Furthermore, Germany’s Fund Location Act allows pension funds, insurance companies, family offices and corporate investment funds to allocate up to 20% of their assets in digital assets. And according to a recent report from KuCoin, 44% percent of Germans are motivated to invest in crypto. As of the end of 2021, approximately 2.6% of Germans have used cryptocurrency. German investors can get involved with crypto and blockchain via companies and platforms such as 1inch Exchange, Nuri, FinLab, Minespider, the NAGA Group, Tangany, Coindex, CryptoTax, Upvest, Fiona, Blocksize Capital, USDX Wallet, Bitbond and the Iota Foundation, or they can shop on Sugartrends using Dash.
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Berlin-based fintech startup Forget Finance, on the other hand, focuses on motivating young people to save and invest in crypto using online coaching via a mix of AI bots and real financial experts. Meanwhile, the European Central Bank is exploring creating a CBDC, dubbed the digital euro. According to a survey from Deutsche Bundesbank, Germany’s central bank, the share of cash payments in point-of-sale transactions made by German consumers dropped from 74% in 2017 to 60% in 2020. Accordingly, Bundesbank has been working on distributed ledger technology asset settlements. Recent research commissioned by the ECB, based on discussions with panels of EU citizens, emphasizes security and universal acceptance as primary concerns.
Additionally, the German auto company Volkswagen has launched a successful interactive NFT ad campaign. Brian Shuster, founder and CEO of Utherverse, explained to me: “Utherverse has been building and operating an online virtual world community where one can socialize in real time, attend events and start a business, since 2005. Utherverse has combined the best of the internet, gaming and virtual reality for the ultimate metaverse experience. For example, Secret City is a game developed by Utherverse Digital Inc., with 81% of its users in Germany.
Germany is a member of Europol’s Joint Cybercrime Action Taskforce, which works to fight transnational cybercrime. Treasury Department issuing sanctions against Hydra in a coordinated international effort intended to “disrupt the proliferation of malicious cybercrime services, dangerous drugs, and other illegal offerings” available through the Russia-based site. Hydra has facilitated over $5 billion in Bitcoin (BTC) transactions since launching. After being tipped off, Germany’s Federal Criminal Police Office, or the Bundeskriminalamt, took down the servers of Hydra, the world’s largest illegal dark web marketplace. Germany’s move was followed by the U.S.