Switzerland’s Largest Bank Declines To Offer Trading In Bitcoin Or Other Cryptocurrencies

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 to the chairman, virtual currencies are at best “highly speculative investment vehicles,” and at worst they “facilitate the financing of terror, money laundering, and other criminal activities.” In his view, cryptocurrencies do not have the characteristics of a currency at the moment, they are far too volatile, and are rarely used to make proper payments.

However, Weber admits that he sees opportunities in crypto’s underlying technology, blockchain: “[e]verything that makes processes simpler, faster and more secure is beneficial to all of us: client, shareholder or bank.”

Weber’s…