Category: Switzerland

Swiss Financial Watchdog Recommends Banks Set Crypto Risk Coverage at 800%

The Swiss Financial Market Supervisory Authority FINMA has advised banks and other financial institutions to estimate risk coverage for cryptocurrencies at 800 percent of current market value, Cointelegraph auf Deutsch reports today, Nov. 5. Major local news portal Swissinfo reportedly saw a copy of a confidential letter from FINMA to the Swiss Association for Audit, […]

Swiss-Based Sirin Labs to Release Blockchain-Based Smartphone in November

Sirin Labs, a Swiss-based smartphone developer, will release a blockchain-based phone in November this year, the company told Cointelegraph on July 11. In December 2017, Sirin Labs raised $157.8 million for the project during their Initial Coin Offering (ICO), with $110 million gathered over the first 24 hours. Sirin Labs had also previously released a […]

Main Swiss Stock Exchange to Launch Distributed Ledger-Based ‘Digital Asset’ Exchange

Switzerland’s principal stock exchange SIX announced today, July 6, that it will open a “fully-regulated” cryptocurrency exchange next year. In an official press release, SIX confirmed it would use so-called distributed ledger technology (DLT) –– of which blockchain is one type –– to build what they are dubbing a “digital asset ecosystem,” Six Digital Exchange […]

Crypto ‘Too Primitive’ to Issue State Digital Currency

Board director of the Swiss National Bank (SNB) Thomas Moser said that cryptocurrencies and blockchain technology are too primitive to consider issuing a state-backed digital currency, local news outlet swissinfo.ch reported June 21. Speaking at the Crypto Valley blockchain conference in Zug, Moser compared blockchain in its present condition with the “useless innovation” of compact […]

Blockchain Will Transform Cost Base of Financial Services Industry

The CEO of Swiss financial services provider UBS Group Sergio Ermotti said that blockchain will be essential for the financial services industry in an interview with CNBC June 18. Ermotti said that the underlying technology of cryptocurrencies will allow “[the] freeing up of resources to become more efficient,” adding that “[it] is a great way […]

Crypto Valley’s Zug to Run Switzerland’s First Blockchain-Based Municipal Vote

The Swiss city of Zug will conduct a blockchain-powered trial municipal vote this summer, local media outlet Swissinfo.ch reported June 8. The event, which is scheduled to take place between June 25 and July 1, will reportedly be Switzerland’s first municipal vote using blockchain. According to the report, the upcoming trial vote will implement the […]

Swiss Government Requests Study on State-Backed Digital Currency

The Federal Council of the Government of Switzerland has requested a report on the risks and opportunities of introducing its own state-backed digital currency, or so called “e-franc”, Reuters reported May 17. The Federal Council moved to investigate the subject at the prompt of Swiss lawmaker and vice-president of the Social Democratic Party, Cedric Wermuth. […]

Cryptocurrencies Are ‘Highly Speculative Investment Vehicles’

UBS chairman Axel Weber has stated that Switzerland’s largest bank will not offer its customers trading in Bitcoin and other cryptocurrencies, reported Cointelegraph auf Deutsch May 3.  Weber called for stricter controls on cryptocurrencies, stating “[t]hey [cryptocurrencies] are often not transparent and, therefore, open to being abused,” in a speech in Basel Messe, Switzerland. According […]

IBM And Major Banks Blockchain Partnership Reports First Live Pilot Transactions

IBM’s partnership with international banks to develop a Blockchain trade finance platform called Batavia has resulted in the platform’s first live pilot transactions, according to a press release published today, April 19. IBM, the Bank of Montreal (BMO), CaixaBank, Commerzbank, Erste Group, and the United Bank of Switzerland (UBS) began work on the initiative last […]