Swissquote Adds Altcoins To Its Platform, South Korea Does Not  Recognize Them As Money

Swissquote Adds Altcoins To Its Platform, South Korea Does Not Recognize Them As Money

In the beginning of the week, the European online bank Swissquote made an announcement that four altcoins have been added to its platform. Ethereum, Litecoin, Bitcoin Cash, and Ripple are now available for trade and exchange for USD or EU.

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In the beginning of the week, the European online bank Swissquote made an announcement that four altcoins have been added to its platform. Ethereum, Litecoin, Bitcoin Cash, and Ripple are now available for trade and exchange for USD or EU. The bank group states that the currencies have been selected according to customers’ feedback.

Since the bank started trading with Bitcoin, representatives explain that the demand is exceeding their expectations and the interest from customers is growing extremely fast. With the addition of the altcoins Swissquote believe they will satisfy clients’ needs and enhance their user experience. Marc Bürki, CEO, states they make digital money trade simple, safe and accessible.

Without a doubt, this year we saw how cryptocurrencies emerged from the underground and entered the mainstream through the front door. Everyone is talking about this revolution, and many people put their money on altcoins and blockchains. Unsurprisingly, banks and other institutions cannot just let digital currencies pass them by, just because mainstream finance is also part of the game.

Fintech startups now accept blockchain payments through their mobile applications. Square Cash and Revolut being one of them. Furthermore, platforms such as Coinbase where you can trade crypto are now more popular than ever. While some institutions enter the game others are, still concerned that cryptocurrency trade favors money-laundering and funding illegals.

For instance, South Korea refuses to accept virtual money as an official payment method. Representatives of the Financial Supervisory Sector in the country are not keen on running regulations on cryptocurrencies because they are not an alternative to traditional money. Choe Heung-sik went even further when saying that if any regulations do take place this will give a false sign to investors that cryptocurrencies are indeed recognized as money.

In spite of the recent statements, the National Tax Service is working on laws, which will face cryptocurrency traders pay taxes. However, this will go only for those who are likely to gain profit from digital money trade.

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