Wednesday, December 7

Will German savings banks accept cryptocurrencies?

While cryptocurrencies continue to expand their influence, the interest of some financial institutions to take advantage of them is observed.In this sense, savings banks in Germany have shown the intention of putting to vote their use within the traditional user accounts.

A vote will be taken

At the moment that more financial institutions traditional They show interest in the crypto world, on the German side there is also some optimism. In this way, German institutions will consolidate a voting process to determine whether or not cryptocurrencies will be used.

Among all the assets that flow between savings banks, Bitcoin and other cryptocurrencies would become part of the environment. With this, around 50 million users of the boxes will be able to exchange crypto assets directly with their traditional accounts.

These institutions, of public administration and also known as Ā«SparkassenĀ» will carry out the process in early 2022.

It is expected that among the officials the approval of a system that was already in development, with secret tests, will be decided. Knowing that a vote will take place, the experiments with cryptocurrencies would have been done in advance. However, it has not yet been confirmed for approval, everything will depend on the process to be finalized.

The interest of the institutions

Although this time the willingness of traditional German institutions to enter the crypto world is assimilated, this would be just one of several attempts. The day-to-day financial sector seems to be showing increasing interest in cryptocurrency participation.

As for the fluctuation of digital assets, savings banks turned their eyes when the opportunity presented itself to enter the growing market.

In previous months, legislation was approved that enabled institutions to invest 20% of the shares in the crypto field. When the law was passed in June 2020, the money circulated quickly. In the first moments, about $ 400MM began to circulate.

The cryptocurrency scenario is not unknown to the German economy, since traditional financial institutions are optimistic.

In addition to this, the German exchanges and the users of these institutions present a positive position regarding the implementation and use of crypto assets.