Germany’s savings banks, called Sparkasse, are voting to decide whether to offer crypto trading services to its 50 million customers, local media outlet Capital reported on December 3.
The decision will be finalized by the German Savings Banks Association (Deutscher Sparkassen- und Giroverband), a committee of more than 370 savings banks in the country, who will vote on the matter in early 2022. Each savings account works without a central authority and operates independently and regionally.
If approved after voting, individual savings banks will be able to offer clients cryptocurrency services for currencies like Bitcoin and Ether. In addition, the project was conceptualized by IT services provider S-Payment.
With over 50 million users, the network of these savings banks manages over 1 trillion euros in assets.
The coalition agreement was announced by Germany’s new Schortz administration. The recently launched administration confirmed that development in cryptocurrency and blockchain technology will be one of the top priorities for Germany in the next four years.
The move also comes after the government allowed the country’s “Spezialfonds”, called special funds in English, to allot 20% of their portfolio into crypto assets in July. Spezialfonds are investment vehicles offered by institutional investors in Germany. Currently, there are over 3000 special funds managed in the country.