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Swiss startup dua AG and its Dutch-based partner the dua Foundation, have announced the official launch of the Private Sale of DUA Token. The token sale is being held on Fundrs, the peer-to-peer funding platform launched by AllianceBlock. According to a press release shared with Invezz, the token sale started on 23 November 2022 at […]
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French bank BNP Paribas (BNP) is reported to be making a huge entry into the crypto space, looking to partner Swiss-based digital assets firm Metaco to unveil a crypto custody service. This is according to a report by CoinDesk published on Tuesday, and which cited sources familiar with the development. Are you looking for fast-news, […]
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The fifth-largest retail bank in Switzerland PostFinance, which is the banking arm of Switzerland’s post office, is set to start offering Bitcoin trading services by 2024. The bank aims at allowing its over 2.5 million customers to buy, hold, and sell bitcoin (BTC) starting in 2024. Commenting on the development, PostFinance head of retail banking […]
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[Blockchain Today Reporter Jieun Lee] Canton of Zug, Switzerland, announced that it will allow tax payments through Bitcoin and Ethereum. It is the administrative unit of Switzerland, which corresponds to the Korean province. Accordingly, businesses and individuals residing in Juke Canton will be able to pay taxes through cryptocurrency.
Bitcoin Sheath, a Swiss cryptocurrency brokerage firm, announced on the 17th (local time) that it has entered into a partnership with the local government of Juke Canton to provide such a service.
The local government of Juke Canton also announced this through its official website, and explained in detail how to pay taxes through cryptocurrency through a video.
Bitcoin Sheath said, “Juk Canton residents are now able to pay their taxes in an advanced way called the Bitcoin Sheath cryptocurrency payment solution. This will be another innovation that makes Switzerland (CH) a blockchain country.”
Juke Canton had already planned to pay taxes using cryptocurrency in September 2020, and even at that time, it was willing to offer local businesses and residents an option to pay taxes through cryptocurrency.
Juke Canton is known as the’Cryptocurrency Valley’ in Switzerland, taking a steadily positive stance on cryptocurrency. They also experimented with cryptocurrency payments five years ago. In May 2016, the city of Juke conducted a pilot experiment in which payments were made in Bitcoin when using public services. At the time, the maximum payment amount was 200 Swiss francs.
Juke Canton is not the first Canton to support cryptocurrency tax payments in Switzerland. Zermatt, a poet from the Valais Canton, signed a partnership with Bitcoin Sheath in January 2020 and introduced a Bitcoin tax payment service.
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Bitcoin is a lot of different things to different people. It is a store of wealth, a transfer of value, an insurance policy against the unknown, and even a source of hope.
Soon, one pro-crypto group hopes to get Bitcoin added alongside gold and the dollar as a Swiss Reserve Currency. Here’s why that would be an important nod of approval for the cryptocurrency, and why it might unfortunately never happen.
In addition to the growing list of what Bitcoin is the answer to, the cryptocurrency is now also preserving corporate treasuries and hedge funds from inflation.
It is serving almost all of the same purposes as gold as a monetary asset yet does it better by a large margin. Institutions have taken notice, and expect the asset to appreciate faster than anything else on the face of the planet.
Related Reading | Bitcoin Held By Public Companies Now On Par With Past Market Cap
And as the cryptocurrency becomes more widely adopted and matures, it will eventually assume other roles and continue to grow its foothold over finance.
Some of the smartest minds in the world believe that Bitcoin could eventually become the global reserve currency. Among the next stops for the still very young cryptocurrency, is to become a reserve currency first, and one pro-Bitcoin group is trying to achieve just that.
Bitcoin trading against the Swiss franc in 2020 | Source: BTCCHF on TradingView.com
A pro-cryptocurrency group is trying to get Bitcoin added to Switzerland’s list of reserve currencies, next to the franc, dollar, and gold.
Switzerland is the only country in the world, that within its constitution, article 99 focuses on a specific monetary policy where central banks in the country are “obligated” to hold gold.
According to Robert Sharratt, Managing Director of CrescoFin SA, “the Swiss are common sense people.”
“They know what happens when you print too much paper money,” he added. Sharratt and others that are part of his initiative believe that Bitcoin serves a similar enough role as gold in the world of finance, but arrived after the constitution was created.
Sharratt’s pitch is that “if you like gold, you’re going to like Bitcoin even more.”
Related Reading | Bitcoin Consumes As Much Power As Switzerland, But Environmental Impact Remains Negligible
If Sharratt and his colleagues are successful in their goal, it would bring the cryptocurrency another step closer toward becoming the global reserve currency many have been positioning it as.
And if that happens, it will become the first non-sovereign reserve currency since gold and seashells, replacing the dollar’s dominance and ending a century of currency-led control.
Featured image from Deposit Photos, Charts from TradingView.com
Image Credit: Refer to Source
Author: Refer to Source Tony Spilotro
Summary: Swiss-based Sygnum Bank announced this week that it is currently storing digital assets with Taurus Group. On Friday, the bank also revealed that customers of this FINMA approved company can use the Tezos network to purchase and mortgage XTZ.
Headquartered Sygnum announced this week that it is currently storing digital assets with Taurus Group. On Friday, the bank also revealed that customers of this FINMA-approved company can use the Tezos network to purchase and XTZ.
Sygnum detailed the node system and storage framework that the company will use Taurus. According to the company’s portal, Taurus claims to provide “the safest, most compliant, and most reliable digital asset infrastructure and tools.”
In addition to its cooperation with Taurus, Sygnum Bank also announced that it will allow customers to purchase and mortgage tokens from the Tezos network.
Sygnum said on Friday: “This is the first time that XTZ can deposit and mortgage in a regulated bank, enabling customers to participate in the Tezos network and receive up to 5% of mortgage rewards each year.” The bank plans to provide it through various digital asset networks in the future. Other mortgage services.
Martin Burgherr, chief customer officer of Sygnum Bank, said in a statement: “We strongly support Tezos and its unique liquidity proof-of-stake governance mechanism, which is in line with Sygnum’s values.”
“By staking XTZ, our customers can obtain a unique asset, provide mortgage income, and enable them to construct their digital asset portfolio in a more creative way. Tezos is the first proof of stake (PoS) on the Sygnum banking platform. ) Tokens, we will continue to expand the product range on this platform to provide customers with more choices,” Burgherr added.
Sygnum was founded in 2018 by Gerald Goh, Luka Muller and Mathias Imbach. All digital assets of the bank are screened through Sygnum’s proprietary AML tool. In addition, in order to maximize the private key storage capacity, Sygnum’s key ceremony has also been audited by ISAE 3000.
Sygnum customers can also use legal currencies such as U.S. dollars, Swiss francs, and euros through this Swiss bank’s digital currency service platform.
This year, the number of Swiss banking services that provide customers with digital currency products has increased significantly, a trend that is much higher compared to other countries. In addition, the U.S. Office of the Comptroller of the Currency (OCC) now allows the Federal Savings Association and National Bank based in the United States to hold stable currencies.
On Friday the Swiss town of Wetzikon — formerly best-known for its idyllic pastures and churches — launched a blockchain-based program to support small and medium-sized local businesses affected by the Coronavirus pandemic.
Valued at 250,000 Swiss francs ($280,000), the initial aid disbursement will be funded with a municipal credit line earmarked for the Coronavirus and will be distributed to the roughly 25,000 inhabitants of Wetzikon in the form of an eCoupon worth 10 Swiss francs.
Residents can access the disbursement through a smartphone app, “ecoo,” which will be using the aid program as a pilot trial for its platform.
According to their website, ecoo is designed to help entities such as governments and event organizers distribute earmarked funds in the form of coins and points, and was built on the Tezos blockchain through a collaboration between the Swiss firms Papers AG and multiple subsidiaries of Farner Consulting AG.
On the app residents will be able to convert their coupons into “WetziKoins” that they can later use to make purchases at local companies. Local business owners can then convert the currency back into Swiss francs from the town administration, also via the app.
Ruedi Rüfenacht, Mayor of Wetzikon, said of the program: “Under the current circumstances it is imperative for us to act in favor of the local economy in a sustainable manner. With ecoo, we have found a viable solution to motivate the people of Wetzikon to shop in local stores instead of just buying online or from wholesalers outside our town. ”
Wetzikon is not the only government that has explored using blockchain technology as a response to the Coronavirus. Bank of Canada exec Timothy Lane has previous called on central governments to prepare for Central Bank Digital Currencies (CBDCs) in an effort to encourage cross-border digital payments.
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Author: Refer to Source Cointelegraph By Husayn Hashim
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