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Fourth-Largest Swiss Bank Offers Bitcoin

Published

2 months ago

September 8, 2024

BeInCrypto’s comprehensive Europe Crypto Roundup covers the latest news and trends shaping the continent’s crypto landscape. With reporters across key markets like Germany, France, and the UK, we provide in-depth insights into evolving regulatory environment, adoption rates, major industry events, and market movements.

This week’s roundup highlights Zürcher Kantonalbank’s new crypto service, the signing of the world’s first international AI treaty by the UK, EU, and US, along with other key stories.

German Police Issues Warning About New Bitcoin Scam

The Bavarian State Office of Criminal Investigation (LKA Bayern) has issued a warning about a new crypto fraud. Scammers have been leaving plastic bags around Munich with fake Bitcoin account access codes and payment receipts.

The scam involves eye-catching bags left in public areas like streets and park benches. Inside, victims find a receipt labeled “Bitcoin,” claiming to be worth 10,000 euros, along with a paper wallet — a slip of paper containing data for a crypto wallet, including a QR code.

Scanning the QR code redirects victims to a fake website that promises a payout in exchange for a 3% fee. However, the payment doesn’t go through, causing the person to lose money. Victims may attempt the process multiple times, compounding their losses.

The LKA Bayern spokesperson warned that victims could unknowingly face legal repercussions. Scanning the QR code alone could be viewed as an attempt to fraudulently obtain someone else’s money, potentially resulting in charges of attempted fraud. Authorities will evaluate each case individually, but they recommend turning the bags in to the police immediately.

Investigators have not yet identified any suspects, and scammers seem to be distributing the paper wallets randomly in high-traffic areas, without a clear pattern. Authorities urge the public to remain cautious and report any suspicious findings to local law enforcement.

Switzerland’s Fourth-Largest Bank Launches New Crypto Service

Zürcher Kantonalbank (ZKB), Switzerland’s fourth-largest bank, has introduced a new service allowing retail customers to buy, sell, and hold Bitcoin and Ethereum. This offering is made possible through a collaboration with Crypto Finance, a digital assets broker owned by Deutsche Börse. Customers can access BTC and ETH via ZKB’s Mobile App, eBanking platform, and other existing channels, the bank announced in a press release on Wednesday.

Switzerland has long been a leader in the digital asset space, with many financial institutions providing cryptocurrency trading services. ZKB is no newcomer to crypto market. In 2021, the bank was involved in issuing the world’s first digital bond on Switzerland’s SIX Digital Exchange (SDX).

“When it comes to cryptocurrencies, Zürcher Kantonalbank takes on the critical function of securely storing the private keys,” said Alexandra Scriba, ZKB’s head of institutional clients and Multinationals. “Customers and third-party banks do not need their own wallet and therefore do not have to worry about storing their own private keys. Zürcher Kantonalbank takes care of both.”

This new service also allows other Swiss banks to offer cryptocurrency trading and custody to their clients. Thurgauer Kantonalbank is the first partner bank to adopt the service.

EU, UK, and US Sign World’s First International AI Treaty

The US, EU, and UK signed the world’s first international AI treaty on September 5, aiming to protect human rights and hold AI systems accountable for any harm or discrimination they cause. While the treaty sets important standards, penalties like fines for violations haven’t been introduced yet.

“This Convention is a major step to ensuring that these new technologies can be harnessed without eroding our oldest values, like human rights and the rule of law,” Britain’s justice minister, Shabana Mahmood, said in a statement.

The European Union has already made significant progress in regulating AI with the AI Act, which came into effect in August. This new law will help control the development and use of advanced AI models, especially those with powerful computing capabilities. However, the act has been controversial.

Companies like Meta, which owns Facebook, claim the rules are too strict and are hurting innovation. In fact, Meta has paused the release of some of its latest AI products in Europe due to the complex regulations.

Despite these complaints, the EU is pushing ahead, setting a strong example for AI regulation. The AI Act is seen as a major step in ensuring that AI technologies are developed responsibly and safely, especially as more countries look to regulate this rapidly growing field. European leaders believe their approach will become a global benchmark for balancing technological advancement with ethical and legal protections.

French City Rouen Now Offers Bitcoin Payments for Groceries

France is seeing a growing number of businesses accepting cryptocurrency payments, with the latest addition being a supermarket in Rouen.

This week, Carrefour Express in Rouen made headlines by becoming one of the first supermarkets in France to accept Bitcoin. Customers can pay using the Swiss app Bridge Wallet, similar to Revolut, which facilitates crypto transactions. The system utilizes the Lightning Network to minimize transaction fees, making it fast and cost-effective.

Rouen isn’t alone in embracing crypto payments. While this may be a first for the city, several hundred establishments across France now accept cryptocurrencies. Major hubs like Paris, Nantes, and Lyon lead the way. In Lyon, initiatives like the Comptoir Brunet restaurant and Bitcoin Lyon broker are actively promoting crypto adoption.

With these developments, crypto payments are becoming more accessible across the country, bringing France closer to a future where digital currencies play a larger role in everyday transactions.

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