October 31, 2022 (Investorideas.com Newswire)
In 2021, 10% of all Germans owned cryptos, according to CryptoMonday.de. Digital assets have become an established asset class in the country because of this widespread adoption.
CryptoMonday CEO Jonathan Merry commented on the data, he said, “Germany is an excellent place for crypto mining and is Northern Data’s home. This company has some of the highest hash rates in the world and uses almost entirely renewable energy sources. The country’s supportive attitude toward digital assets and its progressive regulation has made it a hotspot for crypto innovation.”
Germany Is Crypto-Friendly
Germany is one of the most crypto-friendly countries in the world. The European nation permits cryptocurrency investments in its long-term domestic savings business. This is encouraged by its zero-tax policy on long-term capital gains from cryptocurrency. Besides, it has the second-highest number of Bitcoin and Ethereum nodes behind the United States.
Financial Institutions Are the Hindrance
Despite the increasing number of Germans buying cryptocurrencies, there are still some barriers to adoption. One of the biggest hindrances is the lack of support from financial institutions. Banks have been unwilling to work with crypto businesses, making it difficult for everyday Germans to buy and sell digital assets.
However, this is slowly changing as more banks are beginning to work with crypto companies. Recently German digital bank N26 announced that it would offer cryptocurrency trading to its clients through a partnership with Bitpanda. Full story and statistics can be found here: 10% Of All Germans Owned Cryptos in 2021, Making Digital Assets an Established Asset Class in the Country
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