“The importance of cryptocurrencies is growing ever faster. Banks can use their expertise in implementing regulatory issues to gain a good starting position in the market for cryptocurrency services such as key custody. Through their existing competences in dealing with cryptographic procedures, e.g. in authorisation, online banking or PIN protection, banks already bring along a large part of the technical prerequisites for entering this business field.” SRC expert Dagmar Schoppe explains the opportunities for banks and financial service providers with regard to the development of cryptocurrencies in an article just published on the specialist platform “it-daily.net”.
Are there dependencies on the digital euro?
The increasing interest in cryptocurrencies — in addition to the rapid rise in the euro equivalent to a bitcoin observed in recent days — should also be seen in connection with the discussion about the introduction of a digital euro. The digital euro — according to the perception in the German banking industry (DK) — is assessed as a forward-looking means of payment in a digital economy that coherently complements the existing and proven systems and structures. In this context, the greatest possible synergies should be sought with existing payment transaction solutions so that access to digital central bank money can be secured for end consumers.
New opportunities in the digitalisation of business processes
Institutions face the challenge of increasing their visibility in this new market segment in order to then be able to respond to requests from customers, retailers as well as service providers. In the medium term, the generally growing interest in cryptocurrencies can also result in opportunities for institutions that, for example, offer their corporate customers self-issued cryptocurrencies to support them in the digitalisation of their business processes.
The SRC experts follow the exciting developments in the field of cryptocurrency and the digital euro for you and support you in the realisation of your crypto custody service. We will be happy to inform you about the opportunities to get involved in this innovative sector.
- gi Geldinstitute: Krypto-Welt als Chance für Banken und Finanzdienstleister