With a market capitalization of approximately $1.2 trillion, Bitcoin is the largest cryptocurrency in the world. Sparked by inflation concerns and its limited supply, Bitcoin has appreciated strongly. From early next year, over 400 German savings banks may begin allowing their customers to trade cryptocurrencies from their accounts. It is possible that the German Savings Banks Association will soon enable customers to purchase digital assets.
There is a project underway that will enable German savings banks to allow their clients to trade cryptocurrencies, including Bitcoin and Ethereum. It is anticipated that more than 50 million people will have access to crypto trading. The German magazine “Capital” reported that S-Payment, an IT company, is preparing the concept. Customers will be able to purchase cryptocurrencies such as Bitcoin and Ethereum directly from their chequing accounts.
Voting on the project will take place in the savings bank committees early next year. It is estimated that the first cryptocurrency wallets will be launched in 2022 if the banks approve the project. They may launch the first version of their crypto wallet within 2022, if the banks approve the project at the start of the year. A similar move into emerging assets has not yet been made by other German banks.
Individual savings banks will pilot the wallet, and each bank will decide independently whether to introduce crypto trading. Nevertheless, the banks involved are reportedly showing an early interest.
In recent days, the government in Germany apparently signed a coalition agreement citing cryptocurrency and blockchain two of the main developments the country will focus on throughout the next four years.
