German savings banks plan to allow investors to deposit large digital currencies such as Bitcoin (BTC) and Ether (ETH) directly into existing accounts.
Savings banks in German-speaking countries called Sparkasen are working on a pilot project to issue cryptocurrency at home and transfer it next year, local business magazine Capital reported on Monday.
The pilot project was approved by the Sparkasse Committee at the beginning of last year, and the bank’s group aims to develop relevant services by early 2022.
A spokesman for the German Savings Bank Association confirmed the statement to Cointelegraph.
“Consumers are interested in cryptocurrencies. Every tenth customer of the German Savings Bank says they own and possess cryptocurrencies. Given their expectations, the Securities and Exchange Commission should also pay attention to cryptocurrencies.”
The official also said that a group of experts from the German IT service provider S-Payment was “exploring ways to provide cryptographic and secure asset storage options to wallets for selected customers.” ”
The required pilot project should start with individual savings banks, 370 Sparkassen, each of which decides whether to participate in cryptocurrency trading. According to a source in Capital, many banks have shown great interest in the cryptographic project.
Sparkassen is a group of commercial savings banks operating independently in German-speaking countries. Savings banks with about 50 million investors report 1 trillion euros ($ 1.2 trillion) in total assets.
S-Payment did not immediately respond to Cointelegraph’s request for comment.
Related: The new German government is appealing the crypto in the unification agreement
Germany emerged as one of the most popular countries in the world, and the Federal Financial Supervision Authority issued a cryptographic protection business license to the German signature Coinbase earlier this year. German stock market operator Deutsche Boerse has listed more than 20 cryptocurrency exchange products on its Xetra digital exchange.