The German bank, WEG Bank AG, announced it would process payments in the Cryptocurrencies as of 2020. This financial institution, which is partially owned firms Blockchain Nimiq, TokenPay and Litecoin Foundation, is opening its doors to retailers who use Cryptocurrencies. For the time being, this group only represents proof of the sandbox. Matthias von Hauff, CEO of WEG Bank AG, stated on this point that: it is not necessary to be a customer of the bank. This implies that, although there is a user of a German bank, you will be able to enjoy the benefits it brings to perform cryptographic operations.
Image Source: finepreent.com
The news was well-received within the community of the encryption since that is a way to promote digital currencies among people who still have not ventured into the ecosystem. In addition, von Hauff said that this new “actor” banking will allow retailers to send payments to cryptographic to their own wallets. It may also be possible to withdraw money in cash directly into a bank account. The program will be administered by the brand new fintech de WEG Bank AG, TEN31. The program is designed to start with Bitcoin, Litecoin and several other Cryptocurrencies not revealed by the times. In turn, it was reported that the WEG Bank AG was looking to integrate an exchange.
Image Source: miro.medium.com
One of the most important points that bring this news is related to the regulations. The WEG Bank AG will be the regulated entity, which shall provide the services in conformity. As the German bank is an institution that has already had to comply with the regulatory standards before, it will be easier for him just to pass by a process of adaptation to having to start everything from scratch. That can be traded with Cryptocurrencies in a regulated entity; it makes people develop a certain level of trust towards this type of assets. As noted, Elion Chin, co-creator of Nimiq said in an interview that this solution will cause the incorporation to enter in cryptography is much more fluid.
Source: Currency Market
Disclaimer: Darkweblink.com does not promote or endorse claims that have been made by any parties in this article. The information provided here is for the general purpose only and unintended to promote or support purchasing and/or selling of any products and services or serve as a recommendation in the involvement of doing so. Neither Darkweblink.com nor any member is responsible directly or indirectly for any loss or damage caused or alleged to be caused by or in relation with the reliance on or usage of any content, goods or services mentioned in this article.