Savings Banks In Germany May Offer Cryptocurrency Trading Services This Year
According to the plans shared on capital.de, Sparkasse (Savings Banks) customers may have access to crypto products, including buying crypto like BTC and ETH, through their checking accounts directly.
This is an advantage for users who do not want to undergo KYC protocol to use an exchange for trading cryptocurrencies, according to the banks. They also reference their motivation as the trust the customers have in them, and the interested majority of them have in the crypto sector.
The Plans for the Project
Before any action is commercialized next year, the committees agree to set up a pilot project to measure the success of the plan, and the vote will be taken next year. If it is approved, savings banks users in Germany could have a crypto wallet with their banks later next year.
However, individual banks will conduct their pilot projects though the product will be operated under the collective brand. Also, the regional principles of the association allow the banks (about 370) to independently choose whether they wanted to offer crypto trading or not.
For now, the new developments and plans are still subject to the common choice through a vote, but it is evident that the banks have interest in the project already. A move already in that direction is a dedicated team with S-Payment who are walking on the project. Looking at the wide reach of the banks with over 50 million users, the successful adoption of this project could be a major push for the adoption of crypto in Europe.
Crypto Development in Australia
Just last month, the Commonwealth Bank of Australia (CBA) became the first mainstream bank in the country to offer crypto products after a long hesitation from the lending industry in the country. To achieve this, the bank partnered with Chainalysis, a blockchain analysis firm, and Gemini, an American crypto exchange. The research conducted by the bank revealed that a larger percentage of its users are already involved in cryptocurrency at least through buying and selling.
Despite the strict scrutiny that follows that announcement and a potential probe from the financial regulator in the country, the CEO of the bank, Matt Comyn explained his moves. In his perspective, the permanent fix to the financial system will be digital money. He said his bank will rather join the move rather than wait for the regulators to regulate it out of existence.
