BaFin, The Finance Minister of Germany, has stated that 6 German banks are already participating in cryptocurrency trading. The regulator now allows the banks to exchange Bitcoin and Ether through ATMs, which indicates gradual acceptance of the new technology.
A left-wing populist political party Thomas Lutze of The Left requested the information and BaFin promptly released the info, confirming that major financial institutions are already conducting operations with crypto assets. Their names, however, remained unannounced. It’s been disclosed that all of these institutions have the right to exchange Bitcoin or Ethereum to Euro on their ATMs, which are easily modified to accommodate crypto payments. According to the report, no German bank has done that yet, but the situation is likely to change in the near future. There are more than 3000 active crypto ATM around the world, and the number keeps growing.
The released information once again proved that Germany stands at the forefront of cryptocurrency adoption. Just recently the country’s largest stock exchange announced its plans to offer cryptocurrency products to its customers. Moreover, the countries’ second largest stock exchange has already entered the crypto market.