There are cryptocurrencies around the richest country in Europe. This is according to a report that shares some admirable statistics on the future of crypto in Deutschland.
In particular, 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 over a year now”.
Johnny Lyu, KuCoin CEO – further explained about 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 currency 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 mentioned 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 in the recent parliamentary elections.
“Germany is a model for other EU countries whose population is generally likely to make long-term investments,” said managing director of F5 Crypto Florian Dohnert-Breyer. In addition, “Germany has an important role to play as the largest country in the EU and is known for its economic assets.
He further added,
The number of women interested in crypto is particularly encouraging because this specific group is not active in the average financial markets (e.g. the stock market).”
“69% of crypto investors are men and 53% of women are crypto curious,” the report mentioned, adding that women were more interested in finance’s future than legacy finance.
Regardless, the future remains uncertain, especially concerning the regulatory environment in which “BaFin never tires 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 “maintains crypto-friendly law”, but BaFin’s recent actions include securities licenses and bitcoin-based security tokens. While “Germany may not have a playground similar to Switzerland and UK, but there are some legal moves already,” Gehra said.