Compared to the rest of the world, it appears that cryptocurrencies are doing quite well in the European markets. For instance, governments over there are more level-headed in their responses and statements, a state bank that wants to spearhead the creation of exchanges and a royal family that believes it could increase its wealth by investing in cryptocurrencies.
European Royal Family Open To Investing In Cryptocurrencies
In an interview with CNBC, the Crown Prince of Liechtenstein revealed that he is not discounting the possibility of investing in blockchain and cryptocurrencies such as bitcoin to restore his family’s wealth. For the geographically-challenged, Liechtenstein is a microstate located in Central Europe; a landlocked country sandwiched between Austria and Switzerland and is known for being a tax-haven. Its population of fewer than 40,000 citizens is mostly German-speaking.
“Particularly with this whole new digital economy, it is something to look into more into in the future,” Crown Prince Alois revealed. The family was forced to some of its art collection after the Second World War but has since then reclaimed most of them by now. What the royal family needs, however, is more ways to beef up its treasury by investing in less traditional options, such as digital assets.
While Prince Alois admits that, just like any assets, investing in cryptocurrencies can be risky if unprepared, he also expressed optimism on the future of blockchain technology. “Blockchain will change a lot of things,” the Prince believes, and added that “it could even help make our state more efficient the way it is administered.”
Russian State Bank Wants To Establish Crypto Exchange In Europe
The Russians are really fearless folks. While among its peers are succumbing to public opinion, Sberbank, Russia’s largest state bank boldly announced plans of putting up its own cryptocurrency exchange. And the best part is, it plans to open it at Switzerland, long-known as the place of where old money is safely kept, and secret deals are made, a land of secretive private banks, mysterious safety deposit boxes and nameless numbered accounts.
The announcement was made by Andrey Shemetov, head of Sberbank’s Global Markets Group. Shemetov explained that they would up the crypto exchange in the bank’s Switzerland branch because it is completely legal to do so in good old Switzerland.
“We wish to serve our customers’ interests, that’s why we think that we need to have strategic access to all kinds of products and services,” Shemetov explains alluding to the fact that some of its clientele are savvy enough to know the inherent risks as well as the huge potential rewards offered by operating such exchange.
At the moment, the bank does not plan on offering services to the retail market and wants to concentrate on meeting the demands of institutional investors. Shemetov clarified that strict compliance with banking laws will be strictly enforced and stressed that “cryptocurrency exchange operations will be available for legal entities only.”
European Governments’ Stance On Crypto Trading
Generally, Europeans governments and their financial agencies are better at not panicking with the market’s inevitable ups and downs. Unlike the Chinese and South Koreans who have tried to intervene needlessly, European governments are generally cool with letting the market run its course.
For instance, cryptocurrency trading is permitted in the European countries of Switzerland, Denmark, Sweden, and Estonia. Meanwhile, Russia has already started drafting a bill that would allow trading in the future. There are talks about some European governments planning a crackdown, but the consensus is that banning is not likely to happen but only regulations. This is especially possible once the markets normalize and investors return to crypto trading as usual.