Based on initial planning, as many as 50 million German savings bank customers will be allowed to make Bitcoin purchases through their current accounts.
German savings banks intend to allow customers to invest in crypto assets such as Bitcoin (BTC) and Ethereum (ETH) through their current accounts.
According to a spokesman for the German savings bank, better known as Sparkassen stated that they are working on a pilot program (trial) of crypto asset wallets and crypto exchange exchanges themselves based on a report of business magazine Capital.
The pilot project is expected to get approval from the Sparkasse community as early as next year while the banking community aims to develop the service by early 2022. A spokesman for the German Savings Bank noted that;
"Every day, the number of customers who are interested in crypto assets is increasing. 1 in 10 German Savings Bank customers state that they have a deposit of crypto assets. Therefore, it is difficult for the Savings and Finance Bank group to ignore the cryptocurrency market. ”
The representative added that a group of experts from German IT services provider S-Payment is currently exploring the best way to provide the option to store crypto assets securely in wallets for selected customers.
The border pilot project will be initiated first with individual savings banks before the decision to introduce crypto trading or not is decided. According to sources Capital, several banks have expressed significant interest in crypto platforms.
Sparkassen is a group of commercial savings banks, each operating independently in Germany, joined in a decentralized structure. With about 50 million customers, the savings bank reportedly holds 1 trillion euros ($ 1.2 trillion) in total assets.
Germany has so far emerged as one of the most crypto -friendly countries in the world, with the Federal Financial Supervisory Authority issuing a crypto business license for German Coinbase earlier this year. German stock market operator Deutsche Boerse has also listed more than 20 crypto exchange trading products on its digital exchange, Xetra.
