Germany’s Savings Banks Could Introduce Crypto Trading Next Year: Report
The network of around 400 savings banks across Germany will vote on whether to proceed with the project early in 2022.
Germany’s savings banks are working together to potentially start offering crypto trading to customers directly from their accounts in 2022.
- The network of some 400 savings banks across Germany will vote on whether to proceed with the project early next year, German business publication Capital reported Monday.
- If approved, the banks would be able to offer trading of digital currencies such as bitcoin and ether to their customers direct from their checking accounts.
- A pilot for the project is being developed by payment IT services provider S-Payment, Capital said.
- The savings banks have about 50 million customers and manage about $1 trillion in assets. Even modest take-up could see sizable inflows of funds into the crypto market.
- The news represents the second potentially significant development to come from Germany this year following the approval of a law in July allowing “Spezialfonds” (special funds) to allocate up to 20% of their portfolios to crypto, which could equate $400 billion.
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