Swiss National Bank still opposed to Bitcoin Swiss National Bank (SNB) Chairman Martin Schlegel dismissed proposals for investing in Bitcoin in the central bank’s reserves at a shareholder meeting in Bern. In an April 25 report by Reuters, Schlegel said that cryptocurrencies have yet to meet the standards for them to be added to Switzerland’s currency reserves, citing stability, liquidity, and security issues. The move comes amid growing calls by Switzerland’s cryptocurrency community who feel that Bitcoin would act as a hedge against macroeconomic uncertainty. Local cryptocurrency industry pushes for amendment Activist Luzius Meisser, who sits on the board of Bitcoin Suisse, has been one of the leading voices calling for the SNB to invest in Bitcoin. In Meisser’s view, there is a need to own Bitcoin as the globe moves towards a multipolar financial order, and relying on devaluating currencies like the US dollar and euro is unsustainable over time. A national petition launched by the Federal Chancellery of Switzerland seeks to amend the nation’s constitution, proposing that Bitcoin be included alongside gold as part of the SNB’s reserve. The campaign, backed by the 2B4CH non-profit organization, is now in the process of collecting 100,000 signatures to trigger a national referendum. Bitcoin reserve campaign gains momentum Should the initiative succeed, Article 99 of the Swiss constitution would be amended to obligate the SNB to hold part of its reserves “in gold and in Bitcoin.” Initiative supporters like 2B4CH founder Yves Bennaïm argue that even a small 1–2% investment in Bitcoin could help shore up the central bank’s balance sheet with an asset that becomes increasingly valuable and is resistant to inflationary pressures. Crypto Valley’s scope is also expanding, with Zug’s blockchain industry reaching a $593 billion valuation and spawning 17 startup unicorns new in 2024 alone. Meanwhile, Bitcoin payment solutions are also proliferating in Switzerland’s mainstream economy, indicating the nation’s hastening commitment to digital assets.
2025-04-25 21:10
Scammers Use AI Deepfakes and Fake Trading Platforms Cryptocurrency-based fraud is booming in Canada, where scammers are increasingly using sophisticated AI tools like deepfakes to trick investors. The Ontario Securities Commission (OSC) has warned that the trend makes it harder to identify scams as fake trading platforms and online impersonations are on the rise. CEO Grant Vingoe, speaking at the OSC’s annual conference, said that today the business environment is marked by higher rates of fraud, insider trading, and corruption. He attributed the rise in criminal activity to the decline of the traditional standards and ambiguity of the international geopolitics. Losses Near $640 Million in 2024 According to data from the Canadian Anti-Fraud Centre, Canadians reported almost $640 million in losses due to fraud in 2024 alone. Vingoe noted that geopolitical uncertainty creates a climate where fraudsters can thrive, taking advantage of economic uncertainty and public fear. OSC enforcement executive vice-president Bonnie Lysyk mentioned the commission is going to prioritize “high-impact cases” and implement new strategies to tear down scams earlier, especially since the crypto space remains largely vulnerable to bogus schemes. Hiking Regulations for Crypto Platforms In response to rising threats, Canada began tightening cryptocurrency regulations in February 2023. The Canadian Securities Administrators (CSA) now require crypto trading platforms operating in Canada to make legally binding pre-registration commitments. Also, the CSA’s classification of some stablecoins as securities or derivatives has caused restrictions on stablecoin provision without advance approval to skyrocket compliance demands for crypto exchanges operating in Canada.
2025-04-25 19:04
