Will Bitcoin Replace Swiss Bank Accounts as Next Safe Asset?
Despite its volatility, Bitcoin has been the best performing currency in the world for 5 of the past 6 years. The rapidly increasing value of the digital currency and its decentralized nature have led it to be considered as the global safe asset for investors and traders. For decades, Swiss bank accounts were the ideal global asset for most entrepreneurs and investors, due to its anonymity and privacy. Prior to the formation of a contract between the EU and Switzerland, anyone could open Swiss bank accounts, store funds and be free of all tax obligations. The end of the Swiss banks era.....
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On July 12 the Switzerland-based private bank Falcon Group announced the bank will offer bitcoin asset management for their customers. Through a partnership with Bitcoin Suisse AG, the bank’s clients will be able to purchase and store the decentralized currency using their account funds. Falcon Group Becomes the First Swiss Private Bank to Offer XBT/BTC....
Swiss banks have decided to turn down U.S citizens who want to open up offshore bank accounts in Switzerland. This is due to the U.S’s new foreign account regulations for banks to disclose the information of american accounts. This could be an opportunity for Americans to switch over to Bitcoin. Privacy concerns. According to Bloomberg, the U.S ambassador in Switzerland has sent numerous letters to Swiss bank executives on the challenges Americans already have when opening a bank account in an attempt to get Swiss banks to rethink their decision of not accepting American clients. Suzan....
Implementation of Bitcoin and blockchain technology may help Swiss Banks turn more transparent and accountable. The increasing popularity of cryptocurrencies has got Bitcoin making inroads into the mainstream financial ecosystem. With more people using Bitcoin as a medium of exchange and store of value, there are concerns of digital currency being used by wealthy individuals for tax evasion, money-laundering, and other illegal activities. Among few circles, Bitcoin has been equated to the Swiss bank accounts, which were once well-known for privacy and anonymity (more like pseudonymity).....
A group of Swiss Bitcoin advocates led by Yves Bennaïm has initiated a referendum to amend the Swiss constitution in a way that would mandate the Swiss National Bank (SNB) to include BTC alongside gold in its currency reserves, as reported by local media. The proposed amendment to the Swiss constitution is succinct yet significant. […]
Further to CoinTelegraph's investigation into Bitcoin's potentially lethal impact on the banks, The Financial Times reported Tuesday that Switzerland has agreed to share the identities of foreign owners of Swiss bank accounts with their home countries. This move reverses centuries of Swiss commitment to banking privacy. Switzerland, long one of the world’s financial capitals, traditionally protected all bank account holders’ privacy and anonymity. We’ve all grown up with a particular idea of what it means to have a Swiss bank account. That idea, and those ideals, are obsolete. Forty-seven....