“I agree that a small double-digit number of banks will have serious problems,” said Raimund Roessler, executive director of “Handelsblatt”. Financial institutions have given long-term loans at lower interest rates, but now have to pay more for refinancing. “Not all households have adequately protected themselves against this risk,” Roesler told the newspaper.
At the same time, he warned financial institutions of the potential consequences of entering into business with cryptocurrencies such as bitcoin or ether. “Entities should only do business that they understand – and my guess is that most lenders are not sufficiently familiar with crypto.” Roessler added: “If they offer trading in bitcoin, it could give the public the impression that cryptoassets are also stable investments or are covered by deposit insurance.” But that’s not the case either.
At the end of June, the German Savings Bank and the Giro Association (DSGV) had already expressed reservations. A spokesman for the association said it was “the job of savings banks to protect customers from countless risks”. “Therefore, the committees recommend that Sparksen-Finanzgroup institutions do not offer trading in cryptocurrencies.” In mid-December 2021 it became known that Sparkassen-Finanzgroup was considering entering crypto trading. Ultimately, each savings bank decides independently whether or not to offer trading in Bitcoin & Co.
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