There are currently very few positive reports. Everything revolves around coronavirus or extremely bad news from financial markets. Fortunately for cryptocurrencies, there have been various positive reports lately. An example of such a report is the lifting of the ban on buying and selling cryptocurrencies in India. The positive news comes from Germany, too.

Europe's largest economy has decided to reassess its position against cryptocurrencies. The Federal Financial Supervisory Authority (BaFin) has re-qualified cryptocurrencies as a financial instrument. In particular, Germany has drawn up legislation regarding cryptocurrencies, making it easier to use them.

According to BaFin's official opinion, cryptocurrencies are a “digital substitute for value”, which should have several characteristics. A cryptocurrency should not be issued by any central bank, has no legal status like money or currency, serves as an investment instrument, can be deposited and sent electronically, and can only be used by persons and legal entities as a form of payment.

BaFin partially modified these regulations by using a framework from other regulators such as the Financial Action Task Force. However, there are no dramatic changes in this regard, as Germany had no legislation on cryptocurrencies and some adjustments were necessary.