A new cryptocurrency app due to be released in the autumn is reputed to be the first to provide traditional stock exchange features. The app, Bison, is being released by Fintech company Sowa Labs, a subsidiary of Boerse Stuggart Digital Ventures. Boerse Stuggart is Germany’s second-largest stock exchange after Boerse Frankfurt.
The new app is promoted as enabling “an easy entry into the crypto world”. Dr Ulli Spankowski, Sowa Lab’s managing director, said, “Bison simplifies trading with digital currencies. It is the world’s first crypto app, behind which is a traditional stock exchange. ”
Dr Spankowski argues that in Germany, fast trading of cryptocurrencies such as Bitcoin and Ether has been “anything but easy”, claiming that the new app will break down barriers, enabling fast trading in German, then later in English, once fully developed.
Sowa Labs conducted a survey of 1,019 German crypto traders asking for their opinion on virtual currencies. Of the respondents, 81% were male, 19% were female, and 54% were 35 years old or younger. Of these, 16.9% owned a single cryptocurrency, whilst 18.2% confessed to owning several. More than 80% of respondents opened their first trading account from 2017 onward.
Germany and cryptocurrency
Germany, along with France who is more supportive of ICOs, has been vocal within the EU in supporting blockchain technology and has joined 21 other countries in supporting initiatives with the aim of reinforcing local innovation. Germany is focused on making a unified European Union stance on cryptocurrencies and wants France to come on board. It is expected that regulatory conventions in both of these countries will directly affect the concerted effort by the EU to arrive at a unified cryptocurrency and blockchain policy.
This year the German ministry of finance declared that there wouldn’t be sales tax on purchasing with Bitcoin and that the digital currency would be regarded as the equivalent to legal tender for tax purposes when used as a means of payment.