Media report on plans by German banks to give customers access to cryptocurrencies

German savings banks have begun work on a project for a cryptocurrency wallet for transactions with digital assets. The report comes from Capital.

According to it, a team from IT services provider S-Payment is working on the concept. A vote on the pilot project is reportedly to be held in early 2022.

The publication asserts that the plan provides for the ability to buy and sell digital assets directly through accounts. Clients will not have to undergo additional verification procedures.

As of writing, Germany has around 370 savings banks. The combined customer base numbers around 50 million, assets under management are valued at €1.4 trillion ($1.58 trillion).

Earlier, the parties of the new German government signed a coalition agreement, in which cryptocurrencies and blockchain technology are listed among the main directions for the country’s development over the next four years.

In 2019 the German government passed a law allowing banks to buy and sell cryptocurrencies.

In March 2020 the Federal Financial Supervisory Authority classified digital assets as financial instruments.

In April 2021 the Bundestag approved a bill allowing institutional funds to invest up to 20% of assets in cryptocurrencies.

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