Germany - AllStocks Network

New Law in Germany Allows German Banks to Offer Crypto-Related Services

Posted on December 1, 2019December 1, 2019 by Rehan Yousaf

German banks have so far not been allowed to conduct their various businesses in cryptocurrency. However, a new law called the fourth EU Money Laundering Directive is going to revolutionize the way banks and customers interact. At its basic, the new law will empower banks to become the primary custodians of digital currency for their customers. Local news agency Handelsblatt reports: “Starting in 2020, financial institutions will be able to offer their customers online banking,…

German Finance Minister: We Must Reject Stablecoins Such As Facebook Libra

Posted on September 19, 2019September 19, 2019 by Rehan Yousaf

European officials are beating their heads, trying to figure out the challenges and risks of letting cryptocurrencies be operational in the region. It is part of a wider debate that seeks to establish the pros and cons of digital transformation of European economies as major nations across the globe embrace digital currencies. However, the crypto world has now been hit by another storm when the Finance Minister of Germany, Olaf Scholz, categorically rejected the idea…

The European Central Bank Might Issue Digital Currency to Counter Facebook Libra

Posted on September 16, 2019September 16, 2019 by Ravi Rd

The European Central Bank (ECB) plans to develop an alternative public cryptocurrency, according to a new report on Forbes. French and German government officials back the supposed ECB’s plans for a development of a digital currency, which could become a potential rival to Facebook’s Libra and Bitcoin(BTC)trade like other popular cryptocurrencies. These news can certainly make global crypto investors think about their investment decision which may affect the crypto market in an unknown manner. Margrethe…

Germany Against Facebook Libra Entering the European Market

Posted on September 15, 2019September 15, 2019 by Rehan Yousaf

Recently, a report by Der Speigel magazine in Germany indicates that the German government is against giving approval to private stablecoin issuers such as Facebook and its digital currency Libra. The report cites a member of the current government, Thomas Heilman, who called for caution against these stablecoin issuers. He said that so far the economy of the region was in a great shape in monitoring inflation measures and countering any fiscal crises. But once…

Germany to Regulate Crypto Businesses with Special Regulatory Licenses

Posted on July 25, 2019September 15, 2019 by Ansab Gillani

The latest Anti-Money Laundering (AML) regulations in Germany will dictate to German cryptocurrency companies and exchanges to hold licenses issued by the Federal Financial Supervisory Authority (BaFin) starting next year. Since the evolution of Bitcoin(BTC)trade since its inception in 2009, the primary target of blockchains and cryptocurrencies has been to establish an unregulated and decentralized transaction systems. But just like many other technological prospects, Bitcoin has been vulnerable to human evil time and time again….

Germany Reportedly Began Researching the Potential of Blockchain Technology

Posted on February 20, 2019September 15, 2019 by Julie Williams

After 10 years in the block, cryptocurrency and its underlying technology blockchain boast a vast range of application across different sectors. The technology which started out as a response to a financially inequitable world has grown into an economic growth vehicle. Cryptocurrencies alongside blockchain technology are now employed to skirt everywhere from retail shops to large companies including government establishments and everything in between. Look how far it has come. This makes it not so…

Several Arrests in Germany after Crackdown on Cryptocurrency Electricity Hijack

Posted on February 9, 2019September 15, 2019 by Carolyne Walker

Police in Klingenthal – a town in the Vogtland region, Germany – has arrested five men and woman for allegedly stealing a significant amount of electric power to mine cryptocurrencies. It’s not the first time that people have been arrested over claims of mining millions of dollars-worth of cryptos using stolen power; similar cases have been reported ever since the boom of cryptocurrency mining. Crypto mining is basically profitable in countries where electricity is cheap. Sadly, it is not cheap enough…

Fiat-Crypto Romance: Litecoin Foundation and TokenPay Buy Shares in Germany’s WEG Bank AG

Posted on July 12, 2018September 15, 2019 by Omri Shabath

There are some big tectonic shifts underneath the crypto-fiat borderline. The Litecoin Foundation now holds 9.9% stake in Germany’s WEG Bank AG after a strategic partnership with the decentralized payment platform TokenPay. The deal has first begun back in May, when TokenPay announced that it has acquired 9.9% of the shares of WEG Bank; the firm has also stated that it has plans to purchase an additional 80.1% upon customary regulatory approval of the German…