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German savings banks want to allow Bitcoin for 50 million customers

German savings banks want to allow Bitcoin for 50 million customers

Under the plan, 50 million savings bank customers will be able to buy Bitcoin directly from their checking accounts, the Cointelegraph reports.

German savings banks plan to allow customers to invest in major digital currencies such as Bitcoin (BTC) and Ether (ETH) directly from their checking accounts. Savings banks in German-speaking countries, also known as Sparkassen, are working on a pilot project to launch their own cryptocurrency wallet and exchange next year. The pilot project should be approved by Sparkasse committees early next year, while the banking association aims to develop services in early 2022. A spokesman for the German Savings Bank Association confirmed the news, saying: “More and more consumers are interested in crypto-assets. One in ten German savings bank customers say they own or have owned crypto-assets. Given their expectations, the Savings Banks Financial Group should pay attention to crypto-assets as well”. The spokesman added that a team of experts from German IT services provider S-Payment is now “exploring ways to provide secure storage of crypto-assets in a wallet for select customers”.

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