The Bitcoin-payment processor BitPay has to get in the face of imminent regulatory progress in Germany people seem to have cold feet. The operation in the Federal Republic of Germany for the time being set. Among other things, Microsoft and Lieferando have access to the services of the American company.
By Christopher clover
At the 2. August 2019BTC$10.507,00 4.72%part Facebook Twitter LinkedIn xing mail
What have the countries of Algeria, Bangladesh, Bolivia, Cambodia, Ecuador, Egypt, Indonesia, Iraq, Kyrgyzstan, Morocco, Nepal, Vietnam and the Federal Republic of Germany have in common? You form the list of States that are not served or from the American company BitPay. BitPay acts as the payment service provider, the merchant Bitcoin as a payment option can offer. For Germany, it is now: could.
retreat with the German regulatory efforts justified
On the 29. In July, BitPay released a scant Update on the countries that are serviced by the company. This is on the one hand, to States that are not on the sanctions list of the USA. However, also countries in which Bitcoin’s regulatory thumb screw should be applied (a), are to be found on the list. Germany now has to listen to the dubious honour of this Club.
A request of BTC-ECHO remained unanswered. Meanwhile, has reported BitPay back. The response from BitPay the wording corresponds to exactly one paragraph, the the company at 1. August, subsequently to his Post on.
BitPay strives to provide all its customers with the best Service. We regularly monitor regulations and laws to ensure compliance. Germany has stated publicly that crypto-businesses should apply from 2020, a license. We have set up the operation in Germany, while we identify the needs of the German licenses,
it is said in the E-Mail to BTC-ECHO.
BitPay refers to the recently published draft law of the Federal government, which provides for a tightening of the regulation of companies in the crypto sector. Not only for Bitcoin exchanges and Wallet providers but also payment processors, the Bitcoin in Fiat money to exchange (and Vice versa) to fall from 2020, under the regulatory auspices of the Federal financial Supervisory authority (BaFin). The Bundestag will advise after the summer recess on the draft.
BitPay is just the beginning.
The early – and possibly only temporary – withdrawal from BitPay from Germany marked a setback for the Bitcoin adaptation. Numerous companies akezptieren Bitcoin payments, have taken to the Service of the U.S. payment service provider. Among the most well-known Microsoft and Lieferando. The question now is whether the company want to switch to another payment service provider, or Bitcoin as a payment option for the time being delete. To the editorial deadline for a response from the two companies on a request from BTC-ECHO.
BitPay is one of the leading Processors of Bitcoin payments in Germany. It is not excluded that more service providers will follow the example of BitPays. To large the uncertainty is in view of the upcoming regulatory measures.
The hasty Act BitPays does not, however, an additional inference: Namely, that the business with the use of Bitcoin payments in Germany is worth it. It appears unlikely that the company would so quickly pulled back from Germany, when sales flourished.
Should make the example BitPays school, there’d be nothing left of the German crypto-community for the time being little else than Bitcoin & co. to “hodln”. A disappointment for those who want to see the Vision of Bitcoin as digital cash yesterday rather than today a reality. Anyone looking at Bitcoin, however, tend to be more as a digital Gold, is likely to whether this circumstance twitching, however, hardly batting an eyelid.
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