Germany’s Trillion-Euro Savings Banks Mull Crypto Wallet
Industry News
A consortium of German savings banks stated on Monday that they are looking into creating a wallet to trade cryptocurrencies. Germany’s savings banks are a conservative stronghold that stores more than 1 trillion euros for frugal Germans.
The proposal might be a game-changer for banks whose clients prefer cash and avoid riskier investments and high borrowing.
They are Germany’s most prominent financial organization, entrusted with the savings and assets of about 50 million people.
Concerning the pilot project, a spokesman for the German Savings Banks Association remarked, “The interest in crypto assets is considerable.” He stated that no decision had been reached and that the savings banks group remained skeptical.
The revelation was initially published in the German magazine Capital.
The decision comes amid rising inflation and negative interest rate penalties for banks and depositors, igniting a heated debate in Germany regarding central bank money printing.
It has motivated Germans to increase their investments in real estate and other areas in order to prevent what some have dubbed “expropriation” of their riches.
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