Switzerland is a country of financial freedom.I'm just sure that all the changes in the crypto space will begin from this country.You need to be attentive to all the news coming from this country.
Agreed, Switzerland is the only country where there is more of financial freedom. The same has made people from countries around the world to invest on their banks as they don't reveal anything regarding the investor and the amount invested. This means it gives the user the anonymity, and long back itself they've got into cryptocurrency with their own cryptocurrency apart from bitcoin usage. Now two firms getting legal licenses will add value to it. 
Topic: Swiss Crypto Banks Receive Licenses From Financial Regulator (Read 417 times)
It's still no reason to trust the banks.
Crypto currency always go with block chain technology. So i could not understand what will do here banking system. I visited both sites but i think nothing special here. Switzerland banking or economy system is very good in world so that they may first tried to capture crypto currency to their hand but i think it could not do. But their working behind cryptocurrency is appropriated.
I think when other will see Swiss working behind it, it will be more popular to all.
I think when other will see Swiss working behind it, it will be more popular to all.
The combination of the words crypto and bank sounds very strange.
If this is just another Bank that wants to store people's coins or tokens, then I am totally
against it. You are your own Bank.
The combination of the words crypto and bank sounds very strange.
Well yea, but not if this is a Bank that would be willing to help with the Fiat to Crypto conversion. We see a lot of Banks that wants to sabotage
Crypto currencies by closing people's Bank accounts when they pick up that those accounts are used for Crypto related activities. A Bank that
would stick it to those Banks would get my business.
If this is just another Bank that wants to store people's coins or tokens, then I am totallyagainst it. You are your own Bank.
Switzerland is a country of financial freedom.I'm just sure that all the changes in the crypto space will begin from this country.You need to be attentive to all the news coming from this country.
If so, do you think there will be a significant change to cryptocurrency in Switzerland?
(in my opinion only this news will bring a slight change to the world of cryptocurrency in switzerland)
Initially, Switzerland was positive about cryptocurrencies, and it is not surprising that such positive news comes from this country.The whole industry is moving towards recognition and mass application.It is a matter of time when the Swiss companies will be followed by others.(in my opinion only this news will bring a slight change to the world of cryptocurrency in switzerland)
In order to exist, cryptocurrencies don't need banks.
Actually, for me, the fact that they allow to circumvent banks is the most appealing feature of cryptocurrencies.
Crypto indeed doesn't need banks to exist, but the far majority of the people want to see prices increase. In order to do that, money has to be wired to a bank the exchange in question works with.Actually, for me, the fact that they allow to circumvent banks is the most appealing feature of cryptocurrencies.
If you take banks away, there will be way less liquidity coming into crypto, that the prices will keep falling and investors will lose interest. Crypto has only speculation going for itself. Take that away and you're left with a house of cards.
Only when Bitcoin has really grown on people as store of value and they appreciate the decentralized nature of it, then things could be different, but we aren't anywhere near that point yet. Be careful what you wish for.
Crypto Banks? Did I miss something? Were these not completely different concepts before?
I don’t know of the one that you are exposed to, but I have heard of these crypto banks too of late and I think that they are quite growing in number, although I still don’t know how their function will be like and if we have to store our crypto with them, I believe that with time we will fully know how they actually do function. I think in one hand, it is a very good news, because it shows that government are beginning to get more interested in cryptocurrency, because for this Swiss bank to have been approved by financial regulators, then it has gotten the highest approval from government, but on the other hand, I think we are beginning to turn the system to a centralized one and not decentralized as satoshi really made the cryptocurrency idea to be.
Cryptocurrencies don't need banks. Because we don't need bank accounts. Also, we don't need banks to send our money to others account. We have a decentralized wallet and some private keys. We don't need any thing more.
In order to exist, cryptocurrencies don't need banks.Actually, for me, the fact that they allow to circumvent banks is the most appealing feature of cryptocurrencies.
Currently cryptos are not mainstream, their acceptance is extremely limited in the business world.
Until today, cryptos are a world mostly limited to traders.
Being used by recognised banks insert them into the banking system, giving them a substantial boost to become mainstream currencies.
That's the way this world is.
For now, I guess you have to choose, either mainstream or ideological purity.
I consider it as a necessary step to get rid of the evil
Btw, article found also here
https://www.zerohedge.com/news/2019-08-28/worlds-first-licensed-crypto-bank-seen-game-changer-switzerland
Taken from here
https://www.swissinfo.ch/eng/licenses-awarded_-world-s-first--crypto-banks--game-changer--for-switzerland/45187400
If so, do you think there will be a significant change to cryptocurrency in Switzerland?
(in my opinion only this news will bring a slight change to the world of cryptocurrency in switzerland)
Initially, Switzerland was positive about cryptocurrencies, and it is not surprising that such positive news comes from this country.The whole industry is moving towards recognition and mass application.It is a matter of time when the Swiss companies will be followed by others. (in my opinion only this news will bring a slight change to the world of cryptocurrency in switzerland)
Switzerland is always proactive when it comes to adoption of digital technology and they never had any issues with bitcoin in the past and it is good to see that FINMA granted license and we will see legal trading platforms from Switzerland and according to the news release they are planning to start them this year itself. I hope many countries will follow the same route when it comes to crypto regulation.
I don't agree that Switzerland government haven't had any issue with bitcoin. If they had no issue, they would ignore it and allow people use bitcoin however they want.
I still think that people are able to use bitcoin however they want as bitcoin is decentralized. But this is not what Switzerland government want. They want people hold their bitcoins in centralized bank accounts. They want to have control over people's bitcoins. But I don't think they will be successful. People will ignore such banks account and continue to use decentralized wallets.
Another good news comes from Switzerland. Two Swiss crypto-specializing firms, Seba Crypto AG and Sygnum have received banking and securities dealer licenses, the banks said in separate statements on Aug. 26.
Switzerland is always proactive when it comes to adoption of digital technology and they never had any issues with bitcoin in the past and it is good to see that FINMA granted license and we will see legal trading platforms from Switzerland and according to the news release they are planning to start them this year itself. I hope many countries will follow the same route when it comes to crypto regulation.
This is a good news that Switzerland is beginning to approve of crypto in their region and giving license, worthy to emulate. The swiss showed a lot of strength, focus and control over the fiat with the world bank situated there. Can they be that strong in crypto matter too....
Switzerland has been fairly welcoming about cryptos for a while know. After all, the famous canton of Zug is like a crypto Silicon Valley. But if I am not mistaken, they used to keep a distance from the fights with banks by making cryptos property rather than legal tender. I wonder if letting open a bank account with cryptos changes that... If the banks still stay in power with all their decentralization, though, I believe it still counts as balancing between innovation and tradition. It's easy to understand Switzerland since Swiss banks are arguably some of the best in the world, and going against them would not be a good move from the economic standpoint in this country. I believe it's better to have something like this than a policy that bans cryptos, but at the same time, this approach diminishes the whole thing of decentralization and pseudo-anonymity.
Seeing these news as positive means much to me but in the other hand not very happy because they tend to double cross the meaning of cryptocurrency. What I see happening here us a centralize cryptocurrency and its wallet, which will be control by the same government who have all these years oppresse us. Although, having them into the industry will bring cryptocurrency closer to the people and faster than we thought.
Though I have not made my findings, but I would not really doubt the news because Switzerland as been supportive of cryptocurrency in every area and I think they are the ones that understand the cryptocurrency technology completely more than every other countries that has partially or yet to implement the use of cryptocurrency.
This is really a great news and I am sure that it would be very positive to the market this period, many Switzerland will tend to rely on cryptocurrency now after they have gotten full sig and support from government of it. What we just need now is for other great countries to follow up on the use of it too and then document it as law so that we can have an increased adoption rate in the industry.
This is really a great news and I am sure that it would be very positive to the market this period, many Switzerland will tend to rely on cryptocurrency now after they have gotten full sig and support from government of it. What we just need now is for other great countries to follow up on the use of it too and then document it as law so that we can have an increased adoption rate in the industry.
That's right, Switzerland has so far been a country that has been very supportive existence crypto so that it has entered into crypto-friendly countries. Switzerland has supported many crypto companies and so far they have always made it happen, I'm also very sure this time it will really happen. The news delivered above will definitely be realized as soon as possible because Switzerland is a real country with bitcoin and crypto. I also hope that other crypto-friendly countries will move like Switzerland.
Though I have not made my findings, but I would not really doubt the news because Switzerland as been supportive of cryptocurrency in every area and I think they are the ones that understand the cryptocurrency technology completely more than every other countries that has partially or yet to implement the use of cryptocurrency.
This is really a great news and I am sure that it would be very positive to the market this period, many Switzerland will tend to rely on cryptocurrency now after they have gotten full sig and support from government of it. What we just need now is for other great countries to follow up on the use of it too and then document it as law so that we can have an increased adoption rate in the industry.
This is really a great news and I am sure that it would be very positive to the market this period, many Switzerland will tend to rely on cryptocurrency now after they have gotten full sig and support from government of it. What we just need now is for other great countries to follow up on the use of it too and then document it as law so that we can have an increased adoption rate in the industry.
I generally don't see this as a good news for cryptocurrency. Because the whole essence of Bitcoin and other crypto is to remain decentralized and largely unregulated. Once banks begin to come in and regulations begins to take place, Bitcoin will become centralized just like fiat currencies. So, what's the good news?
Bitcoin will never become centralized. You will be always able to make transactions decentralized and anonymous. No one can stop the network unless miners stop their work. (That time bitcoin will be totally dead)As I said in a post above, I agree with you we don't need banks when we deal with cryptocurrencies. We just need the blockchain. But I don't agree that this is not a good news. If you think these banks and governments can make bitcoin centralized, you are wrong. They can only make some centralized platform and we can simply ignore them and use our own decentralized wallets. Let them make their useless effort. Bitcoin is always decentralized with the help of blockchain technology. Not only these kind of news are not bad, but shows that cryptocurrencies will gain mass adoption in future and will attract many new investors if medias spread these news.
What happens when government begins to license Bitcoin banks and then makes it illegal to trade or store bitcoin without going through the banks? You know how government controls everything they want by simply declaring certain activities illegal?
I completely understand your concern. But I don't think that will happen. It's too late to declare bitcoin transactions illegal. Assume that United States or United Union has declared bitcoin transactions illegal. Does it stop the network? Aren't you able to send me some bitcoin any more?
You will be able to send me bitcoins. I know your concern is the troubles you will have after making the transaction. Because now you are a criminal. But note that you can remain anonymous.
This feature of bitcoin will cause a underground market to be created and that's why governments have not declared bitcoin transactions illegal. They don't want bitcoin market to be like alcohol and drugs market.
Also note that even if United States or any other country declare bitcoin transactions illegal, there will be other countries accept it and that will cause your bitcoins to be still valuable.
Any way, everything is possible and it was only my opinion. I admit that the future of cryptocurrencies is unpredictable. Hope I am right.
Jump to: