European Countries Are Prepared to Trade BitcoinDavid Kemp
In Europe banks have finally allowed to hold BTC. They adjusted their current system and introduced some certain laws that permit selling of the cryptocurrency. Having the right set of rules will reduce the level of illegal activities that have recently increased. From now on Europeans banks will be able to both sell and hold the crypto. Experts expect that the change may increase competition yet let banks establish new business sectors.
Cryptocurrencies have never been popular enough in the European Community. They never seemed appealing for the high risk of fraud. Fortunately, this attitude has lately been changing. New directives provide more relief for most banks.
Bank Customers Can Try Bitcoin
Banks may soon start introducing their first customers to BTC. The EU has issued a bill on the latest directive. The established law is likely to come into force this year. So far, banks have had no legal rights to store or offer BTC to their clients. However, the new regulation has given opportunity to German banks to deal with the crypto and implement it. It may take some more time for the regulations to enter the German market.
There is no longer requirement for separation, which banks had to apply. Now the old rules are canceled, and banks no longer seek support and assistance provided by external sources.
In 2020 German banks will have their first customers owning cryptocurrencies. Traditional financial instruments will also be available and online banking will stay active. Experts are optimistic about the changes occurring in Germany and predict a bright future. The country is ready to play a pioneering role and demonstrate the rest of the EU countries that cryptocurrencies may be of great use to the Union’s financial situation.
German banks have gained plenty of experience and know how to keep assets safe. They have a strong security system and are good at managing various risks. More than that, in order to provide even more security, the Financial Supervisory Authority continues to observe and supervise German banks and their operations. The only issue that might bother analysts is that banks can promote crypto in a relatively aggressive manner. It is true that banks trade a whole range of financial instruments. What they sell depends on the commission. If the bank has the right to sell crypto and store it for a fee, then there is a certain level of risk. Critics claim that there will be customers who will purchase crypto without realizing the possible risks.
Some say that this sort of business is lucrative and that banks have been looking forward to starting it. Nevertheless, it is essential to be well-informed about the latest trends and the market. Lack of information may result in many risks. Banks understand that the profits they will have from crypto transfers are fantastic. At the same time, they must not ignore the importance of customer safety.
No Mainstream without BTC
Financial analysts see how BTC continues its way into the mainstream. Cryptocurrencies have been gaining popularity across the world – many countries have already accepted them. It may take quite some time before population starts using crypto to perform their daily operations and money transactions. BTC has widely spread and is now available to a wider segment of clients. Some regard the crypto as a speculative tool, which proves that it can compete with securities as well as shares.
BTC return has been increasing for the past seven years. We cannot deny that the currency’s performance is strong. On the other hand, we need to make sure that it will influence further developments occurring in the crypto market.
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