German Savings Banks To Roll Out Crypto Trading
Germany’s largest association of banks in Germany is considering offering crypto services to their more than 50 million customers, as first reported by German magazine Capital.
The German Savings Bank Association that holds $1 trillion for its members is still studying a move into crypto, which would include the development of a cryptocurrency wallet next year. A committee will still need to vote in favor of the plans for them to become a reality.
A spokesperson for the German Savings Banks Association stated:
“The interest in crypto assets is huge.”
The association is looking to find a way for its members to deal with the negative interest rate in the country amidst higher prices which sees Germans flee towards cryptocurrencies. A month ago, Helmut Schleweis, the president of the German Savings Bank Association, already described the current economic situation in the country a “toxic mix.”
The proposed pilot is still being considered, and the committee must vote on its approval. If approved, there may be a working cryptocurrency wallet offered next year.
Banks hold clear advantages over formal exchanges largely because they have already complete due diligence in place and meet regulator’s requirements. With the existing structure, crypto trading would be relatively easy for customers who could purchase cryptocurrencies directly with their checking accounts, and without additional KYC (Know Your Customer) procedures.
In Spain meanwhile, banks are expected to already start offering crypto services to its customers as early as the end of January 2022, a little over a month from now. In November, the Bank of Spain got its systems up and running and interested banks could start registering their interest.
In August. a special law came into effect in Germany that allows institutional investors to invest up to 20% of their totals in Bitcoin (BTC) and other cryptocurrencies via their Spezialfonds.
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Source: igaming
