Cabinet confirms Olaf Scholz's no-name anti-Bitcoin Bill (BTC) 2

Cabinet confirms Olaf Scholz's no-name anti-Bitcoin Bill (BTC)

Cabinet confirms Olaf Scholz's no-name anti-Bitcoin Bill (BTC) 3

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The unspeakable bill, after Bitcoin (BTC) from 2020, should be considered a financial instrument, has now been approved by the German government.

According to a report published by Finanzen.net on July 31, the German government announced that a bill by Federal Finance Minister Olaf Scholz (SPD) had been confirmed after cryptographic currencies such as Bitcoin and its suppliers be subject to increased control.

According to the federal government bill entitled "Amending Directive of the Fourth EU Money Laundering Directive", Bitcoin (BTC) is to be defined as a financial instrument from 2020, so that the custody of third parties is financial services. This change would have profound consequences for Bitcoin exchanges.

Stock exchanges and asset managers of crypto-currencies (depositories) should then obtain a license from BaFin. The screw must be screwed not only for cryptographic exchanges such as Bitcoin.de, but also for auction houses.

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Cabinet confirms Olaf Scholz's no-name anti-Bitcoin Bill (BTC) 4

The project aims to make it more difficult to conceal money laundering by Bitcoin (BTC) and other cryptocurrencies.

Recently, Scholz notably invited regulators to take a closer look at the Balance digital asset. The minister reportedly expressed concerns about consumer protection as well as a possible disruption of the euro area by the stable coin.

According to Reuters, Scholz stressed that Libra would not be tolerated as a competitor of the euro: "The euro is and remains the only legal tender of the euro zone".

Do you think that Scholz's policy of "absolute security against cryptocurrencies" is appropriate? Tell us in the comments column!

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