UBS, the largest bank in Switzerland, has announced through its chairman Axel Weber that it will not be offering cryptocurrency trading to its clients. In a speech done in Basel Messe, Switzerland, Weber cited that cryptocurrencies are not “transparent” thus they are “open to being abused”.
Weber calls bitcoin and other cryptocurrencies “highly speculative” investment instruments at best and facilitators to terrorist financing, money laundering and “other criminal activities” at worst. Because cryptocurrencies are highly volatile, Weber does not see them as equal to traditional currencies.
While Weber does not think much of cryptocurrencies, he does appreciate their underlying technology, blockchain:
“Everything that makes processes simpler, faster and more secure is beneficial to all of us: client, shareholder or bank.”
Despite the negative outlook towards crypto from the country’s largest bank, Switzerland still remains to be a relatively crypto-friendly country. Sooner or later, Weber may even have to change his mind to support the country’s quest to become a “crypto nation.”