How European Commission moves open the way for banks to offer cryptos in the continent. The Germans rush to blockchain train and market image.
Exciting news are taking place in Germany. Already the first bank to ask its depositors to pay, to make them… the favor to keep their money. According to German media, the Volksbank Raiffeisenbank Fürstenfeldbruck Bank in Bavaria is now charging at a negative rate of 0.5% even for small depositors. According to a spokesman for the Bank, they were forced to make such a move as it cost them to "park" money at the European Central Bank (ECB). Until now only negative rates had deposits more than 100,000 euros. Information from Germany says it's time for the other banks to follow suit.
There is no need for a thoughtful analysis, no serious brain strain, to realize that if the banking system continues this policy, bank customers will prefer to trade in cash or place their money somewhere where they will not be charged. And one of the alternatives is certainly Bitcoin.
The contribution of E.U.
The European Union will revise the Fourth Directive on combating money laundering, leaving banks to offer Bitcoin to their customers! The bill is expected to enter into force in 2020.
From there, the German Federal Parliament recently passed its own separate EU bill. The bill has already been approved by the German federal parliament and is expected to be signed by the 16 states.
Financial analysts attribute the German rush to authorities worrying that they are lagging behind on blockchain issues, even though they would like to play a leading role. The German Banking Association (BdB) is positive about this, as it looks forward to additional revenue for its members. In addition, it believes they have experience keeping their clients' assets safe.
But news are also taking place in the US. Charles Schwab, an investment services giant with assets of more than $ 3.85 trillion, announced the acquisition of TD Ameritrade for $ 26 billion. Their merger will create a colossus of more than $ 5 trillion in client assets and 30,000 employees.
Charles Schwab does not offer Bitcoin purchases. Yes, but it will be offered by TD Ameritrade, which had planned to invest in ErisX. A trading platform that is scheduled to launch early next year and offers Bitcoin contracts. Charles Schwab's spokesman Mayura Hooper, when asked about the issue, was cautious: "It is too early in the process to comment on any aspects of the deal," he said. However, the acquisition of TD Ameritrade is a great opportunity for Charles Schwab to get in early, as Bakkt and Fidelity are already ahead.
In some time, most, if not all, will have access to cryptocurrencies. And this is a game changer. Don't underestimate it. There are many who have not bought because they are confused by the process or ignore the way they will buy Bitcoin or some other cryptocurrency.
Conclusion
One of the great features of Bitcoin is that it works outside the banking or stock exchange system. This property remains. There has been no retreat to this fundamental principle. What's new is that there is now a custodian for anyone who wants it. For anyone who is confused about the specificity of Bitcoin security or does not want to get into the process of having private keys and their darkness
