Germany: at least six banks participate in crypto-trading

German Ministry of Finance has unveiled on Friday that at least six German banks are already involved in crypto-trading. The information emerged from Thomas Lutze, the member of the Parliament and the German left-wing political party “Die Linke” after Ministry representatives gave answers to his brief inquiry, Reuters reported on Friday.

6 banks were involved in crypto-trading

6 banks were involved in crypto-trading

The information is built upon the research conducted by Financial Regulatory Agency BAFIN in the area of cryptocurrency trading in Germany. The names of the banks are however not disclosed. The conclusion driven by the letter is that the banks were licensed and permitted to conduct crypto-exchanges.

While U.S. banks such as Barclays, Goldman Sachs and JP Morgan have established blockchain and crypto-units, European banks are still remaining distant from the crypto. German Financial Ministry is concerned about the fact that since the middle of 2017, there were about 500 cases of fraudulent actions involving crypto in Germany. “Taking into consideration the variety of unsolved issues and risks related to uncertain benefits, issuing of central bank’s digital money for the whole range of Eurozone is not an option at the moment,” explained the German Ministry.

Opposite to that, Sweden, which was the first country to authorize cryptocurrency trading in Europe in 2015, may soon launch own cryptocurrency. Switzerland is another country that is at the forefront when it comes to crypto regulations legibility and support for ICOs. The area around the Swiss town Zug has become “Crypto Valley” as soon as the Ethereum’s ICO happened there in 2014. The region since then became a host for entrepreneurs, developers, and investors in the crypto area.