UBS CEO welcomes cryptocurrency advances but urges caution

UBS CEO welcomes cryptocurrency advances but urges caution

Switzerland should welcome innovation in cryptocurrencies but needs to be on guard against potential abuses by criminals, UBS Group Chief Executive Sergio Ermotti told a panel discussion on Tuesday.

Ermotti, CEO of UBS gestures during a panel discussion at the Swiss-American Chamber of Commerce in
FILE PHOTO: Sergio Ermotti, CEO of UBS gestures during a panel discussion at the Swiss-American Chamber of Commerce in Zurich, Switzerland January 18, 2019. REUTERS/Arnd WIegmann

ZURICH: Switzerland should welcome innovation in cryptocurrencies but needs to be on guard against potential abuses by criminals, UBS Group Chief Executive Sergio Ermotti told a panel discussion on Tuesday.

"On balance (a) positive development, but watch out," he said when asked how he felt about the new Swiss-based Libra cryptocurrency project led by Facebook.

Ermotti was speaking at a banking conference arranged by the Swiss Finance Institute.

(Reporting by Michael Shields; Editing by Jan Harvey)

Source: Reuters

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