Last updated March 25, 2022
There are cryptocurrencies around the richest country in Europe. This is according to a report that shares some admirable statistics about the future of crypto in Germany.
Notably, 44% of Germans want to invest in cryptocurrencies to be part of the “Future of Finance”, while a third or 37% of Germans have been trading cryptocurrencies for more than a year.
Johnny Lyu, CEO of KuCoin – further explains on the state of German crypto investors.
“Cryptocurrencies are very popular among those who support the cumulative strategy, especially among the younger generation. They want to save themselves for retirement and further diversify their savings by using cryptocurrencies.”
“Despite the high demand for cryptocurrencies in Germany, there are no specific restrictions on the use of digital currencies in the country,” Lyu warned.
In fact, Germany was the first country to identify “bitcoins” as “units of value,” which can be classified as a “financial instrument,” as stated in the report. So far, the local regulator has had “some success in controlling crypto.”
Meanwhile, Germany was the first country in the world to adopt a blockchain strategy, and interestingly, Germany’s political stance on cryptocurrency was discussed during the recent parliamentary elections.
“Germany is a model for other EU countries whose populations in general are likely to make long-term investments,” said F5 Crypto General Manager Florian Dohnert-Breyer. In addition: “Germany plays an important role as the largest country in the EU and is known for its economic strengths.
He further added,
The number of women interested in crypto is particularly encouraging as this particular group is not active in the mainstream financial markets (e.g. the stock market).”
“69% of crypto investors are men and 53% of women are crypto-curious,” the report notes, adding that women were more interested in the future of finance than in legacy finance.
Regardless, the future remains uncertain, especially with regard to regulations in which “BaFin never tire of warning of dangers.” BaFin is the German Federal Financial Supervisory Authority responsible for regulating crypto. They recently gave the green light to Neobank N26 to start crypto trading in 2022.
Dohnert-Breyer believes Germany is “enforcing the crypto-friendly law,” but BaFin’s recent actions include securities licensing and bitcoin-based security tokens. While “Germany may not have a playground comparable to those in Switzerland and the UK, some legal action is already underway,” Gehra said.
Also Read: Russia Considers Accepting Bitcoin Against International Sanctions