German savings banks are reportedly planning to allow clients to invest in major digital currencies such as Bitcoin (BTC) and ether (ETH) directly from checking accounts.
Savings banks in German-speaking countries, also known as Sparkassen, are working on a pilot to launch an internal cryptocurrency wallet and exchange next year, local business magazine. Capital reported December 13th.
The pilot project is subject to approval by Sparkasse committees early next year, while the banking association aims to develop related services by early 2022. Reportedly, a group of experts from the German IT service provider S-Payment is designing the concept for the project.
A corresponding pilot project should start with individual savings banks first, and each of the 370 Sparkassen will independently decide whether or not to introduce crypto trading. According to CapitalAccording to sources, several banks have already expressed significant interest in the crypto platform.
Sparkassen are commercial banks operating savings banks in German-speaking countries in a decentralized structure, with each bank operating independently. With around 50 million clients, savings banks reportedly have 1 trillion euros ($ 1.2 trillion) in total assets.
The German Savings Banks Association and S-Payment did not immediately respond to Cointelegraph's request for comment. This article will be updated pending new information.
Related: New German Government Cites Cryptocurrencies in Coalition Deal
Germany has become one of the most crypto-friendly countries in the world, with the Federal Financial Supervisory Authority. issue a cryptocurrency custody business license for the Coinbase arm in Germany earlier this year. The German stock trader Deutsche Boerse has also listed more than 20 publicly traded cryptocurrency products on your digital exchange, Xetra.
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