BaFin: Financial institutions in Germany can carry out transactions with cryptocurrencies

Federal financial Supervisory authority of Germany (BaFin) responding to the request of the representative of the «Left» of the party of Thomas Lutz (Thomas Lutze) has confirmed that six financial institutions operating in its jurisdiction, carry out transactions with cryptocurrencies in one form or another, but what kind of financial institution the document is not specified.

The office noted that the country’s banks have the right to provide exchange services of crypto-currencies to the Euro via its own ATMs:

«Any financial institution which has permission to trade, can exchange bitcoin for Euro and back through its own ATMs. However, we do not have information that someone is already engaged in such activities», — stated in the message Department.

In General, banks in the Eurozone are still quite wary of cryptocurrencies. Unlike the USA, where Goldaman Sachs announced that this year they will be included in cryptocurrency trading.

BaFin also informed Lutz that despite the cautious attitude towards cryptocurrencies, management does not conduct any investigations related to illegal activities, which somehow can be associated with cryptocurrencies.

In conclusion, BaFin drew attention to the growing number of reports of fraud in the sphere of cryptocurrency. According to a new division created to investigate financial crimes, in 2017 was handled about 200 such signals, and from January to April 2018, they became even more — almost 300.

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