"The German parliament today passed a bill allowing banks to sell and store cryptocurrencies from next year.
The new legislation will come into force on 1 January 2020, and will require current custody providers and crypto exchanges operating in the country to take steps, before the end of the year, to apply for a German license. "
MrMunchkinQC: CC 35, BNB 31, IOTA 16 | ExchSubs 316 months ago
You didn't do a single second of research on this and come out with a statement like this?
Fucking troll, go home.
This article is attempting to put an extremely positive spin ("new law makes Germany 'crypto[currency] heaven'", "leads to institutional investors", "major breakthrough", "massive for adoption") on a government crackdown. To be expected given that decrypt.co is funded by ConsenSys, which was in turn founded by someone who had (in Feb 2018) an estimated "net worth in cryptocurrency to be between one and five billion [US] dollars", so they have a vested interest in promoting cryptocurrencies. But why does this sort of advertising keep on cropping up on HN?
It appears to be a two-pronged law that permits banks to act as custodians, while at the same time requiring other custodians currently operating in Germany to obtain a special license and comply with other regulations.
The initial purpose of Bitcoin according to its creator was to abolish central banks. The fact that the state uses force to collect taxes in fiat currency means that you have no chance to escape fiat, this new regulation makes sure of that. It means nothing more than Bitcoin has utterly failed in its mission.