Based on a news release by Handelsblatt on the 27th of November, the bill now seeks approval from the 16 states in the country, now that it has been passed by the German Federal Parliament.
Crypto-Haven Status
Presently, banks in Germany do not have the legal right to carry out sales of cryptocurrencies to its customers. This new bill, if approved, would see a major change in this regard.
Initially, the original draft of the bill contained a “separation clause” which mandated that banks outsource cryptocurrency trade activities to recognized crypto custodians or assigned subsidiaries, however, this clause has been deleted in the latest edition of the bill. Handelsblatt announced that this new development would simplify banks’ crypto-related activities as banks can now deliver online banking at lightning speed on cryptocurrencies and other securities like stocks and bonds to its customers.
The new bill has caused an uproar of excitement from the domestic sector.
The Head of Distributed Ledger Consulting, Sven Hildebrandt, asserted that with this development, Germany will be catapulted to a position where She will be regarded as a crypto-haven. Sven is involved with the regulation of cryptocurrency in the country.
The Association of German Banks is, unsurprisingly, backing and lobbying for the bill, insisting that the banks are well equipped to handle this project.
Also, in October, the Association broadcasted a paper asserting that the European economy “needs a digitized Euro”.
Cautionary Remarks
Ironically, the Bundestag recently remarked in an announcement that it does not regard cryptocurrencies as “real money” noting their volatile nature and its alleged restricted use. The announcement also mentioned that it considers Stablecoins as threatening, emphasizing its capacity of rupturing the prevailing monetary sovereignty.
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