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Switzerland's Canton Bern has passed a historic bill to assess the impact of Bitcoin mining, with 85 lawmakers in favor and 46 against. The report will explore Bitcoin mining's potential to stabilize the energy grid and utilize wasted energy, further solidifying Switzerland's position as a crypto-friendly nation. This move follows a broader trend of countries like El Salvador and Bhutan engaging in Bitcoin mining, while companies like MicroStrategy adopt Bitcoin as a strategic reserve asset.
The canton of Bern has passed legislation to explore Bitcoin mining as a means to utilize surplus electricity and stabilize the energy grid. Lawmakers have tasked the Executive Council with preparing a report on potential partnerships with local Bitcoin mining companies, despite concerns about competition for renewable energy and regulatory issues. Advocates argue that Bitcoin mining could drive economic growth and enhance the use of renewable resources, while the council remains cautious about the implications of such initiatives.
The Canton of Bern's parliament has approved a proposal to explore Bitcoin mining as a means to utilize excess energy and stabilize the power grid, with a vote of 85 to 46. A feasibility study will assess energy availability, environmental impact, and regulatory issues, despite initial government opposition due to concerns over energy consumption and environmental effects. The initiative aims to position Bern as a competitive hub for crypto innovation, highlighting the potential economic benefits of Bitcoin mining.
UBS has launched UBS Digital Cash, a blockchain-based digital currency system aimed at enhancing the efficiency of domestic and international payments for commercial and institutional clients. This system supports multiple currencies and integrates compliance controls through smart contracts, promoting transparency and security.The benefits include real-time payments that reduce costs and delays by automating processes, while the immutable blockchain ledger fosters trust. However, potential unintended consequences such as inflationary pressures and increased banking risks may arise, prompting a need for strengthened regulation and consideration of fiscal and monetary policies by governments and central banks.
SBI Digital Markets, UBS Asset Management, and Chainlink have successfully completed a pilot for an automated tokenized fund solution, utilizing smart contracts to enhance fund management. This innovation aims to streamline operations in the $132 trillion asset management market, addressing the current lack of automation among fund service providers. The solution, part of the Monetary Authority of Singapore’s ‘Project Guardian,’ is set to transition from testnets to mainnet soon.
UBS Asset Management has launched its first tokenized money market fund, "uMINT," in partnership with DigiFT, allowing investors to subscribe using preferred custodial solutions and access real-time redemptions. This fund, backed by high-quality money market instruments, utilizes Ethereum"s distributed ledger technology and is part of UBS"s tokenization service aimed at bridging traditional finance with decentralized technologies. DigiFT will manage on-chain distribution and transactions, enhancing operational efficiency and compliance through blockchain capabilities.
VanEck has launched a SUI-based exchange-traded note (ETN) listed on Euronext Amsterdam and Paris, expanding access to the SUI token for European investors across 15 countries. The firm emphasizes Sui's advanced technology and scalability, highlighting its potential for growth in the blockchain space. Additionally, VanEck has introduced staking rewards for its Solana ETN, enhancing value for investors.
VanEck has launched a new SUI-based exchange-traded note (ETN) listed on Euronext Amsterdam and Euronext Paris, expanding access to the SUI token for European investors across over 15 countries. The firm emphasizes Sui"s advanced technology and scalability, with support from Bank Frick for security protocols. Additionally, VanEck has introduced staking rewards for its Solana ETN, enhancing investment opportunities in the cryptocurrency space.
Ethereum's price is nearing the $3,000 mark as investors engage in profit-taking following a recent rally. Anticipation builds around Donald Trump's inauguration, with hopes for deregulation in the crypto sector, while US monetary policy concerns have diminished, reducing the likelihood of a December rate cut. A sustained breakthrough above $3,400 is crucial for further upward movement towards $3,600.
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Maerki Baumann & Co., a Zurich-based private bank, is set to open a branch in Abu Dhabi, focusing on blockchain technology and targeting tech corporate clients in the Gulf region. The new hub will operate under the «ARCHIP» brand, offering a range of crypto services, including trading and asset management. Andreas Fröhlicher, appointed to lead the branch, aims to leverage the bank's expertise in digital assets to serve the local crypto community.
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