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The media learned about the plans of German banks to open access to cryptocurrencies

by Vaibhav
December 13, 2021
in News
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The media learned about the plans of German banks to open access to cryptocurrencies
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German savings banks have begun work on a cryptocurrency wallet project for digital asset transactions. This is reported by the edition Capital…

According to him, the team of the S-Payment IT service provider is working on the concept. A vote on the pilot project will allegedly be held in early 2022.

The publication claims that the plan provides for the ability to buy and sell digital assets directly through accounts. Customers will not have to go through additional verification procedures.

At the time of writing, there are approximately 370 savings banks in Germany. The aggregate base has about 50 million clients, assets under management are evaluated in € 1.4 trillion ($ 1.58 trillion).

Earlier, the parties of the new government of Germany signed coalition agreement, in which cryptocurrencies and blockchain technology are listed among the main directions of the country’s development in the next four years.

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In 2019, the German government passed a law allowing banks to buy and sell cryptocurrencies.

In March 2020, the Federal Financial Conduct Authority classified digital assets as financial instruments.

Recall that in April 2021, the Bundestag approved a bill allowing institutional funds to invest up to 20% of assets in cryptocurrencies.

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German savings banks have begun work on a cryptocurrency wallet project for digital asset transactions. This is reported by the edition Capital…

See also  Bitstamp and Coinbase top manager now leads hedge fund

According to him, the team of the S-Payment IT service provider is working on the concept. A vote on the pilot project will allegedly be held in early 2022.

The publication claims that the plan provides for the ability to buy and sell digital assets directly through accounts. Customers will not have to go through additional verification procedures.

At the time of writing, there are approximately 370 savings banks in Germany. The aggregate base has about 50 million clients, assets under management are evaluated in € 1.4 trillion ($ 1.58 trillion).

See also  McDonald's starts accepting Bitcoin and Tether in a Swiss city

Earlier, the parties of the new government of Germany signed coalition agreement, in which cryptocurrencies and blockchain technology are listed among the main directions of the country’s development in the next four years.

In 2019, the German government passed a law allowing banks to buy and sell cryptocurrencies.

In March 2020, the Federal Financial Conduct Authority classified digital assets as financial instruments.

Recall that in April 2021, the Bundestag approved a bill allowing institutional funds to invest up to 20% of assets in cryptocurrencies.

Subscribe to Cryplogger news on Telegram: Cryplogger Feed – the entire news feed, Cryplogger – the most important news, infographics and opinions.

Found a mistake in the text? Select it and press CTRL + ENTER

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