Chairman of UBS Axel Weber declared that the largest bank of Switzerland would not offer to the clients to trade Bitcoin and other cryptocurrencies.
According to a chairman, virtual currencies at the best “highly speculative investment facilities”, and at the worst “facilitate financing of terror, white-washing and other criminal acts”. According to his opinion, cryptocurrencies do not have descriptions of currency now they too volatile and rarely used for arranging for the proper payments.
Nevertheless, Weber acknowledges that sees possibilities in fundamental technology of blockchain: ” all, that does processes simpler, quicker and safer, advantageously all of us : to the client, shareholder or bank”.
Recent remarks of Weber about crypto were not in the first time, when he criticized technology. Last year he said Neue Zürcher Zeitung am Sonntag, that Bitcoin was not money, declaring:
“Because money perform the three duties: this must be the manner of payment – as such, Bitcoin is not generally accepted, secondly, money is a measure of cost, but there are not prices in Bitcoin , and thirdly, he must be suitable as a depository of cost. Bitcoin does not execute this condition, because the cost of Bitcoin is unstable. The basic lack of Bitcoin is that the amount of the given out chinks limits “.
Weber is not lonely in the criticism of cryptocurrencies. In November the last year Deutsche Bank published the official warning to the clients in relation to investments in Bitcoin. In January of this year Thomas Mayer, former main economist Deutsche Bank, described cryptocurrencies as “bad rate” and speculative objects of unknown risk.
In January of this year the North American Securities Administrators Association (NASAA) and the US Securities and Exchange Commission (SEC) alerted the investors of Main Street to investing in cryptocurrencies and Initial Coin Offerings (ICO). One of principal reasons, on that NASAA alluded to warning, the separate investors, informed not enough of products in that they invested potentially, were.