German WEG Bank AG: Starting Cryptocurrency Processing


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.

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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.

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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

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