Is it Worthwhile to Deposit Currency in Swiss Banks? (Can Swiss Banks Deposit Renminbi?)
Is it worthwhile to deposit currency in Swiss banks? Swiss banks provide custod
Is it worthwhile to deposit currency in Swiss banks? Swiss banks provide custody for cryptocurrencies such as Bitcoin and Ethereum.
According to Coinmarketcap, Switzerland currently has over 20,000 cryptocurrency exchanges, accounting for 6% of the total. These cryptocurrency platforms include Bitstamp, Binance, Gemini.com, and several other mainstream exchanges. Among all regulated countries, Switzerland ranks first, followed by the United States (second only to Canada) and Hong Kong, China (as of January 6).
Can Swiss Banks Deposit Renminbi?
Editor’s note: This article is from HiveEcon, author: Yuan Shang, authorized reprint from Odaily Planet Daily.
As early as 2018, Swiss banks began their cryptocurrency deposit business. At the end of 2017, the “digital currency” plan launched by the Swiss central bank became the first landing project in the country. In early 2020, with the notice issued by the China Banking Regulatory Commission on strengthening the supervision of virtual asset activities, Switzerland officially opened up the use of blockchain, big data technology, and other related products and services to the public, providing more application scenarios for domestic users. This means that Switzerland will be able to meet the daily needs of more users faster, not just simple payment in Renminbi, but also physical delivery. However, at the same time, there are also risks. If an institution deposits a large amount of Bitcoin and Ethereum through a bank, they will lose part of their investment funds or lose all their assets.
Therefore, for Switzerland, how to use these new technologies to achieve transactions? Will Swiss banks rely on China’s traditional business model? “From the current point of view, in most cases, we cannot see any advantages of this new economic form that are related to our daily life,” said a person familiar with the matter. “Because the legal account system in our country is relatively perfect and has more extensive use cases, Swiss banks will not participate in it.” It was reported that on February 18 of this year, a Swiss bank called “BitcoinSuisse” established a new cryptocurrency wallet team, specializing in BTC and ETH custody services. In addition, the company has developed a new system for cryptocurrency trading, with a native codename of BIT20, which supports trading and settlement of various digital assets including BTC, and supports stablecoins such as US dollars as trading media. The platform mainly targets small-scale holding customers and large-scale fund management companies. In order to let everyone better understand the latest developments of this platform, “Bitcoinsuisse” has announced that the test version will be launched in the first quarter of 2019. At the same time, the official said: “The registration website of Bitcoinsuisse has been postponed to mid-May 2020, at which time we will re-release the updated schedule,” hoping to help people better understand this issue. “According to public information, the circulation of Bitcointulip (BSV) is equivalent to $300 million. This number is equivalent to the total market value in circulation worldwide. However, unless it is listed in the top 10 mainstream exchanges, some other cryptocurrency exchanges will also apply to join the list, as they may be reviewed and frozen by the U.S. Commodity Futures Trading Commission. However, this only applies to U.S. securities-type tokens. Of course, Swiss banks do not fully comply with the provisions of the Anti-Money Laundering Directive (AMLD5), so they do not comply with the law.” Can Swiss banks easily enter the Chinese market? According to Bloomberg, since 2019, many internationally renowned cryptocurrency exchanges have been actively exploring cryptocurrency-related activities in China. For example, Coincheck, the largest cryptocurrency exchange in South Korea, recently completed an ICO, raising more than 1 billion Korean won. Liquid, the largest exchange under the GMO Group in Japan, is considering increasing the number of merchants serving the mainland China region on its platform. The Bitcoin ETF listed in Hong Kong is also expected to be approved in the first half of this year.
This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/daily/25084.html
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Related recommendations
-
Rebase Co-Founder Accuses Partner of Embezzlement
According to reports, Rebase\’s co founder Gagack claimed that Truong violated a cooperation contract on October 27, 2022. Without his consent, he embezzled $2 million into an indep
-
Euler Finance offers a deal to hackers to return stolen assets
On March 15th, the loan agreement Euler Finance continued to release information to hackers on the chain. Euler said that the simplest way is to return 90% of the DAI and ETH under your control to the EulerDAO vault address, and 10% as a white hat hacker reward. Then, the investigation will be stopped, and the focus can be shifted to distributing funds to the agreement users without resorting to legal channels. Euler: If a hacker returns 90% of the stolen DAI and ETH, the remaining 10% can be used as a white hat hacker reward Analysis based on this information:Recently, Euler Finance, a loan agreement, suffered a major security breach when hackers gained control of their system, and as a result, Euler has been releasing information to the hackers on the chain. Now, the company has come up with a solution that can safeguard the interests of the agreement users and also pay rewards to the hackers who return…
-
Coinbase and JPMorgan Chase’s Continuing Partnership
It is reported that two insiders told The Block that Coinbase will continue to cooperate with JPMorgan Chase. When asked to comment, Coinbase pointed out that …
-
Raising the Debt Ceiling: What it Means for the US Economy
According to reports, according to Punchbowl, the US Republican Party has proposed raising the debt ceiling by $1.5 trillion or extending it until March 31 next year.
US Republican -
OpenAI Hiring Mobile Engineering Development Team with High Salary
On April 14th, according to Open AI\’s official website, it is recruiting a mobile engineering development team with an annual salary of $200000 to $370000 for engineering superviso
-
Cathie Wood: Compared to the traditional financial world, many cryptographic assets do not have centralized failure points
According to reports, Cathie Wood, founder of ARK Invest, said on social media that it is ironic that as crypto assets soared during the collapse of Silicon Valley banks, the curre
-
WhaleAlert Data Reveals Net Position Change of BTC Holders Reaches Four-Month Low
According to reports, WhaleAlert data shows that the net position change of BTC holders has just reached a four month low of 11986.191.
The net position change of BTC holders has r -
On April 13th, Poca Ecological Identity Protocol Litentry Launches Alpha Version at 15:00 UTC with User Guide
On April 13th, it was announced that the Poca Ecological Identity Protocol Litentry will be launched in Alpha version at 15:00 UTC (23:00 Beijing time) today, and a user guide has
-
Galaxy Digital Plans to Address Excess Funds through Investment
According to reports, Chris Ferraro, the co-president of Galaxy Digital, said that after two infrastructure acquisitions at the end of last year, Galaxy Digita…
-
What is the Tron ecosystem project (which coins are in the Tron ecosystem)?
What is the Tron ecosystem project? According to official news from Tron, Tron\’s