German savings banks plan to offer crypto services to their customers – Bitcoin News

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A savings bank association in Germany is looking to offer crypto services to clients as part of a pilot test that would include the development of a crypto wallet. The association, which has more than 50 million clients, is said to act amid a wave of interest in the cryptocurrency apparently sparked by inflation concerns and negative interest rates. However, the plan is still under review and no official decision has been made.

German savings banks could get into crypto

Germany’s largest banking association plans to offer cryptocurrency-related services to its more than 50 million customers, according to a report by German magazine Capital. This could be a way for banks to capitalize on the current heightened interest in crypto in Germany, where negative interest rates and fears of inflation have caused citizens to seek other avenues of investment.

This group of banks are known to be among the most conservative in the country, with their clients always holding cash and not risking their capital on other investments.

A representative of the German Association of Savings Banks said:

The interest in crypto assets is huge.

The pilot project is still under review and the committee must vote on its approval. If approved, a functioning cryptocurrency wallet could be offered next year.

Advantages over other platforms

Banks may have some advantages over formal exchanges, as they usually already meet due diligence requirements, having a structure designed around such compliance. This could facilitate the trading experience for users, who could buy cryptocurrencies directly with their current accounts, and without going through KYC (Know Your Customer) procedures, since banks already have this information.

Given the structure of the German Association of Savings Banks, the choice to offer these crypto services is individual for each bank, which means that each of the 370 banks will decide this matter on their own. But Stern.de specifies that many banks have already expressed their interest in this program.

If approved, the program could change the way senior investors view cryptocurrencies such as bitcoin and ethereum, which are yet viewed as new and risky assets by much of mainstream and mainstream finance. . Spanish banks have also expressed interest in offering cryptocurrencies to their customers in recent times.

What do you think of the crypto pilot program that German savings banks are planning to run? Tell us in the comments section below.

Sergio goschenko

Sergio is a Venezuela-based cryptocurrency journalist. He describes himself as late in the game, entering the cryptosphere when the price hike occurred in December 2017. Having a background in computer engineering, living in Venezuela and being impacted by the cryptocurrency boom on a social level , it offers a different point of view. on the success of crypto and how it is helping the unbanked and underserved.

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