With the 4th EU money laundering directive banks in Germany will be
able to offer their customers crypto sales and storage, that means Bitcoin.
4AML directive is something that is some 2 years old, and I think we are now seeing some pre effects of 5 AML directive which comes into force early next year. This directive is from July 2018, but EU countries have up to 18 months to adjust their national laws. Of course, part of the directives also applies to cryptocurrency, and we see some new business opportunities for banks. The question is whether they will be interested to get involved in the business with crypto, or it will remain a mere possibility?
Am I the only one not excited by this? People should be responsible for their own wallets, because not having to rely on third parties is one of the primary benefits of Bitcoin.
I'm not overly excited about this news, as I said before, the question is whether banks will offer such services at all. And I also agree that one of the primary goals of Bitcoin is for everyone to be their own bank and that such things actually undermine the very idea of decentralized currency. If someone buys
BTC and leave it in the bank for safekeeping, they face multiple risks, the same as with any exchange or online wallet. But people still strive for simplicity and shifting responsibility to someone else, in this case, banks.