We had earlier talked about a leading Swiss crypto bank and also about moves in Singapore to establish, bands dedicated to crypto trade. You would also remember earlier Glitzkoin Infopedia reports where, CEO Navneet Goenka urged conventional banks to tune their operations, basically to stay in tune with the rapid development of digital currency.
From another part of Europe comes an exciting happening, something that the crypto media has not really focused on. This possibly due to the fact that the implementation of a new regulation in Germany, would bring greater transparency to crypto dealings. It is now confirmed that banks in Germany, would be allowed to sell and store crypto currency – w.e.f 2020.
This is amazing as it is the first time that a developed nation with a mature banking system, has include crypto functionality in banking functions. The Glitzkoin Telegram channel was active with a constructive discussion on this topic, many questions emerged and some viable options were discussed. The fact is that the significance of German banks opening up to cryptos is extremely wide. Having said that, procedures would need to be implemented and fine tuned as usage happens.
To discuss just a couple of points that were raised by GTN investors on the Telegram channel. Members wondered from where the banks would get the current rate for a crypto. This was obviously relevant because, the rules clearly mentioned that the banks in Germany could sell cryptos. Currently it is common for most portals to price cryptos, as per the values quoted by the CoinMarketCap portal. But when it comes to an official banking system, one would expect a more generalized mode of estimating token price.
A seasoned GTN investor on the telegram channel opined that, the German banks would most likely get into an alliance with one or more reputed crypto exchange. A differing opinion saw the possibility of the banks running their own crypto exchange. Someone even went to the extent of suggesting that, pure crypto exchanges would become redundant – with banks taking over their activity. These are things that will become clearer as time progresses, a degree of trial and error cannot be avoided when implementing a transformation of this magnitude.
Glitzkoin CEO Navneet Goenka had his to say about the German move, ‘… it is encouraging to see that the Germans have put in so much thought and effort to ensure that, the conventional banking system adapts to crypto world happenings. In my opinion one of the very important issues to be trashed out, would be related to privacy and confidentiality of account holder information. This will become even more relevant if the banks do tie up with existing crypto exchanges. Banks will obviously need to follow international regulations, related to transparency, anti-money laundering etc. We are in for exciting developments’.
The German move would surely be tracked closely by other banks across the globe. Crypto centrics will also be looking at how the whole process would operate. And we will undoubtedly, see a wider base of crypto buyers and sellers. The Germans might have just found a way to boost interest and trade in cryptos.
GLITZKOIN: Glitzkoin is developed on the Stellar blockchain. The project includes the multifaceted GTN token that currently trades actively on 3 crypto exchanges (Cointiger, Stellarport and Dobitrade). Glitzkoin makes a direct connect to the multibillion dollar diamond industry. The project is promoted by second generation diamond veteran Navneet Goenka, it aims to improve productivity and market scope for the glittering industry. A comprehensive diamond trading platform (DiaEx) is part of the project, it supports both B2B and B2C trade in diamonds. As mentioned above GTN is traded by crypto traders on three exchanges, it is also designated as the mode of payment on DiaEx.