There might be very big news coming very soon for fans of bitcoin and other cryptocurrencies. There are rumors that Germany will soon be passing a law that will allow the banks in that country to handle bitcoin. This will make it easy for people in Germany to invest in bitcoin using funds that are located in the country instead of being forced to deal with those transactions using offshore money. There is no guarantee that Germany is going to pass this law. However, there are many signs that indicate this will be the case. Only time will tell. There are many European bitcoin advocates who are very optimistic about the future of trading in Germany.
It will be very interesting if Germany becomes one of the first countries to pass legislation to allow banks to deal in bitcoin. As explained on Forbes, this is because Germany was completely opposed to allowing Facebook to use its Libra cryptocurrency within the borders of the country. They told Facebook that Libra would be banned. However, it seems that bitcoin has a lot of proponents in the German government. The resistance is coming from lawmakers who are still not sold on the safety and security of bitcoin. Many politicians do not like the fact that bitcoin can be used to launder money and avoid taxes. The security of bitcoin is also a concern. There are many hackers who specialize in stealing bitcoin. These concerns will need to be alleviated before legislation will be passed in Germany regarding bitcoin.
There are also critics who do not want German banks to begin selling cryptocurrency. They are against this because they are afraid of a scenario where the banks will sell bitcoin without conveying all of the risks associated with cryptocurrency. This is a valid concern when you consider how devious many banks are. Nobody knows for sure which way the wind is blowing where bitcoin is concerned. The bottom line is that cryptocurrency is now heavily traded around the world. It is only a matter of time until a wealthy and powerful country will allow their banks to deal in bitcoin.
China has totally outlawed the trading of bitcoin. However, President Xi Jinping said that he is interested in exploring the benefits of blockchain. Will Germany start to utilize bitcoin before China gets around to doing it? That is the question many German bitcoin investors are asking themselves right now.
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