One of Germany’s oldest banks adopts crypto while facing rejection from the Russian bank…Details here
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Answer One of Germany’s oldest banks adopts crypto while facing rejection from the Russian bank…Details here
Sparkasse is one of the oldest banks in Germany, founded in 1778.
It was one of the first institutions to have a modern savings bank business model and is currently the largest savings bank in the country, with more than 50 million customers.
According to a new report by Financefwd (a financial news website in Germany), Sparkasse plans to start cryptocurrency services sometime next year.
💥BREAKING: Germany’s largest savings bank plans to allow customers to buy/sell and HODL # bitcoin
Sparkasse has 50 million customers! 🙌
Bitcoin Archive 🗄🚀🌔 (BTC_Archive) December 13, 2021
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The bank will allow its customers to buy, hold and sell bitcoins.
More Bitcoin adoption:
The launch of Bitcoin services would be an important and one more step on the path to mainstream cryptocurrency adoption, as Sparkasse could provide the option to tens of millions of customers.
However, some claim that mainstream adoption is already here, including “Grayscale” in the latest survey we shared a week ago on Arab Bitcoin.
Bank of Russia “BoE” Bans Mutual Funds From Investing in Bitcoin:
While Germany is slowly starting to adopt cryptocurrencies, the Russian Central Bank appears to have a different mindset.
The Bank of Russia (BoE) today issued an official statement regarding the regulation of investment opportunities by mutual funds.
Despite the increase in the number of assets available for investment by mutual funds, the document stresses that fund managers are not allowed to purchase cryptocurrencies or financial instruments whose value depends on the price of digital assets.
Some would say that the recent BoE decision was to be expected, given its history with cryptocurrencies.
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Last June, BoE banned other banks (such as Tinkoff, a major private bank in Russia) from offering cryptocurrency trading services.
In late July, the same bank recommended that asset managers exclude cryptocurrencies and not include them in mutual funds.
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