518 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000042 -0.04% 0.02% $113 229 258 064 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 74.4% 43 $569.04 -0.67% 8.71% $83 979 705 168 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 82% 36 $155.96 -2.53% 10.18% $72 390 604 669 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 77.6% 43 $0.635451 10.18% 44.97% $35 527 732 785 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 91.6% 1 $0.999961 -0.02% 0.01% $33 783 453 421 USDC 7 days price change
8 Toncoin (TON) TON Toncoin predictions 87.2% 14 $7.13 -2.10% -1.71% $17 898 355 821 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 73.6% 55 $0.121897 -1.78% 13.21% $17 694 301 224 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 81.2% 37 $0.439424 0.62% 14.07% $15 770 897 145 ADA 7 days price change
11 TRON (TRX) TRX TRON predictions 79.2% 42 $0.133871 -0.13% 1.94% $11 660 708 604 TRX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 78.8% 37 $0.000019 -3.07% 13.98% $10 993 910 614 SHIB 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 76% 38 $27.36 -2.26% 6.28% $10 798 599 488 AVAX 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 95.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 90.8% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.