RATE Group | German Banks Authorized to Store and Sell Cryptocurrency in 2020
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German Banks Authorized to Store and Sell Cryptocurrency in 2020

29 Nov German Banks Authorized to Store and Sell Cryptocurrency in 2020

Posted at 20:04h in Cryptocurrency News by

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German Banks Authorized to Store and Sell Cryptocurrency in 2020

Next year German banks will be able to manage cryptocurrencies like bitcoin after the fourth EU money laundering directive goes into effect. The directive passed in the German parliament, Bundestag, allows banks in the country to act as cryptocurrency custodians rather than rely on third-party custodial services.

Also read: Germany Barely Avoids Recession, Economy Remains Stagnated

German Banks Will Soon Be Able to Manage Cryptocurrencies

According to the regional financial news publication Handelsblatt, in 2020 banking institutions from Germany will be able to manage cryptocurrencies for customers. Under newly enacted legislation, banks in Germany will be able to receive, store, and sell digital assets like bitcoin cash (BCH) and ethereum (ETH). Directive 2015/849 is an amended regulatory approach that was issued by the European Parliament and German politicians. The fourth EU money laundering directive highlights the fact that “electronic money…

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