What has happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events, as well as appealing background reports, are presented in a pointed and compact manner in the weekly review.
Selected articles of the week:
After a long-standing ban on crypto activities, Russia is gradually opening up to the industry. By legalizing cryptocurrencies for international payments and regulating mining, Russia aims to stabilize its economy and become more independent from Western financial systems. From a strategic perspective, it would not be surprising if the Russian government sought to secure key mining centers for its own benefit. Under Trump’s presidency, the United States is clearly pursuing the goal of becoming a crypto superpower. To remain competitive on a global scale, accumulating Bitcoin through mining would be a logical response from Moscow. After all, other states do not have the luxury of having confiscated billions in Bitcoin over the years.
Russia is regulating cryptocurrencies: introducing the digital ruble, legalizing crypto for international trade and controlling mining.
Swiss Banking Giants Test Blockchain
The Zürcher Kantonalbank (ZKB), in collaboration with UBS, has exchanged blockchain-based instructions for the subscription and redemption of fund shares for its clients for the first time. Specifically, ZKB transmitted orders for the subscription of UBS fund shares via the blockchain solution of FundsDLT, a subsidiary of Deutsche Börse AG, to UBS. In return, UBS provided ZKB with information regarding the transaction progress and completion via the blockchain. The experiment utilized Quorum, a private “enterprise blockchain” with access restrictions. Unlike public blockchains, which are characterized by decentralization, transparency, and security, such projects offer far fewer efficiency gains.
ZKB has, in collaboration with UBS, exchanged blockchain-based instructions for the trading of fund shares for the first time.
Spain’s Second-Largest Bank Allows Crypto Trading
BBVA, with a total asset base of €775 billion and 120,000 employees, is Spain’s second-largest bank. Customers can now securely buy, sell, and store Bitcoin and Ether through the bank’s mobile app. This move comes in response to increasing customer demand. BBVA had already introduced crypto services in Switzerland four years ago, but it has only now obtained the necessary approvals from the Spanish financial authorities.
BBVA offers Bitcoin and Ether trading and crypto custody services in Spain to meet the increasing client demand.
ECB pushes ahead with digital euro, USA backs stablecoins
The ECB wants to complete preparations for the digital euro by October 2025 before considering its introduction. The focus is on data protection and infrastructure. The USA is taking a different approach: instead of a state CBDC, it is promoting private-sector stablecoins and has ruled out a digital central bank currency. As CBDCs are state-controlled and fundamentally different from privately issued stablecoins, this contrast could have a lasting impact on the future structure of digital financial markets.
The ECB is intensifying preparations for the digital euro and aims to complete the preparatory phase by October 2025.
Is Bitcoin Losing Value as an Institutional Asset?
Bitcoin has essentially evolved from a decentralized digital currency into an established financial instrument that is increasingly influenced by institutional players. As these actors consolidate control over Bitcoin’s liquidity and market influence, the question arises: Is Bitcoin’s independence at risk? In a guest article for CVJ.CH, entrepreneur and author Nicolin Decker explores how financial institutions impact Bitcoin and what this means for its long-term role as a decentralized asset.
Bitcoin is increasingly shaped by institutions-what does this mean for its decentralization, market structure, and financial independence?
