Your own crypto wallet at the savings banks? That could soon become a reality. All profits would then also be taxed.
A savings bank association in Germany would like to offer its customers crypto services in a pilot test, which would also include the development of a crypto wallet.
The association, which has more than 50 million customers, would trade amid a wave of interest in cryptocurrencies allegedly sparked by inflation concerns and negative interest rates. However, the plan is still under review and no official decision has been made yet.
According to a report by Capital magazine, the largest German banking association is considering offering its more than 50 million customers services related to cryptocurrencies.
This could be an opportunity for banks to capitalize on the currently increased interest in cryptocurrencies in Germany, where negative interest rates and fears of inflation are making citizens look for alternative investment opportunities.
This group of banks are known to be some of the most conservative in the country as their clients still hold cash and don’t risk their capital on other investments.
A representative of the German Savings Banks and Giro Association stated: “The interest in crypto currencies is great.” After all, many people invest in 1k daily profitto benefit from trading in digital currencies.
The proposed pilot project is still being examined and the committee has to vote on its approval. If approved, a working cryptocurrency wallet could be offered next year.
Due to the structure of the German Savings Banks and Giro Association, the decision about the offer of these crypto services is individual for each credit institution, ie each of the 370 credit institutions decides on this question itself. Stern.de reports, however, that many banks have already expressed interest in this program.
If approved, the program could change the way older investors view cryptocurrencies like Bitcoin and Ethereum, which are still viewed as new and risky assets by much of the mainstream financial world.
Spanish banks have also recently expressed their interest in offering their customers cryptocurrencies.
Sources: PublicDomain on December 21, 2021