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Bitcoin and cryptocurrencies have become legal financial instruments in Germany

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Bitcoin and cryptocurrencies have become legal financial instruments in Germany

 

Germany is rescently very interesting in their attitude to cryptocurrencies. I recently read that several German banks are considering the possibility of offering their customers cryptocurrency storage. Before that, the German bank Deutshe Bank said it would replace the current fiat currency by the end of 2030.

 

The latest report highlighted by Dailyhodl.com is also very positive for cryptocurrencies. Cryptocurrencies have become legal financial instruments in Germany.

  BaFin describes cryptocurrencies

“[They are defined] as digital representations of a value that has not been issued or guaranteed by any central bank or public body and is not necessarily linked to a currency specified by law and that does not have the legal status of a currency or money, but is accepted as a medium of exchange by natural or legal persons and can be transmitted, stored and traded electronically.”

 

The new classification comes after BaFin moved to update its anti-money laundering (AML) laws.

 

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