RATE Group | New Proposed Law Would Legalize Banks Holding Bitcoin
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New Proposed Law Would Legalize Banks Holding Bitcoin

01 Dec New Proposed Law Would Legalize Banks Holding Bitcoin

Posted at 09:35h in Bitcoin News by

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A new bill in Germany could enable banks to support the sale and custody of Bitcoin (BTC) and other cryptocurrencies by 2020.

German news agency Handelsblatt reported on Nov. 27 that the bill now requires consensus from the country’s 16 states, having successfully passed through the Bundestag, the German federal parliament.

Germany on its way to becoming a “crypto-heaven”

At present, German banks and financial institutions are prohibited from facilitating the sale of cryptocurrencies for clients. If passed, the proposed bill will transform the status quo. 

While an initial draft of the bill had reportedly included a “separation clause” that would have required banks to make recourse to external cryptocurrency custodians or dedicated subsidiaries, the latest version of the proposed law removes this. This will streamline banks’ cryptocurrency-related operations, as Handelsblatt outlines:

“​​Starting in 2020, financial institutions will be able to offer their customers…

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