Switzerland

Switzerland has confirmed that it will have the second bank open for crypto assets. Maerki Baumann will allow the digital assets of all its customers, obtained via mining or as a means of payment for products and services.

Cryptocurrencies such as bitcoin, ethereum, litecoin, don't at present set an economic menace to world stability but need "watchful monitoring" as the whole market is quickly changing, according to an international forum on financial regulation. The Financial Stability Board (FSB), based in Basel, Switzerland, said that the extremely fickle currencies bring up much interest about investor and consumer protection and that the data on financial institutions' exposure to crypto remains rare.

The United Nations Secretary-General António Guterres has consulted over 120 member states, financial market industries, and other societies on the matter of a new rapidly-growing fintech. As a result, a panel of 20 experts was arranged to explore possible ways of blockchain development in the digital area.

In 2018, Gazprombank, the third largest bank in Russia by assets, is likely to perform its first pilot transactions using crypto coins as a means of payment. The incentive will be brought to life with the help of its subsidiary in Switzerland, said the deputy CEO, Alexander Sobol.

Swiss stock exchange chairman Romeo Lacher has proposed to introduce an innovative national digital currency to the financial market. He explained that the new trading coin, “e-franc”, will help to stimulate the economy of the country, in addition to being a more beneficial payment system compared to traditional systems.

Billionaire investor and legendary hedge fund manager George Soros criticized the digital currency called Bitcoin in January at the World Economic Forum 2018 in Davos, Switzerland. However, he seems to invest in it too willingly, as Soros Fund Management has bought shares in cryptocurrency company Overstock.

UTRUST, the world’s first cryptocurrency payments platform to implement consumer protections on a mass scale,has announced the dates for its global tour to promote awareness of its digital and crypto payments platform.

A Swiss private bank with 50 years of expertise in wealth management – Falcon Group – has become the first local bank to offer a new feature of blockchain asset management, including Bitcoin, to its clients.

The city of Zug in Switzerland, fast becoming a popular location for crypto-related businesses, has recently announced a new option – Blockchain-based identity registration for all residents.