Germany is one of the world’s leading economic powers. However, it isn’t quite one of the world’s leading cryptocurrency nations, with countries such as Switzerland, Malta, Japan, Singapore, Luxembourg and Liechtenstein having already introduced more progressive legislation related to crypto and blockchain technology.
Still, Germany has witnessed relatively encouraging cryptocurrency adoption until now, while the government has just begun pushing through legislation and strategy documents that should create more propitious conditions for crypto.
In other words, the foundation is already in place for Germany to become a leading crypto-nation. And as experts in Germany tell Cryptonews.com, the country is likely to cement its place as the most crypto-friendly state in the EU, while adoption among the general German public is also set to grow over the next few years.
The present reality of adoption in Germany
Cryptocurrencies are hardly ubiquitous in Germany, but fortunately there’s already a significant base of early users from which further adoption could be driven.
“In Germany there are currently approx. 800,000 crypto currency owners,” explains Philipp Sandner, the head of the Frankfurt School Blockchain Center. “This represents circa 1% of the total population but in the traditional key target group (aged between 20 and 45, tech-affine, male) adoption is around 8-10%.”
It’s worth pointing out that Facebook usage among the general German population is still only 38.4%, so crypto is already off to a good start given its initially niche appeal. On top of this, Sandner tells Cryptonews.com that Germany’s startup ecosystem is viewing cryptocurrency more enthusiastically.
“There is a thriving startup ecosystem in Berlin, Munich and Frankfurt. And in Stuttgart, there is Börse Stuttgart having now launched a crypto segment on their exchange – as the first regulated exchange in Europe.”
That said, Sandner also notes that larger companies and institutions remain somewhat sceptical of crypto “Besides such landmark projects from a few companies, the topic of crypto assets is largely not understood and traditional financial organizations are very reluctant approaching this new field.” cryptonews.com