BaFin: German banks can freely exchange cryptocurrency for fiat through ATMs

BaFin: German banks can freely exchange cryptocurrency for fiat through ATMs

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Six financial institutions in Germany already “carry out transactions” with cryptocurrencies in one form or another, the Ministry of Finance of the country reported.

Responding to the request of the representative of the left wing party Thomas Lutze, the German Federal Financial Supervision Authority (BaFin) confirmed that financial institutions operating in its jurisdiction do work with cryptocurrencies, Reuters reports.

The answer of BaFin concerns “transactions with cryptocurrencies or their acquisition”, however, specific banks or other financial institutions are not named in it.

Last month, members of BaFin agreed to share their expertise with representatives of the National Bank of Georgia and tell them about their “supervisory experience” in the field of cryptocurrency.

Despite the cautious attitude towards cryptocurrencies, BaFin informed Lutze that at present it does not conduct any investigations related to money laundering or other dubious activities that can be carried out with the help of digital assets.

In addition, the agency clarified that the country’s banks have the right to provide services for the exchange of cryptocurrencies in euros through their own ATMs.

“Each institution that has a trade authorization also has the right to install equipment that allows exchanging bitcoin for euros and back. To date, we have no information that someone is carrying out such activities,” the ministry said.

BaFin also pays attention to regular reports of fraud in the field of cryptocurrency. In the second half of 2017, a new division investigating financial crimes processed 200 of these signals, and from January to April 2018 there were even more of them – 280.

Earlier, Germany recognized bitcoin as legal tender for tax purposes.

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